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| | Hospira gets $13.5MM from DCEO; U. of I. has new president; Michael Rosen on the biotech industry in Illinois and in general; why should a company with revenues of $8MM or one with $7.5MM in contracts be getting grants of $5K from DCEO through the entrepreneurial centers?; and the eighteen people at Chicago Growth Partners who came from William Blair, but is there truth in advertising?; and the story that keeps on giving: Circle Group Holdings and now, Utek.
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| | November 5, 2004
The May Report: 11/5/2004: Hospira gets $13.5MM from DCEO; U. of I. has new president; Michael Rosen on the biotech industry in Illinois and in general; why should a company with revenues of $8MM or one with $7.5MM in contracts be getting grants of $5K from DCEO through the entrepreneurial centers?; and the eighteen people at Chicago Growth Partners who came from William Blair, but is there truth in advertising?; and the story that keeps on giving: Circle Group Holdings and now, Utek.
Editor and publisher: Ron May, ron@themayreport.com, ronaldmay@aol.com, 773-525-3944.
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TABLE OF CONTENTS
The Scoop section:
-- Crain's: Hospira gets $13.5MM from DCEO
-- New President named for University of Illinois
-- SBC compliments voters in the Tri-Cities for making the "right decision"
-- Utek's stock and its most valuable asset: stock in Circle Group Holdings
-- Briefly noted: Biotech according to Michael Rosen; those $5K grants that the entrepreneurial centers dispense and some questions about them; Chicago Growth Partners and truth in advertising; plus trivia, by Ron May
1. READER COMMENTS AND RESPONSES
1a. Keith Hartenberger: Until recently, cross media manager with Tribune Company looking for a new position
1b. Ray Welk: Regional director at LanceSoft needs sales people
1c. Ken Kanno: Pete Malone and Tri-Cities broadband
1d. John Glenn: All three Tri-Cities mayors favored the referendum, but could not say it
1e. Don Samuelson: compliments Ron on Tri-Cities coverage and sends along Pete Malone's letter
2. OTHER (Events)
2a. Monday, Nov. 8: MEF: FrancorpCapital, Inc.
2b. Tuesday, Nov. 9: ICCA: Marketing Professional Services: Planning and Implementing Your Marketing Strategy
2c. Tuesday, Nov. 9: Ravenswood Industrial Council presents Illinois Technology Development Fund
2d. Weds. and Thurs., Nov. 17 and 18: Software Licensing Agreements Seminar
2e. Thursday, Nov. 18: Illinois at Chicago College of Engineering Alumni Association (EAA) for an evening of conversation with new Dean of Engineering Prith Banerjee
2f. Friday, December 3: TMA & ACG: Annual Holiday Open House
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The Scoop section:
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Crain's: Hospira gets $13.5MM from DCEO
November 05, 2004
Hospira gets $13.5 mil. for center
By Sarah A. Klein
The state awarded Hospira Inc. $13.5 million in tax incentives and grants to build a new research and development center in Lake Forest.
The hospital product manufacturer?spun off from Abbott Laboratories in April?plans to build a 190,000-square-foot facility for 300 scientists and engineers, who are working to develop generic pharmaceuticals and medication delivery devices. The three-story building is expected to open in May 2006.
The incentive package from the Illinois Dept. of Commerce and Economic Opportunity will enable the company to add 150 technical jobs, a Hospira spokeswoman says.
Hospira?s profits rose 86% to $125.8 million in the second quarter, compared with the same period in 2003 when Abbott ran the business. The gain was largely due to the company?s decision to discontinue its retiree medical and dental plan, resulting in a pre-tax savings of $64.6 million.
The company?s revenues, including sales to Abbott, increased 2.7% to $667.4 million in the second quarter, compared with the same period a year ago. Hospira shares were down 35 cents to $32.73, in midday trading on the New York Stock Exchange.
