10th anniversary annual report 1995...
TRANSCRIPT
[ !nnovation ]
10th Anniversary Annual Report 1995 -2005
President’s Letter --------------------------------------------------- 03
History of the DIF -------------------------------------------------- 04
Current Portfolio Companies ------------------------------------- 06
Recent Portfolio Company Additions ---------------------------- 08
Portfolio Company Graduates ----------------------------------- 09
Fund Activity to Date ---------------------------------------------- 10
Community Involvement ------------------------------------------- 11
Management Team ----------------------------------------------- 13
Board of Directors ------------------------------------------------- 14
CONTENTS
“The Delaware Innovation Fund has been very instrumental in Foxfire’s growth. From thestart, the DIF sourced additional capital from other investment funds and sought out potentialboard members for the company. As Foxfire has grown, the DIF has continued to use itsnetwork of government and business contacts to support Foxfire’s PR campaign and acquisi-tion research.“
John Ferretti, Founder & CEO Foxfire Printing and Packaging, Inc.
Dear Friends:
Ten years ago a group of Delaware and the region’s entrepreneurs, economic development, venturecapital, business, and political leaders came together to perform an experiment in support of emergingbusinesses in our State. That experiment is known today as the Delaware Innovation Fund. The“experiment” was to last a couple of years - enough time to launch a few companies and monitor theresults. That was in 1995 and “Wow” what a ride it has been.
From our very humble beginnings in a 600-square-foot windowless basement under a local bagel shop, theDelaware Innovation Fund has emerged as a leader in the venture capital and entrepreneurial communityin Delaware and the surrounding region. None of this would have been possible without the financial andvisionary support of the local business, financial, and foundation communities and the State of Delaware.Over 20 companies in the region have been financed by the DIF and several hundred others counseled ona host of business and strategic issues.
Long before the Wall Street analysts, corporate executives, and others even heard of terminology such as“nanotechnology,” “broadband,” “dot-com,” “wireless,” “clicks,” and “bandwidth,” venture capitalistswere using this terminology on a daily basis. Participation in venture capital and economic developmentis a responsibility because, as an economic driver, our industry greatly influences which of thesetechnologies will become ubiquitous and which will be brought to market by enterprising entrepreneurs. Itis a responsibility, not to be taken lightly, to the organizations we finance, the organizations that financeus, and the organizations that will ultimately adopt these innovations.
As we look back on our first decade, it has been our honor to serve our community and its entrepreneurs.From the creation of the DIF, Early Stage East, the Entrepreneurial Author’s Breakfast Series, the Bio-Life-TechConferences, and the Scott K. Jones/DIF Entrepreneurial Scholarship Fund, I am proud to say, “Our job hasjust begun.”
On behalf of the DIF, I thank all the investors in the Fund, our present and past Board of Directors, and ofcourse the companies we have served. We eagerly look forward to what promises to be a second decadeof growth and prosperity.
PresidentDelaware Innovation Fund
PRESIDENT’S LETTER
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“ The past 10 years have proved challenging, yetsuccessful. I look forward to our next decade, notknowing what the future holds, but knowing thatbeing a small part of the venture/entrepreneurialcommunity and building upon the friendships thathave been made and those that will be made is thegreatest “return” in itself. “
David J. FreschmanPresident, The Delaware Innovation Fund
From its first windowless office in the basement of a bagel shop
in 1995 to its offices now on the banks of the Brandywine River,
the Delaware Innovation Fund has provided investment capital
to 21 companies and has counseled scores of seed, early, and
growth stage high technology companies in Delaware and the
surrounding Mid-Atlantic region. To date, the DIF has been
recognized as one of the most successful fund models by the
National Association of Seed Venture Funds and has been
featured in articles by dozens of local and national media.
The DIF, a $10 million non-profit 501(c)3 venture capital and
economic development entity, was initially conceived by the
joint efforts of a group of local business professionals in con-
junction with the governor’s administration in 1995. The DIF
received funding with the goal of becoming a self-perpetuating
pool of capital available for business enterprises. Initial funding
came from the State of Delaware and the Longwood Founda-
tion. Other investors which followed were the Welfare Founda-
tion, First USA Bank and FCC National Bank (both now JP
Morgan Chase), and MBNA America.
