the new enterprise forum · 15/09/2011 · earning his mba at u-m, and served as the fund’s...
TRANSCRIPT
The New Enterprise Forum
Vol. XXVI, No. 8 • September 2011 www.NewEnterpriseForum.org
MichiganEngineering
See Sept. Program, Page 2
Catching up with...
NEF Entrepreneurs
Sept. 2010 Presenter Local Orbit, Erica BlockThe Company is developing an online system to facilitate the connection between local food growers and restaurants, markets, and consumers. They presently have five sites in Michigan and another two scheduled to launch this Fall; an additional 3-4 sites may go up this year with partners in Colorado and Washington. The firm also continues to add management team members and is seeking a CTO and Business Development Officer.
See NEF Entrepreneurs, Page 2
The Entrepreneur’s Link to Resources
NEF Stakeholder Members
Sept. Program
Structuring a Great Deal for Your CompanyOur Sept. meeting, held at SPARK Central, is aimed at business owners who have grown their operation to the point that someone else’s money or ownership is the next step. Numbers seem to be the primary consideration, but are they? What other factors shape the terms – or outcomes – of an agreement? We have a team of experts ready to answer your questions.
PanelistsRyan Waddington is co-founder and managing director of Huron River Ventures. He has worked with renewables, biofuels, power transmission and advanced materials, and his investments in
15-plus energy technology companies have exceeded $100 million. He is cur-rently an Observer to the Board of HRV portfolio company Ambiq Micro. Prior investments include Danotek Motion Technolo-gies, NRG Dynamix, and Nextek Power Systems.
Paul McCreadie joined Arboretum Ventures in 2006, led Arboretum’s investment into Delphinus Medical Technologies and Wellfount Pharmacy, and currently serves on the Board of each company. McCreadie has also been a board observer at VasoNo-va (acquired by Teleflex) and NeoGuide. He was a member of the Wolverine Venture Fund (WVF) while earning his MBA at U-M, and served as the fund’s liaison with IntraLase, one of its most successful investments (acquired by American Medical Optics in 2007).
NEF Welcomes New Board Member Francis Glorie of BD Biosciences was recently elected to the New Enterprise Forum’s Board of Directors for a two-year term. Glorie has more than 25 years of successful experience
in international executive management, consulting, and entrepreneurship. He has been involved with several startups, turnarounds and suc-cessful exits. He recently contributed to the sale of Accuri Cytometers, Inc.
to BD Biosciences by firmly establishing Accuri’s global presence and OEM activi-ties; he is currently leading market and busi-ness development for the Accuri business at BD Biosciences. Prior to this, Francis was Managing Director-Europe for DataCore Soft-ware Corporation, CEO of MicroWarehouse -France, and a Founder, Senior Vice President and CFO for Irwin Magnetics. He earned an MBA from the Ross School of Business at U-M and a BBA from Skema Business School in France.
Francis Glorie
Ryan Waddington
Paul McCreadie
September 2011 2
Board of directors
Become a Member • Stakeholder $500 • Corporate $275 • Individual $100 • Student $25 For details of category benefits
and payment of membership fees, visit www.NewEnterpriseForum.org
Join Our Program Committee*
All are welcome!8 a.m., A2Y Regional Chamber
115 W. Huron, Third FloorAddress questions about Program Com-
mittee or becoming a Showcase Presenter to Committee Chair, Helen Ewing, at
*Our next Program Committee meeting is Thurs., September 22.
© 2011 New Enterprise Forumwww.NewEnterpriseForum.org
Sept. Program, Cont. from Page 1
Gerry Roston, PresidentPair of Docs Consulting, 734/516-6715, [email protected]
Diane Durance, Vice PresidentGreat Lakes Entrepreneur’s Quest734/255-3183, [email protected]
Helen Ewing, Program Committee ChairThe Ewing Group, 810/[email protected]
Joan Hutchinson, SecretaryWrite on…, 734/[email protected]
Chuck Rubin, TreasurerC.H. Rubin & Co. CPA, P.C.734/665-6688, [email protected]
Steve Field, Membership ChairAnn Arbor/Ypsilanti Chamber734/214-0103, [email protected]
LeAnn AuerMI Venture Capital Association734/223-3750, [email protected]
Lauren BigelowGrowth Capital Network734/ 678-5161 cell, [email protected]
Paul BrownMI Economic Development Corp.517/241-5231, [email protected]
Jan GensheimerSeracon, Inc.734/944-1065, [email protected]
Francis GlorieBD Biosciences734/846-0407, [email protected]
Wayne HarveyU-M Tech Transfer734/ 936-1955 , [email protected]
Gary HessenaurHessenaur & Assoc., CPA, PC810/231-2050 or 734/663-9306 [email protected]
George C. LevyGDI Infotech, Inc.734/477-6900, ext. 211, [email protected]
Andrew McColmEarly Stage Partners 734-748-7859, [email protected]
William McPhersonMcPherson Commercial Capital, LLC734/429-2524, [email protected]
Claudia RastButzel Long734/213-3431, [email protected]
Barbara ShoffnerShoffner & Associates734/827-2230, [email protected]
Skip SimmsAnn Arbor SPARK734/821-0072, [email protected]
Phil TepleySBTDC734/547-9170, [email protected]
Ray WatersEnterprise Detroit313/886-2163, [email protected]
Successful funding efforts continue: they secured “another $125K...and are in the final stages of closing on another investment.”