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New President named for University of Illinois
Date: Tue, 02 Nov 2004 12:59:22 -0600
To: ron@themayreport.com
From: David Gulley <dgulley@uic.edu>
Subject: New President named for University of Illinois
Ron,
http://www.uillinois.edu/newpresident
David L. Gulley, Ph.D.
- Assistant Vice President for Technology and Economic Development
University of Illinois
- Assistant Vice Chancellor for Research
University of Illinois at Chicago
1737 West Polk Street, Suite 414 (M/C 672) Chicago IL 60612
Voice 312-413-3825 Mobile 312-399-6344 Fax 312-413-0238
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SBC compliments voters in the Tri-Cities for making the "right decision"
From: "Steve Kauffman (SBC)" <skauffma@sbcnews.us>
To: ron@themayreport.com
Subject: RE: The May Report: 11/3/2004: it appears that the FFOF initiativ
e in the Tri-Cities has failed in all three cities
Date: Wed, 3 Nov 2004 15:49:57 -0600
Ron: To follow up yesterday's defeat of the Tri-Cities referendum for a
second time in all the cities, here is a statement from Carrie J.
Hightman, president of SBC Illinois.
November 3, 2004 - The Tri-Cities voters made the right choice in
rejecting a proposal that could have put their tax dollars at risk. They
saw the benefits in the value-packed, competitive offerings from SBC and
other private companies which already offer broadband service in the
Tri-Cities.
Throughout this process we have shared the same goals as Fiber For Our
Future, which is to bring more high speed Internet access to the
Tri-Cities and deliver enhanced Internet Services as quickly as
feasible. SBC has invested millions of dollars in fiber deployment and
broadband technology in the Tri-Cities to bring it well above the state
average availability for SBC.
We raised questions about the referenda and voiced our opposition to it
because we felt it was important for Tri-Cities residents to have all
the facts about municipal broadband before voting on this important
issue. We wanted to make sure residents were educated about both the
broadband services that are currently available to them as well the
risks of a municipal telecommunications system.
SBC will continue to invest in and make cutting edge broadband products
and services available to the people of the Tri-Cities.
SBC has invested millions of dollars in broadband infrastructure in the
Tri-Cities over the last several years. Furthermore, our direct impact
on the local economy approaches $20 million annually including the
nearly $5 million we spend with Tri-Cities companies and the $13 million
in wages and benefits we pay to more than 400 Tri-Cities residents who
are SBC employees or retirees.
Last year, SBC Illinois employees donated nearly 5,000 hours of their
time to Tri-Cities charities and we have donated more than $150,000 to
Tri-Cities charities over the last decade. SBC also paid more than
$116,000 in property taxes in the Tri-Cities last year while collecting
an additional $1.1 million in municipal taxes that Tri-Cities residents
pay through their phone bills.
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Utek's stock and its most valuable asset: stock in Circle Group Holdings
By Maxwell Murphy
A Dow Jones Newswires Column
NEW YORK (Dow Jones)--Seems it'll take more to rankle Utek Corp.'s (UTK) stock than an 86% drop in the value of what was, until very recently, its largest asset.
Utek's a small Florida company that acquires technologies from places like universities and the U.S. government, then sells them to other small companies in exchange for a stake in the buyer's equity. If those technologies are commercially successful, Utek gains on its stake without having to lay out the capital necessary to bring that tech to market.
Utek's third-quarter earnings this week revealed a sharp drop in its net asset value from the second quarter, yet its thinly traded stock moved higher in initial trading, though has retreated slightly since.
One technology transfer, in particular, boosted the stock 40% earlier this year. Utek acquired from the U.S. Department of Agriculture the rights to manufacture a corn fiber that can replace the fat in foods. It then sold these rights to an Illinois company called Circle Group Holdings Inc. (CXN) in 2002.
Utek also sold Circle Group the rights to technologies designed to detect and prevent biochemical terrorism and, all told, received just over 4 million shares of Circle Group stock.
Early this year, Circle Group said Swiss food giant Nestle SA (NESN.VX) would use the fat substitute in some products. Circle Group's stock nearly quadrupled to almost $9 a share and Utek's stock tracked it, rising about 55% to $17.15 in May.