Over the past ten years, the DIF has invested over $5 million in its
portfolio companies and has been instrumental in assisting
those portfolio companies in raising over $25 million in subse-
quent investment rounds. To date, the DIF portfolio companies
have returned over $3 million in royalty and interest payments
and return of capital. In addition, of the 21 portfolio compa-
nies, 2 have merged with other companies, 6 have exited and
are operating successfully, and 10 are still in the portfolio, three
of them recent investments in 2005.
“ The DIF has provided vitalsupport to entrepreneurs inDelaware and thesurrounding region for over10 years. Its leadership in thesupport of new ventures is tobe commended. We all lookforward to the next 10 yearsof exciting growth andopportunity for new venturesin Delaware as we face theprospect of dramaticchanges in the fortunes ofsome of our largestcompanies. ”
Richard P. Eckman, Partner,Pepper Hamilton LLP
DIF Board Member
HISTORY OF THE DIF
1995 - 2005
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David Freschman and Governor Thomas R. Carpermet with Israeli President Ezer Weizman on aneconomic development mission to Israel in 1999
“ The DIF is one of the most exciting fundsto come along with its ability to attract,combine, and execute the interests of theprivate sector, public sector and founda-tions in a venture capital setting. ”
Robert Heard, Former PresidentNational Association of State Venture Funds
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The mission of the DIF has been to also provide technical assistance to Delaware and the region’s
emerging companies which have the potential to launch innovative products and processes into
national markets, create new jobs, and make a significant contribution to the economic diversity and
the technology base of the state’s communities. The DIF provides technical assistance through business
counseling, entrepreneurial seminars, and its wide network of professional resources.
The DIF provides investment funding in either the form of equity capital, long-term debt with royalty-
based payback, or convertible debentures. The DIF is typically the first institutional investor in its portfo-
lio companies. The DIF’s investment focus includes the following industries, among others: information
and Internet technology, software, chemicals and materials, electronic materials, analytical instru-
ments, and advanced and specialty materials.
The DIF has been recognized nationally as a unique entrepreneurial funding source by “Inc.” and
“Entrepreneur” magazines as well as Philadelphia Enterpriser, TECHCapital, Business Philadelphia,
Philadelphia Inquirer, Technology Times, Capital Growth, and the News Journal in Delaware.
As a leader in the entrepreneurial community, the DIF created the Entrepreneurial Author’s Breakfast
series, a forum to provide entrepreneurs with informative programs and networking opportunities. The
DIF also sponsored the Delaware Entrepreneurs’ Forum, a non-profit organization dedicated to provid-
ing entrepreneurs, investors, inventors, and financial and legal professionals a forum for the exchange
of ideas and resources. The DIF is also recognized as the founding sponsor of the renowned venture
conference Early Stage East.
DIF
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The DIF team discussing a company
CURRENT PORTFOLIO COMPANY SUCCESS STORIES
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Foxfire Printing and Packaging, Inc.Foxfire Printing and Packaging, Inc. (www.foxfireprinting.com) is afull-service, technology-driven marketing solutions company thatprovides printing, fulfillment and data management services forcomplex printed material and packaging. The company alsoprovides graphic design, photography, warehousing, digital andoffset printing and point-of-purchase signage for national chainretail stores throughout the U.S., including Eckerd, Acme, Toys R Us,Pathmark, PepBoys Auto, and locally, Happy Harry’s.
The DIF initially invested in Foxfire in 1999. In 2000, the DIF intro-duced and led an investment syndicate with three other funds –The Reinvestment Fund, Intrust Venture Partners, and SustainableJobs Fund - that collectively invested $2 million, allowing Foxfire toacquire a leading point-of-purchase technology company.
Since the DIF’s investment in 1999, Foxfire’s workforce has grown toover 115 employees, with offices in Newark, DE, Maryland andNorth Carolina, and is generating in excess of $20 million in rev-enues. Foxfire has also won several awards: The “Philadelphia100” honoring the 100 fastest growing privately-held companies inthe tri-state area for three years in a row (2002-2004); and one ofthe “400 Largest Printing Companies in North America” by PrintingImpressions magazine in 2004 and 2005.
Solstice Software, Inc.Solstice Software, Inc. (www.solsticesoftware.com), formerlyknown as Class I.Q., provides proprietary component and integra-tion testing software. Founded in the windowless basement of anapartment building in Wilmington, DE by a University of Delawareengineering graduate student, Solstice has grown to offer itssoftware testing tools to leading national and international com-panies such as Chase, EDS, Nationwide, ADP, Met Life, MCI, andWells Fargo.
