PAST EVENTS
Angel InvestingMay 2001 Session
Agenda
DAY 1 |
8:30 AM |
WELCOME AND INTRODUCTION
David Brophy
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8:45 AM |
WHAT IS ANGEL INVESTING AND HOW IS IT DONE? THE VIEW FROM THE TRENCHES |
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Panel: |
David Brophy (Moderator) |
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Panelists: |
Hans Severiens, Managing Director
The Band of Angels- Palo Alto, CA
Bob Bozeman, General Partner
Silicon Valley Angels- San Francisco, CA
Professor Tom Kinnear, Director
Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies University of Michigan Business School
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10:15 AM |
*** BREAK *** |
10:30 AM |
THE VENTURE CAPITAL MARKET |
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Panel: |
David Brophy (Moderator) |
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Panelists: |
David Arscott, Managing Partner
Compass Technology Partners- Palo Alto, CA
Ian R. N. Bund, Managing Partner
WhitePines Ventures LLC- Ann Arbor, MI |
12:00 PM |
LUNCHEON
Executive Residence Dining Room |
1:00 PM |
ENTREPRENEURIAL FINANCE: WHAT THE EMERGING, TECHNOLOGY-BASED GROWTH-ORIENTED COMPANY FACES TODAY
Joint Presentations:
"Understanding The Linkage Between the Business Model,
The Financial Engine and the Harvest"
David Brophy and Bob Bozeman
"Valuation in the Real World: Practical Aspects of Valuation Negotiation"
Hans Severiens and Tom Kinnear
"Deal Structuring and Pricing: The Nature of Capital Structure, Securities and Investment Agreements"
David Arscott and Ian Bund
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3:00 PM |
HANDS-ON CHALLENGE:
GROUP ANALYSIS OF "JUST TALK, INC.",
AN EARLY STAGE COMPANY SEEKING ANGEL FUNDING
Dick Beedon, CEO of Just Talk, will make a 15 minute "deal pitch" presentation to participants based upon information provided to Seminar participants in advance. A 10 minute "clarification" Q&A period will follow and then participants will assemble in break-out space into investment groups, with each group mentored by a Seminar Faculty member. Each group's objective is to make a decision on investing in Just Talk and to construct an offer sheet/term sheet to present to Dick. A UMBS student will be provided to each group for analytical work and report assembly.
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5:00 PM |
PRESENTATIONS BY EACH GROUP AND RESPONSES FROM DICK BEEDON AND JUST TALK, INC. TEAM
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7:00 PM |
RECEPTION AND DINNER
Executive Residence Dining Room
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DAY 2 |
8:00 AM |
EFFECTIVE DUE DILIGENCE INVESTIGATION |
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Panel: |
David Brophy (Moderator)
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|
Panelists: |
David Arscott, Managing Partner
Compass Technology Partners- Palo Alto, CA
Ian R. N. Bund, Managing Partner
WhitePines Ventures -Ann Arbor, MI
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9:30 AM |
MONITORING AND VALUE CREATION |
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Panel: |
David Brophy (Moderator)
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Panelists: |
Bob Bozeman
Angel Investors LP- San Francisco, CA
Professor Tom Kinnear
Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies University of Michigan Business School
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10:15 AM |
*** BREAK *** |
10:30 AM |
DEAL-MAKING IN ANGEL, VENTURE CAPITAL AND HARVESTING TRANSACTIONS
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|
Panel: |
David Brophy (Moderator)
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Panelists: |
William Weaver, Partner
Sachnoff & Weaver- Chicago, IL
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12:00 AM |
LUNCHEON
Executive Residence Dining Room
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1:00 PM |
DOWNSTREAM FINANCING: "DEALING WITH VENTURE CAPITAL FUNDS, STRATEGIC CORPORATE INVESTORS AND INVESTMENT BANKERS IN SUBSEQUENT ROUNDS OF FINANCINGAND IN HARVESTING"
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|
Panel: |
David Brophy (Moderator)
|
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Panelists: |
Hans Severiens, Band of Angels
Bob Bozeman, Silicon Valley Angels
Prof. Tom Kinnear- Director,
Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies,
University of Michigan Business School
David Arscott, Managing Partner,
Compass Technology Partners- Palo Alto, CA
Ian R. N. Bund, Managing Partner,
WhitePines Ventures- Ann Arbor, MI
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3:00 PM |
*** BREAK ***
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3:15 PM |
SPECIAL TOPICS, IN RESPONSE TO PARTICIPANT SURVEY CONCENSUS DEMAND, TO BE ADDRESSED BY SEMINAR FACULTY IN OPEN FORUM |
5:00 PM |
SEMINAR CONCLUDES WITH A RECEPTION FOR PARTICIPANTS AND MEMBERS OF THE "MICHIGAN ANGELS FORUM" FOLLOWED BY DINNER
Phelps Lounge- University of Michigan Business School
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Seminar Faculty
BOB BOZEMAN
General Partner, Angel Investors, L.P.
San Francisco, CA.
Mr. Bozeman has 24 years of management experience in high-technology enterprises. He has ser ved 12 years
as CEO/President or General Manager in software, information technology/services and computer supplier
industries (including Vetronix Sales Corporation, Altos Computer Systems, and Natural Language
Incorporated). He served as an officer at a Fortune 100 Corporation contributing to growth in revenue from
$50 million to $2.7 billion (Wang Laboratories). He is the founder of two successful high-tech businesses
(Library Systems and Bozemans', Inc.) He led the turnaround restructuring for a company with five years of
losses into a profitable business (Fortune Systems). Mr. Bozeman graduated with a BS in Accounting from
University of Cincinnati. He also received a BS combined degree of Management and Arts & Science from
Northeastern University.