Trouble is, an 'In The Money' column in early October revealed Circle Group's Nestle deal had unraveled. Its stock, which had already been slumping, tanked further and now trades around $1.17 a share.
But Utek's investors seem unfazed by the reversal in fortunes of a technology the company stood much to gain from, let alone the drop in value of Utek's stake in Circle Group. Utek's stock was at $14.90 at last glance Friday, giving it a valuation of around $87 million, not far from where it was during Circle Group's heyday.
Back in March, Utek's investment in Circle Group was about 83% of Utek's net assets; it's now only about 27%. The 213,000 Circle Group shares Utek has sold so far this year make up only a tiny part of that decline.
Utek's net asset value slid from $22.6 million, or $4.25 a share, at the end of March to $19.7 million, or just $3.37 a share in September. What's worse, Circle Group has continued to fall since then and Utek's net asset value has dropped another 19 cents or so.
Net asset value is akin to shareholder equity and gives a rough measure of what a company would be worth to equity holders if liquidated. The September number would have been much lower than reported had Utek not used placements of its own stock - along with select sales of some of the stock in its portfolio companies - to bulk up its cash position.
At the end of March, 92% of Utek's asset value came from its $20.8 million of investments, with the rest being cash. At September's end, more than half Utek's asset value comes from $10.4 million in cash. Its investments were worth just $9.4 million, nearly $6.5 million less than what Utek paid for them.
Despite Woes, Still Commands Market Premium
Simply, Wall Street's got Utek at four-and-a-half times its net asset value; and this valuation is very much in the hands of a company whose shares have fallen 86% since February and may fall further if it can't produce major new orders for its products.
This implies that, even aside from Circle Group's fat substitute which Nestle doesn't seem to want anymore, Wall Street still believes one of Utek's investments will strike it rich.
One or more certainly could, because Utek deals with legitimate technologies developed by reputable sources and spreads them around dozens of companies, all of which are presumably doing their best to make a splash.
But almost all of the companies Utek sells to are unknown upstarts that trade on the over-the-counter bulletin board, as Circle Group did when the two companies first met. Generally these companies have limited assets, resources and operating histories with which to take on the titans of industry.
At Sept. 30, Utek held 37.3 million shares of stock in 29 public and 9 private companies. The stakes in 13 of those companies are listed in Utek filings as worthless, and another 20 are worth less than Utek paid for them. None of the others - save Circle Group, which it acquired for 23 cents a share - are noticeably higher than Utek's cost.
Clifford Gross, Utek's founder, chairman and chief executive, didn't return phone calls seeking comment. Circle Group didn't return calls either.
During a conference call to discuss Wednesday's results, he declined to discuss any plans the company might have for its Circle Group stake and didn't address how its plunging value affects Utek's operations.
However, among the top risks Utek lists in its filings, it notes that financial results are "largely dependent upon the performance of Circle Group". Gross owns about a third of the 5.9 million Utek shares outstanding.
Utek has time on its side, though. It has no debt and believes it has the cash to meet operating requirements for at least twelve months. Nevertheless, it notes it may still decide to issue equity financings, which would cause dilution.
But, if speculative technology plays are your thing, and you've got the money to risk, why not just do the research and buy your own basket of penny stocks that won't have any priced-in premium to the market?
("In The Money" takes a sophisticated look at the value of companies and their securities, and explores unique trading strategies. Maxwell Murphy regularly writes the "Risky Business" and "Pay Date" columns.)
By Maxwell Murphy; Dow Jones Newswires; 201-938-5173; maxwell.murphy@dowjones.com
(END) Dow Jones Newswires
11-05-04 1545ET- - 03 45 PM EST 11-05-04
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Briefly noted: Biotech according to Michael Rosen; those $5K grants that the entrepreneurial centers dispense and some questions about them; Chicago Growth Partners and truth in advertising; plus trivia, by Ron May
* Michael Rosen and I talked about a lot of things in his Saab on the way home (he dropped me off after my meeting with David Miller) and we talked about biotech. That conversation was Friday, Oct. 29th.