Solstice’s software testing tools enable companies to performcomponent-level testing prior to completing a company’s entireprogram or application. By testing earlier, defects are foundearlier, thereby saving a company time and money.
The DIF was the first institutional investor in Solstice in 2000. In 2002,the DIF helped to recruit Core Capital Partners in Washington, D.C.and Baltimore-based Anthem Capital Management, which havecollectively invested in excess of $7 million to-date. The company isnow headquartered in Claymont, DE, has grown to over 25employees, and has introduced more sophisticated versions of itssoftware. Solstice Software, Inc.
Foxfire Printing and Packaging, Inc.
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MarketDataInsite, Inc.MarketDataInsite, Inc. (www.marketdatainsite.com) hasdeveloped an ASP-based proprietary software product thatallows Wall Street financial service firms to monitor the multi-billion dollar acquisition, renewal, and entitlement costs ofmarket data. Clients include NASDAQ, Ryan Beck, First NewYork Securities, New York Life, and DuPont Capital Manage-ment, among others.
MDI acquired the software in 1999 from RIC Solutions, Inc., aWilmington, DE company originally funded by the DIF in1996. The MDI has attracted nearly $3 million in subsequentinvestment capital.
On September 11, 2001 one hour before its monthly com-pany board meeting, MDI’s offices were destroyed duringthe terrorist attacks on the World Trade Center. Fortunately,none of the staff, executives or board members wereinjured. The company spent the next year rebounding.Today, MDI has new offices, two new software products —Insite 3000 and HedgeSpend 3000 — and is finalizing amerger with a venture-backed technology companyserving the Wall Street community.
Smart Button Associates, Inc.Smart Button Associates, Inc. (www.smartbutton.com), head-quartered in Newark, DE, is an industry leader in the developmentof loyalty marketing systems for the sports, entertainment, andretail industries. The DIF made an initial investment in Smart Buttonin 1999. Today, Smart Button’s loyalty marketing software isutilized in over 500 facilities throughout the U.S. and Canada.Over 2.5 million patrons are enrolled in Smart Button’s database.In 2003, Smart Button received a follow-on investment from aninstitutional venture capital fund in Philadelphia, PA, which wasintroduced to Smart Button by the DIF.
Smart Button’s software enables its customers to build amarketing database of patrons’ purchase habits, visits andinterests and provides the tools needed to market to and rewardpatrons effectively, thereby developing customer loyalty andincreasing sales. Its customers include among others: ChurchillDowns, Penn National, Delaware Park, Meadowlands, Saratoga,and Belmont Park, several Las Vegas casinos, professional sportsteams (such as the Arizona Diamondbacks), and NCAA collegeathletics, as well as retail shops and restaurants.
MarketDataInsite
MarketDataInsite at Early Stage East
Smart Button Management Team
RECENT PORTFOLIO COMPANY ADDITIONS
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Aviom, Inc. (www.aviom.com) developed and commercially introduced A-Net, aproprietary patent-pending streaming audio and video distribution protocol, thefirst local area network optimized for streaming data. Aviom systems have beencompetitively selected for numerous demanding, high-profile applications by thepro audio industry. The second generation of products is expected to expandmarket opportunities into broadcasting, corporate conferencing, education, andaudio management in conference centers, corporate offices, airports, hotels,churches, malls – anywhere streaming media can be beneficially networked. ThePhiladelphia Business Journal stated: “What will [Aviom’s] products do? Maybenothing short of revolutionizing the audio/music industry.” The DIF invested in 2005as part of a $5 million dollar Series B venture capital round.
Baton Networks, Inc. (www.baton.com) provides Internet advertising targetedto consumers who are moving by providing transaction incentive, loyalty, andgift card rewards. Baton provides high value ad inventory by allowing advertis-ers to target consumers who have revealed a specific interest in relocating. TheBaton Network matches web sites and advertisers, increasing conversion ratesand advertiser sales. Clients include Home Depot, Sears, Sherwin-Williams, andTime Inc. The DIF invested in 2005 as part of a $350,000 Series A round.