Angel Investors, L.P. is one of Silicon Valley's premiere Angel Investor groups. Angel Investors, L.P. provides
capital investments to early stage companies focused on the internet, e-commerce and information technology
markets in the San Francisco Bay Area.
IAN BUND
President, White Pines Ventures, LLC
Ann Arbor, MI.
Ian R. N. Bund, President, has been involved in venture capital and private equity investing since 1969. In addi-tion
to White Pines Ventures, he has participated in the successful development of several other private equity
f irms: Research & Science Investors; Doan Associates; The Michigan Investment Fund; and MBW Venture
Partners. In 1999, he co-founded Innovation Capital, a provider of venture capital to early-stage Australian
technology companies.
Ian has accumulated a broad background in the venture capital industry having invested in more than 300 com-panies.
These investments comprised a wide range of industries including biotechnology, healthcare, informa-tion,
telecommunications, and computers. Prior to entering the private equity industry, he gained investment
banking experience at Morgan Stanley and turnaround management skills as President of Sea Life, Inc., an
oceanarium. Ian began his career in audit, tax, and business advisory services at Price Waterhouse & Co.,
Sydney, Australia.
Ian received a B.Ec. from the University of Sydney (Australia) and an M.B.A. from the Harvard Graduate
School of Business Administration. He is an Australian Chartered Accountant.
TOM KINNEAR
Professor of Entrepreneurial Studies
Executive Director of the Samuel Zell and Robert H.
Lurie Institute for Entrepreneurial Studies, University of Michigan Business School
Thomas C. Kinnear is the Eugene Applebaum Professor of Entrepreneurial Studies, Executive Director of the
Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies, and Professor of Marketing at the
University of Michigan Business School. He is the former editor of the Journal of Marketing and the Journal
of Public Policy & Marketing. He is co-author of several books including: Principles of Marketing, Marketing
Research: An Applied Approach, Promotional Strategy, and Cases in Marketing Management. Professor
Kinnear has worked in consulting for firms such as: Aetna, AT&T, Alcatel, Chrysler, Domino's Pizza, Inc., Eli
Lilly, Ford, General Motors, General Electric, Helmac Products, Kodak, L'Air Liquide (France), and Travelers.
He also has served or is serving as a member of the Board of Directors or Corporate Advisory Boards for sev-eral
companies and community organizations including: Avail Networks, Inc., Bard Manufacturing, Inc.,
Beautiful Island.Com, BlueGill Technologies, Inc., Copernicus, Inc., Domino's Pizza, Inc., Greenhills School,
Helmac Products, Inc., Interpretive Software, Inc., and Network Express, Inc. In 1990, he co-founded and
served as a director of Network Express, an early competitor in the ISDN market. It was sold in 1995 for $110
million to Cabletron Systems. In 1996, he co-founded and served as a director of Bluegill Technologies, the
pioneer in bill and document presentment on the Internet. It was sold in 2000 for $250 million to Checkfree
Holdings Corporation. In 1999, he co-founded and is serving as a director of Avail Networks, a DSL hardware
and software provider, and of Beaufiful Island.com, an ISP targeted at seniors. He holds an undergraduate
degree from Queen's University at Kingston, Ontario, an MBA from Harvard University, and a Ph.D. in
Business Administration from the University of Michigan.
HANS SEVERIENS, PH.D.
Managing Director, Band of Angels
Palo Alto, CA.
Hans Severiens has been an officer in three venture capital funds: the seed stage fund, Bay Ventures; the late
stage MIP Equity Fund; and the current Band of Angels Fund, L.P.. Prior to 1983, he was a Vice President in
investment banking with Morgan Stanley Dean Witter, Merrill Lynch, and Paine Webber. Hans has a Ph.D.
degree in nuclear physics from Johns Hopkins and a B.A.degree in physics from Harvard College. He has served
as Assistant Chief Scientist at Perkin-Elmer, Research Professor at Columbia University, and Staff Scientist at
the Atomic Energy Commission. He is on the Board of Directors of two closely held companies.
The Band of Angels Fund, L.P. is a $50M venture fund comprised exclusively of institutional partners including
three corporations, two university endowments, and a large pension fund. The fund includes portfolio compa-nies
such as: Interactive Silicon Inc., Genitope Corporation and Dynaptics. The Fund co-invests exclusively in
deals that are subscribed by members of the Band of Angels and provides institutional support to these deals via
bridge and follow-on financing be yond the Series A round.
DAVID G ARSCOTT
Co-founder and Partner, Compass Technology Partners
Menlo Park, CA.
David G. Arscott is a Managing Director of Compass Technology Group. He is also a Director
of Lam Research and was an original investor in that company, now a leading provider of semiconductor capi-tal
equipment. In addition, he is a director of Silicon Valley Research, a semiconductor design firm and
CyberState University, an elearning company focused on information technology training delivered over the
Internet. Compass manages funds emphasizing investments in emerging public and private electronics-based
technology companies. The firm focuses its private investing efforts on start-up situations. The public equity
emphasis is on companies with market capitalizations ranging up to $ 1.5 billion. He is a periodic speaker on
the issues surrounding the formation and building of technology companies. He has been active in industry
affairs and is a past president of the Western Association of Venture Capitalists. He earned a BA from the
College of Wooster (History and Economics) and an MBA from the University of Michigan (Finance and
Accounting). His wife Martha and he have been married 20 years and have four boys.
Compass Technology Partners invests in emerging, high-growth potential, public and private companies with a
focus on science and technology, innovation and intellectual property.
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