Is there a true biotech cluster here? The answer, Rosen says, is "No" at least not compared to San Francisco and Boston. He is defining cluster in the terms that the strategist Michael Porter uses it. "What happens in a true cluster is a lot of competition and we are beginning to have that, but we really don't have it. The problem is that if you could shrink the geography of the Midwest, you would have that cluster, but we've got a lot of mini-clusters, he said: Minneapolis, Madison, Chicago, St. Louis, Indianapolis, Ann Arbor, all mini clusters. If it were all geographically concentrated, we would have what San Francisco or Boston has.
We don't have the Amgens, the Genentechs, the Genzymes. What happens is that the people who start those companies go off and start three or four or five companies. Michael said that there are two people in Chicago who have done that. One is Bill Gantz of Ovation. He came out of Baxter, went to start up a company in Seattle called Pathogenesis and then sold it to a larger company called Chiron for $750MM, then came back to Chicago and started up Ovation Pharmaceuticals, but Rosen also points out that some of the people who worked at Pathogenesis also started other Chicago area firms.
I asked Rosen why the Baxters, the Abbotts, and the Searles are not in the same class as the Amgens and the Genentechs. He said that it is an interesting phenomenon: "If you look at Abbott, Baxter and Searle, they have all provided senior management into biotech companies on the East and West Coast. The guy who started Amgen, George Rathman, came out of Abbott; the guy who started Genentech was Kirk Raab who came out of Abbott; the guy who took Immunex to the next level was Ed Fritzke out of Searle; the guy who took Genzyme to the next level was Henry Termeer who came out of Baxter.
"The talent is here," Rosen said, but on the East Coast and West Coast when people and companies fail, you don't see the self-flagellation. In Chicago when something fails we get heavy on the criticism," he said.
"The East Coast and West Coast are much more permissive of failure in entrepreneurial situations," he said. I asked him if there are examples of people and companies who failed in Chicago but then rose from the ashes.
Rosen then said that he thinks the date for the start of the biotech culture can be pegged at 1978 with Genentech.
"There were six original companies: they were Amgen, Genentech, Biogen, Genetic Institute, Cetus, and Genex."
Genex is no longer around; Cetus was merged into Chiron; Biogen was merged with Idec so it is Biogen/Idec; you have Amgen which is still stand alone; and Genentech which is owned largely by Hoffman LaRoche even though it is publicly traded; and Genetics Institute which is now owned by Wyeth. So, of those four, you've only got Amgen as a totally stand alone.
The first major biotech IPO was 1980 when Cetus went public for $100MM and Genentech went public for $30MM which were big numbers in 1980.
I told Michael that I sometimes have a problem figuring out what is real and what is just talk in the biotech world --- why should it be different from anything else?
One factor that distinguishes biotech from IT and the dot com world is the development time for a drug and the time it takes to get FDA approval. It is eight to twelve years for big pharma and biotech firms have been able to accelerate that to six to eight years.
I asked Rosen about the importance of IP in biotech and he said that it is critical. There are three levels of intellectual property: composition of matter is the strongest and highest; the next level is the therapeutic use level such as a drug is being used in a given indication like diabetes; and the third and lowest level is a process. The process is the easiest to circumvent and it affords the least protection, therefore being the least desirable, even though you still go for it, he says.
VC groups in the know clearly differentiate the value of each.
We ended our conversation with a comment that Michael believes that there is a connection between the rock and roll culture of the sixties and biotech. That subject to be continued.
I said to Rosen, "so we do have a lot going on here." He was quite animated in saying, "Oh, let me tell you, if you look at the North Shore in terms of big companies within fifteen miles, you have Abbott, Baxter, DadeBehring, TAP (a joint venture between Abbott and Takeda), Hospira (a $2B spin-out from Abbott), Hollister, Fujisawa, which just merged with Yamanouchi, [Fujisawa's U.S. operations are here in Deerfield and Yamanouchi is moving here as well]" just to name a few.