Mid-Atlantic Angel Group I, L.P. (www.magfund.com) is a $3.9 millionangel fund organized to bridge the gap between angel and institu-tional venture capital funding. MAG I was developed by InnovationPhiladelphia in conjunction with the Delaware Innovation Fund andhad its initial fund closing in 2005. MAG I focuses primarily on technol-ogy and life science companies in a nine-county Greater Philadelphiaand Mid-Atlantic region, including Southeastern Pennsylvania, South-ern New Jersey, and Northern Delaware. The DIF is a founding investorand sits on the Executive Committee of this fund.
PORTFOLIO COMPANY GRADUATES
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Chesapeake Composites, Inc. (www.chesapeakecomposites.com), located in New Castle, DE, is anadvanced materials company which has developed a dispersion strengthened aluminum compositematerial which provides superior physical characteristics to conventional alloys. The materials are usedin the transportation (diesel and high performance piston manufacturers) and precision and thermalcomponents industries. The DIF provided demonstration funding to the company in 1995 to complete itspatent process and manufacture samples for vendor analysis. A patent was awarded in 1996. In early1997, Chesapeake Composites attracted additional venture funding. The DIF exited this company with a2 times return of its initial investment. The company has a state-of-the-art manufacturing facility inGermany.
Supercritical Fluid Technologies, Inc. (www.supercriticalfluids.com), an analytical chemistry equipmentcompany which evolved from a sketch on the back of a bar napkin, has emerged as a leader in itsindustry. In 1995, SFT, which developed and patented supercritical fluid extraction and reaction equip-ment used in the pharmaceutical, chemical, and environmental industries, was the first company toreceive DIF funding. SFT holds two patents and services clients in the U.S., Europe, the Pacific Rim, andSouth America. The DIF exited this company in March 2005, with a return in excess of 2 times the DIF’soriginal funding. SFT is based at the Delaware Technology Park in Newark.
M & M Technologies, Inc. (www.mmtechnologiesinc.com) makes fluid repellent finishes for fabrics -water, oil and stain repellents - used in the laundry processes of the hospital and hospitality industries.The patented laundry additive is used by a number of hospitals, medical centers, hotels, and resortsthroughout the country. The DIF initially invested in M & M in 1998. The DIF exited this portfolio companyin 2004 with a repayment of its royalty note and a 1.5 times return on its investment.
Integrated Media Concepts, Inc. (www.imcinteractive.com) is an integrated marketing and e-businesscommunications agency that provides communication design, usability engineering, application devel-opment and integration, and e-broadcast media production and delivery to the regions’ Fortune 500companies and midsize businesses. IMC is based in downtown Wilmington, DE with over 30 employees.Clients include AstraZeneca, DuPont, General Motors, GlaxoSmithKline, MBNA, AIG Direct, and David’sBridal. The company returned 1.5 times DIF’s original investment in March 2002. The DIF still owns a posi-tion in the company.
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FUND ACTIVITY TO DATE
Total Patent/Intellectual Property Efforts Funded
Analytical Equipment ........................... 2
Advanced Materials ............................. 6
Software ................................................. 1
Retail ...................................................... 1
Jobs
Total Jobs Retained/Created .....................................468
Portfolio Companies: 21
Ownership:
Disabled ......... 1
Minority ........... 2
Woman ........... 2
Other ............... 16
Integrated Media Concepts, Inc.
Supercritical Fluid Technologies, Inc.
“ The DIF was an early contributorto the stable formation of Solsticeand provided the vision to attractthe subsequent investment andmanagement to this early stagecompany. ”
Robert B. HarmanPresident and CEO
Solstice Software
COMMUNITY INVOLVEMENT
EARLY STAGE EASTEarly Stage East (ESE), the premier early stage venture capital confer-ence on the East Coast, was founded in 1998 by a group of venturecapitalists and entrepreneurs led by Mr. Freschman. ESE, a non-profitcorporation, was one of the first venture organizations to showcaseearly stage companies and is geographically the largest early stageventure conference held on the East Coast, attracting companiesand investors from New England to the Carolinas.
ESE annually attracts to Delaware investors representing $10 billion ininstitutional venture capital and companies representing more than14 states on the East Coast. More than 350 companies have beenfeatured at Early Stage East conferences, and have gone on to raiseover $650 million in funding in the history of the event. In addition,ESE and its participating companies have been featured in suchnational publications as Inc. and Entrepreneur magazines and havebeen featured on the nationally syndicated show “Money Hunt.”
