venture investment needs
DESCRIPTION
Interviews with various members of the entrepreneurial community regarding the idea of assisting venture investors with due diligence. Recently added a Slideshare-friendly version that doesn't rely on animations.TRANSCRIPT
“Extra! Extra! Diligent entrepreneur does due diligence diligently!”
1
Monday, October 26, 2008
Chuck the Venture CapitalistDavid the Diligence Consultant Jeff the EntrepreneurAl the AngelTim the Entrepreneurship Professor
2
3
David C. Bloom Consultant, Factotem
“I’m ‘Mr. No’…You want to put guys like me out of business.”
“I get repeat business from the same clients.”
“You get what you pay for.”“But I would support your business,
so you guys can join Factotem later!”
4
David C. Bloom Consultant, Factotem
“I’m ‘Mr. No’…You want to put guys like me out of business.”
“I get repeat business from the same clients.”
“You get what you pay for.”“But I would support your business,
so you guys can join Factotem later!”
Charles L. Bisgaier, Ph.D. CEO and Co-founder, Michigan Life Ventures, LLC
“I can tell within five minutes of looking at a business plan if it’s worth my time.”
“I want to do my own diligence to become familiar with the company.”
“I could use diligence assistance with general research early on.”
His partner: “I would only want diligence assistance later when the research is more specific.”
5
Charles L. Bisgaier, Ph.D. CEO and Co-founder, Michigan Life Ventures, LLC
“I can tell within five minutes of looking at a business plan if it’s worth my time.”
“I want to do my own diligence to become familiar with the company.”
“I could use diligence assistance with general research early on.”
His partner: “I would only want diligence assistance later when the research is more specific.”
6
7
Jeffrey Vicars Co-Founder and President, Happliance Corp.
“Don’t exclusively use young people because they carry a stigma of inexperience. Create roles that can be filled by professionals. They could be qualified young people or even retirees.”
“Abby scored 2 points at her last basketball game.”
8
Jeffrey Vicars Co-Founder and President, Happliance Corp.
“Don’t exclusively use young people because they carry a stigma of inexperience. Create roles that can be filled by professionals. They could be qualified young people or even retirees.”
“Abby scored 2 points at her last basketball game.”
Alex Bacon Partner, B2BCFO Director of Finance, Tech Town Angel Investor, Great Lakes
Angels “We don’t need
diligence done on the business plans we receive until they’re interesting.”
“Angel groups would pay to have diligence performed on business plans of interest.”
How many plans? “1-2 per month.”
Pain? “Time and ability. Most have day jobs and few have diligence experience.”
“There are gaps in Michigan’s venture funding continuum before venture capital…”
9
Alex Bacon Partner, B2BCFO Director of Finance, Tech Town Angel Investor, Great Lakes
Angels “We don’t need
diligence done on the business plans we receive until they’re interesting.”
“Angel groups would pay to have diligence performed on business plans of interest.”
How many plans? “1-2 per month.”
Pain? “Time and ability. Most have day jobs and few have diligence experience.”
“There are gaps in Michigan’s venture funding continuum before venture capital…”
10
11
Tim Faley Managing Director, Zell-Lurie Institute for Entrepreneurial
Studies
“This need has existed for a while…”“In Michigan, most of the angels don’t
have expertise in the new industries. They’re old money or from the auto industry.”
“Consider different business models to leverage the relationships with many angel groups.”
12
Tim Faley Managing Director, Zell-Lurie Institute for Entrepreneurial
Studies
“This need has existed for a while…”“In Michigan, most of the angels don’t
have expertise in the new industries. They’re old money or from the auto industry.”
“Consider different business models to leverage the relationships with many angel groups.”