I asked Rosen how many people there are in the biotech industry locally and he said that if you define it as biopharmaceuticals which is what The Milken Institute did in a report which did a state-by-state analysis of jobs in the biopharmaceuticals industry, Illinois was ranked fourth or fifth in life science pharmaceutical jobs, and the Midwest as a whole had three states in the top ten nationally. Rosen said that Illinois was first in the Midwest, Indiana second, and Minneapolis/St. Paul was third.
We ended on the two main reasons that biotech and high tech differ in terms of culture: product development cycle and product life cycle. In biotech, the product development cycle is six to eight years; and in high tech, it is a year or less. In terms of product life cycle, in biotech, once a drug is on the market, it can be there for thirty years and in high tech a product is on the market for a year or two, Rosen said.
BTW, one of the Crain's Forty under 40 is D. C. Crenshaw who publishes an internet based newsletter I get called Fete. Also, another person on their list was the president of Ovation Pharmaceuticals (not Bill Gantz) but the president and CEO and founder, according to Crain's, Jeffery Aronin. You know what, Crain's has this WRONG, WRONG, WRONG!!! Jeff is the COO, and Bill Gantz is the Chairman and CEO. Look at the website, folks!!! Will Crain's do the honorable thing and correct that next week? The article says that Ovation had revenues of $45MM last year and expects to have $75MM this year, with a possible IPO in the offing. But an article on their website written in May of 2004 quotes Aronin saying that they did $40MM last year. Here it is from the Chicago Daily Herald on May 19, 2004:
"Aronin said the company took in $40 million in revenues in 2003. Its 40-employee work force of a year ago now is 75 and is expected to grow to 100 by year-end, he said."
Hey, what's $5MM among friends? These wrong numbers make me wonder how valid the figures for Intelligentsia are. To understand that reference, see what I write below.
I just noticed that the person who wrote the Crain's article was Lee Murphy and he is a good reporter. Lee, was Ovation giving you the straight scoop?
* I was up all night, or almost all night, working on getting some things written up. I have the report on Rockford ready, but that will be my lead story Monday. I also have more on SAP for you and have not forgotten NanoInk or Arryx. Believe me, if I were locked in a room for four days straight, we would still only be scratching the surface, but the only thing for me to do is chip away at it. The whole week has been off for me with the election, and yes, I do have a comment or two to make about how those exit polls were misinterpreted on the internet. Now, I am starting to see how wrong info. on the internet can wreak havoc. TMR is becoming mainstream, folks. There are many others who are much further out there than I am.
* I plan to call Stephen Maduli-Williams or Susan Alnaqib to get a clarification on this, but I thought that the purpose of the $5K grants that are being dispensed through the entrepreneurial centers like the West Side Entrepreneurial Center or now, through the Chicagoland Entrepreneurial Center under David Weinstein, are supposed to be for early growth firms or outright start-ups. I know that this is a bit of circumlocution, but bear with me on this because what has been said and how the program has been represented is an important part of the story. Here is how Margaret Unetich described the qualifying criteria to me when I saw her at an ARCH/Coalition Monday Morning Meeting where she explained the program to me:
From TMR, Briefly noted, 1/21/04:
"Margaret Unetich explained to me that the money should help the firm reach
a significant milestone.... One is given to wonder how these service firms make their connections....
There is another question here. When a firm is evaluated, and goes through
the assessment process at the CWSEC, there are criteria that are applied,
but each deal is examined as a stand alone. This is an issue that plagued
the TDB deals all the time. There was no cross-deal evaluation so that you
never had Company A, Company B and Company C lined up against each other for RELATIVE merits. That was because you had a different panel for each
firm they considered. So the question is not whether a particular firm is
deserving of funds, but whether it is more deserving than other firms that
could be receiving the money. Gary Keller told me that there are not many
resources available here in Illinois, but he wants to take advantage of
what is available. That is great, but how does he stand up against other
entrepreneurs who also want money?"