BIO-LIFE-TECHEarly Stage East's Bio-Life-Tech conference was launched in 2002 asan industry-specific initiative by the managemet of the DIF. Theconference was one of the first to showcase companies from thebiotechnology, nanotechnology, pharmaceutical, and medicaldevices industries in their own conference. Over 100 companieshave presented at the Bio-Life-Tech conferences since its inception.The Bio-Life-Tech conference is now a regional showcase withnational participation at events in Wilmington and Baltimore.
DIGITAL DELAWAREDigital Delaware is a non-profit organization that brings together adiverse set of technology organizations and people for sharingtechnological trends and information. Digital Delaware supports anactive environment for the discovery of emerging technologies,knowledge transfer and education, identification of business oppor-tunities, attraction of talent and resources, and the opportunity tobuild relationships with key players in technology-based businessventures and their supporters. Mr. Freschman was founding chair-man and is a Board member of the organization.
“ Early Stage East is a critical stepping stone to success.For those of us fortunate to present, it’s quite rewarding toshare a vision with so many interested and involvedorganizations, far exceeding any other event I haveattended. ”
Paul Hensley, CEO, Cerionx, Inc.
Delaware Economic Development Officeexhibiting at an ESE conference
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Entrepreneurs participate in a roundtable session at an ESE Education event
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THE DELAWARE INNOVATION FUNDENTREPRENEURIAL SCHOLARSHIPIn recognition of Dr. Scott K. Jones’ work with the Delaware
Innovation Fund while on sabbatical from the University of
Delaware, the Board of Directors of the DIF established the Scott
K. Jones/Delaware Innovation Fund Entrepreneurial Scholar-
ships. These $1,000 scholarships are awarded annually to one
undergraduate student (rising sophomore, junior or senior) and
one graduate student of the Alfred Lerner College of Business
and Economics who each demonstrate an interest and passion
for pursuing entrepreneurial and venture capital studies and
education.
Students who apply must complete a scholarship application and write an essay describing their interest,
studies, and experiences in entrepreneurship and venture capital opportunities. Each application must be
accompanied by a letter of reference from a member of the University faculty or an academic advisor. The
winner of the 2005 graduate student award was Wendy Qin and the 2005 undergraduate award winner was
William Babcock. The 2004 graduate award scholarship winner was Kelly Ham, who also spent time as an
intern at the DIF, and the 2004 undergraduate award winner was Christa Baird.
COMMUNITY ACTIVITIES:The management team of the Delaware Innovation Fund is or has been involved in the followingcommunity activities:
Founder and sponsor of the Entrepreneurial Author’s Breakfast Series
Gubernatorial appointment to Strategic Economic Council for Delaware
Member of Small Business Council to Federal Reserve Bank of Philadelphia
Founding Chairman and Board member of Digital Delaware
Member of Alumni Board of College of Business & Economics at the University of Delaware
Board member of America-Israel Chamber of Commerce and Junior Achievement
Former board member, New Castle County Chamber of Commerce and Delaware Society of CPAs
Lecturer at University of Delaware, Wharton School, Temple University, Loyola College in Maryland,Junior Achievement National Conference
Judges of Eastern Technology Council Enterprise (PA), Ben Franklin (PA), Incubator Companies of theYear (MD), and Rutgers University (NJ) awards
Principal for the day at Salesianum High School
Entrepreneur-in-Residence at the Fox School of Business at Temple University
Dr. Scott K Jones and 2005 ScholarshipRecipient William Babcock
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David J. Freschman, MBA, CPAMr. Freschman has served as the President and CEO of the DelawareInnovation Fund since its establishment in 1995. In 1998, the UnitedStates Small Business Administration awarded Mr. Freschman the finan-cial Advocate of the Year Award for his activities in Delaware. In 2001,Mr. Freschman was appointed by Gov. Ruth Ann Minner to chair theventure capital study of the state’s Strategic Economic Council. He alsowas appointed and served a three-year term representing New CastleCounty, Delaware on the Small Business Advisory Council of the Fed-eral Reserve Bank of Philadelphia through 2002. He was Entrepreneur-in-Residence at the Fox School of Business at Temple University in 2003and 2004.
Mr. Freschman began his career with the Enterprise Group of the Phila-delphia office of Arthur Andersen, LLP, from 1984 through 1989. In 1990,he joined McBride Shopa and Company, a regional CPA and consult-ing firm. Mr. Freschman graduated with honors with an MBA fromLoyola College in Maryland and cum laude from the University ofDelaware with a B.S. in accounting.