Sept. 2009 PresenterAudiallo, Aaron NelsonThe Company is designing a biologically inspired processor for use in hearing aids and consumer electronics. They are not currently operating and are instead focusing efforts with Ix Innovations.
Others in the NewsNEF Presenter and Award Winner Adaptive Materials (2002), which was sold to UK-based Ultra Electronics in Dec..2010 and continues operations in Pittsfield Twp. The firm will be receiving nearly $3M to expand fuel cell production and to implement new technology, with $1.8M coming by Jan./Feb. Co-founders Aaron and Michelle Crumm grew the company until its acquisition for $23M. Michelle then left the company; Aaron, the CTO, was pro-moted to president of the new Ultra unit.
NEF Entrepreneurs, Cont. from Page 1
Upcoming Events
GLEQ NewsImportant Dates for Fall 2011
Business Plan CompetitionEntrepreneurs across Michigan
are invited!!!Registration Closes: Friday, October 21
Executive Summaries Due: Friday, December 9
Awards Presented: ACE’12, January 2012, Ann Arbor
Accelerate Michigan Innovation Competition.
GLEQ participants, student entrepreneurs and others -- apply now!
This is an international business plan competition for later-stage entrepreneurial companies, as well as MI-based university
and college students. Student Competition deadline
is Friday, September 30. More info at http://www.acceleratemichigan.org
MichBio’s Expo and ConferenceNovember 2-3
DeVos Place Convention Center, Grand Rapids. MI
Registration Is Now Open The early-bird discount
is available until Sept. 30.Keynote Speaker is Kim Popovits, President & CEO, Genomic Health.Celebrate this year’s winners of the
“Legislator of the Year,” “Innovator of the Year” and “Good to Great” Awards.
To register, visit MichBio.Org/associations/expo
Ganesh “Ananth” Ananthasubramanian joined DTE Energy Ventures in 1995, and has led several DTE Energy investments including co-founding Plug Power. He has been on the board as a Director and Observer in a number of companies and is currently an Ob-server in QD Vision and Miasole. Before joining DTE Energy, Ananth was a management consultant with Booz Allen Hamilton and EDS.
Our Moderator for the evening will be Jeff Bocan, a Managing Director of Beringea,
LLC, a private equity firm based in Farmington Hills, MI. His current focus is on Beringea’s Invest-Michigan! Growth Capital Fund and InvestMichigan! Mezzanine Fund, both of which provide equity and subordinated debt financ-ing to companies active in Michigan.
Showcase PresentationsArborWind (vertical axis wind turbines) and Brio Device (Smart Airway for emergency intubation) will present their investment opportunities.
As always we will also have great networking, hors d’oeuvres, and Open Forum. Please plan to join us at SPARK on Sept. 15.
Ganesh “Ananth”
Jeff Bocan
3 September 2011
The New Enterprise Forum reviews business plans to determine the readiness of entrepreneurial ventures for presentation to the group. No independent investigation of claims or representation is made. Applicable securities laws place certain limitations on the manner in which an offer to sell securities may be made and on solicitations and advertisements to sell securities. Failure to comply could result in the loss of the private offering exemption. The New Enterprise Forum can assume no responsibility for the form or content thereof.
Showcase PresentationsCYJ EnterprisesCarole Johnson
The Company is a medical device firm whose SaaS product e-Cyren fills the communication vacuum between family members and senior care service providers, thus allowing families to be active participants in their loved one’s care. The e-Cyren software (pat-ent applied for) was released in late 2009. Initial marketing targets assisted living facilities and nursing homes interested in marketing monthly or annual subscriptions of the software to patient/client children and family members. The system’s other advantages in-clude coordination of care team efforts and tracking of transitions from one care facility to another. Funding to date is derived from the founder, grants and loans. The Company is currently seeking an investment of $450K. For more information, contact [email protected] or visit www.cyjenterprises.com.
GCI Global Naren Balasubramaniam
The Company provides self-insured employers access to affordable, world-class healthcare and net cost-reduction to their employees. By offering elective surgeries at negotiated rates through a network of domestic and foreign centers-of-excellence hospitals, employ-ers are able to reduce costs while improving quality and outcomes. GCI products and services include qualifying specialty hospitals, negotiating price-transparent bundled payment, providing pre/post surgery care coordination, and measuring/reporting network performance. Revenue is derived from a % of healthcare cost saving from employers and % of revenue sharing from hospitals. GCI is seeking a $500K seed investment to implement its working prototypes. For more information, contact [email protected] or visit www.gcighs.com.
Entrepreneurs100% Cereal, Salad, More; Derrick Thomas (313/283-6614)Company is a Southfield, MI-based restaurant specializing in hot/cold breakfast cereals with wide range of toppings. Seeking capital.
Next Door Neighbor Marketing; Ryan Colby (734/719-0254)Company offers social media management and strategy for small businesses. Daily social profile management, blog creation, page content, mobile marketing. Seeking referrals, connections.
If you would like your business needs info to appear in this space, please fill out a Business Introduction Form, found on our literature table at monthly meetings, and return the completed form to any NEF Board Member (red ribbon) at the end of the meeting, or mail to:
New Enterprise Forum Newsletter Editorc/o A2Y Regional Chamber115 W. Huron, Third FloorAnn Arbor, MI 48104
Open Forum
July Meeting Sponsor:Stakeholder MemberMenlo Innovations
Thank You!
LAST MEETING HIGHLIGHTS
Featured Speakers“Unusual Entrepreneurs
Share Their Wild Success Stories”
Panel: John Loomis, Zingerman’s Creamery Phillip Olla, Stratus Global
John Wood, Oldtime StrongmanModerator: Jesse Bernstein, Chair BOD, AATA
As we hear every year, the road into entrepreneurship is as varied as those who travel it. Among our group this year; two turned their personal interests into businesses, while the other two tucked entre-preneurial segments into their mostly mainstream business careers. Personality-wise, though, they all have that “go for it” enthusiasm that keeps their own fires burning and helped to inspire the wanna-be’s in our July audience. Some highlights:
John Loomis (Zingerman’s Creamery) was raised in Detroit and first worked at Twin Pines Dairy (remember Milky the Clown?!) See him making cheeses and teaching others at www.zingermanscreamery.com.
Phillip Olla (Stratus Global, producers of Smodnoc [smodnoc.com], an “innovative barrier protection de-vice”) intended his product for highschoolers who were sexually active; his business background is in IT com-munications. Talk about a stretch, no pun intended! He said the hardest part of starting up was “explaining” his product to prototypers, potential business service provid-ers, and now, customers!
John Wood played U-M football , where he learned the importance of strength. His Masters is in IT, but his heart is in vintage strength-training techniques. So he combined the two. Visit his sites: www.oldtimestrongman.com.
Jesse Bernstein has been a serial entrepreneur from the get-go (mental health care, human resources, start-up management teams), even though he has “dabbled” as consultant, investor, and non-profit CEO (Ann Arbor Area Chamber and AATA).
Thanks to you all for sharing your stories! Jesse Bernstein
Phillip Olla
John Wood
John Loomis
NEXT MEETING: Thursday, September 15, 2011
“Deal Structures: Term Sheets, Alternative Deal Structures and Non-Negotiable Terms”
NEF’s 25th Birthday Party!!!February 17, 2011
EMU Student Activity Center
New Enterprise Forum115 W. Huron at Main, 3rd FloorAnn Arbor, MI 48104September 2011
Inside:
Sept. Program: “Deal Structures”
NEF Board Welcomes Francis Glorie Entrepreneur News: Local Orbit - Sept. 2010 Audiallo - Sept. 2009 Adaptive Materials
GLEQ News
Last Meeting Highlights
Thank You to Our Program Partners...
www.gleq.org www.a2ychamber.org
Showcase Presenters
ArborWind, Dilip NigramThe Company is a green tech start-up
commercializing vertical axis wind tur-bine technology whose omni-directional configuration improves wind capture and
energy generation over competitors.
Brio Device, Hannah HenselThe Company is a medical device firm whose Smart Airway product improves
emergency intubation when performed by less skilled practitioners. To learn more,
visit www.briodevice.com
Panel
Ryan Waddington, Huron River VenturesPaul McCreadie, Arboretum Ventures
Ganesh “Ananth” Ananthasubramaniam,
DTE Energy VenturesModerator, Jeff Bocan, Beringea, LLC
Our experts will explain the basics of structuring a deal, including term sheets,
alternative deal structures and non-negotiable terms. Lost already?
Don’t worry, they’ll clarify -- and make it fun as well!
***See you at SPARK on the 15th!!
Open ForumBrief turn at the mic
to introduce your business, marketingstrategy, and present resource needs.
Meeting SponsorsStakeholder Member
GDI Infotech
Parterning HostSPARK
***SPARK Central • 330 E. Liberty • Ann Arbor, MIRegistration and networking begin at 5:00 p.m., program at 5:45 p.m.
Non-members $20 at the door, students $5
Meetings are videotaped by Vince Chmielewski of VC Web Design (734/217-4530 or [email protected])
*Note Special
Location