Sherri L. Schaeffer, J.D.Ms. Schaeffer is the Vice President for the DIF. Before joining the Fund in1997, Ms. Schaeffer was a corporate litigator for a Wilmington, DE firm,and an attorney for the Delaware State Senate. Prior to earning herlaw degree, Ms. Schaeffer worked as an investigative newspaperreporter. Ms. Schaeffer received her law degree from the University ofSan Diego School of Law and also attended Oxford University in En-gland, where she studied international law. She received her under-graduate journalism degree from The Pennsylvania State University.
She was named as one of the “People to Watch in the Next Millennium”in the December 1999 issue of Delaware Today magazine. She co-authored In A Family Way, a book on balancing careers and parent-ing, which was published in 2001.
Patrick J. Foley, Jr., Ph.D.Dr. Foley is the founding chairman of the DIF, served as its Board Chairfor five years, and has been an active member of the Board since theFund’s inception. In June 2001, Dr. Foley joined the DIF as a member ofits senior management following his retirement after 32 years withDuPont, most recently as President - New Business, DuPontiTechnologies.
He received his undergraduate degree in chemistry from St. Peter’sCollege and M.S. & Ph.D. degrees in chemistry/biochemistry fromPrinceton.
MANAGEMENT TEAM
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BOARD OF DIRECTORS
Patrick J. Foley, Jr., Ph.D.Managing Director & Founding Chairman
Delaware Innovation FundFormer President-New Business,
DuPont iTechnologies (retired)
Richard C. Birkmeyer, Ph.D.Chairman of the Board
Delaware Innovation Fund
Scott C. Jones, Ph.D.Professor of Accounting
Alfred Lerner College of Business & EconomicsUniversity of Delaware
David J. Freschman, CPA, MBAPresident, CEO
Delaware Innovation Fund
Richard P. Eckman, Esq.Partner
Pepper Hamilton LLP
David Edwards, Esq.Intellectual Property Counsel
Hercules, Inc.
Michael J. KelleyPartner
Formation Capital
J. Douglas HazeltonSenior Executive Vice President
MBNA America Bank, N.A.
Carolyn A. Thoroughgood, Ph.D.Vice Provost for Research
University of Delaware
David A. Pensak, Ph.D.Founder
Raptor Systems, Inc.,Authentica, & VI Laboratories
Former Senior Research FellowAdvanced Computing Technology,
E.I. DuPont de Nemours, Inc.
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FORMER DIRECTORS
Frederick J. Beste, IIIManaging General Partner and Founder, Mid-Atlantic Venture Funds
William D. BudingerFormer Chairman & CEO, Rodel, Inc. (acquired by Rohm and Haas Company) (retired)
Terry CollisonGeneral Partner, Blue Rock Capital, L.P.
Robert W. Coy, Jr.Former Director, Delaware Economic Development Office
Jeffrey A. DavisonGeneral Partner, Inflection Point Ventures
Mark J. DeNinoManaging Director, TL Ventures
Richard J. DefieuxFormer Partner, Edison Venture Fund
Donald J. Franceschini, MBAChairman of the Board, Delaware Innovation FundVice Chairman, Sara Lee Corporation, and CEO, Personal Products Division (retired)
Eileen M. LowellVice President, J.P. Morgan Chase
W. W. MaggardFormer President, Delaware Technology Park
The Honorable Jack MarkellTreasurer, State of Delaware
Darrell J. MinottFormer Director, Delaware Economic Development Office
Rahul SrivastavaPresident, LSW, Inc.
Eileen SteeleVice President, JP Morgan Chase
Dianne StrunkCEO, Eastern Technology Council
Richard W. VagueFounder, Chairman & CEO, Juniper BankCo-founder, Chairman & CEO, First USA Bank (retired)
ADVISORSGrace Giraldo, MS, CCNA, MCSEIT Analyst , JP Morgan Chase
Cuyler Walker, Esq.Partner, Pepper Hamilton LLP
Three Mill Road, Suite 201Wilmington, DE 19806(302) 777-1616www.difonline.com
Printed by: Foxfire Printing & Packaging, Inc.A DIF Portfolio Company Designed by: Colleen Wolf, Wolf Media Works