And this is from TMR, Briefly noted, 1/16/04:
"The people at DCEO seem to be a bit touchy about the release of information
relating to their activities, so Margaret Unetich was cautious about what
she told me.
But her organization, West Side Entrepreneurial Center, has done nine deals
thus far. They are able to fund a firm up to $5K in matching money
(matching money must come from the entrepreneur). The deals are based on a
number of criteria and I will get into the details on Monday. The money
goes for professional services like legal or marketing plans (not
incorporation work) that may provide a significant thrust for the company
to make it to the next step. The $5K from whe WSEC can be combined with
more than $5K from the firm's matching money. Three firms that Margaret was
willing to name that have been funded include Centracom, New Neural, and
ZeleRX. New Neural and ZeleRX are also funded by the Chicago-ITEC and are
tied into the Chicago Technology Park, so there is a little cluster of
activity centered on these organizations. The WSEC is also tied into
Chicago Community Ventures which is the current incarnation of an
organization originally funded by DCCA (now DCEO) called One Stop Shop."
And here is a third item I found about the criteria they use for these grants, also comments from Margaret.
From TMR, Briefly noted, 1/21/04:
"Margaret Unetich of the Chicago West Side Entrepreneurial Center said
that the companies they give the grants to go through a detailed assessment
process. They are looking to work with companies that have high growth
potential, what Lori Clark called "gazelle" companies, but they are also
are looking at economic development issues which is another way of saying
that there should be the potential for expanding employment. Lori Clark's
definition of what they would fund seemed to me to be more stringent. The
services they will help a firm out with include legal (PPMs, patents, legal
services not including incorporation,) marketing, and other professional
services.
Three of the nine firms they have funded include Best Choice Processors, a
cat fish manufacturer, ZelleRx and New Neural. "It is not only about the
awards process," Margaret explained. "That is the first step that people
focus on, but we're looking to see other ways that we can help whether it
is providing that service internally or providing you with a connection to
a resource that could help you with it," she added. The CWSEC is a
partnership between Chicago Community Ventures and the University of
Illinois Chicago (UIC). Stephen Meduli-Williams runs the Chicago Community
Ventures. The predecessor organization to Chicago Community Ventures was
called One Stop Capital Shop."
OK, where am I going with this? Quite simply, I wonder about how justified some of these grants are. I have known Doug Zell and his wife Emily Mange since they started Intelligentsia, the coffee and tea exchange, and opened their first retail store on October 9, 1995. I recall the date well because I believe that I was their first customer (a little hobby I used to have, being the first and the last customer for businesses in the hood --- their place on Broadway is right around the corner from where I live. BTW, that just goes to show how much time I used to waste with little diversions that I would never think of engaging in today.)
Doug and Emily deserve credit for building a successful business and I have watched as they expanded to the roasting works in the first year and as their wholesale business took off, supplying many area restaurants. I see Intelligentsia trucks all over the place.
So, what is the problem? The problem is this sentence: "Margaret Unetich explained to me that the money should help the firm reach a significant milestone..."
Since last January when I first wrote about this program, they have expanded the number of firms that have received the $5K grants from nine to nineteen and Intelligentsia is one of them.
And what kind of milestone is $5K going to help Intelligentsia meet at this stage of the game? I happened to see the Crain's listing of Forty under 40 and Doug Zell is mentioned. (Emily, don't you feel left out on this? It was your dad's money that got the business going, after all, but I digress.) The Crain's article mentioned that Intelligentsia has revenues of $8MM and 60 employees. (There is always a question about whether revenue figures in Crain's are valid. I caught Michael Ferro exaggerating those numbers to Crain's years ago.) But assuming the $8MM figure to be valid, that is great. Consider that most of those 60 employees are being paid under $10.00 an hour, possibly well under that figure and even if they do have insurance, the likelihood is that this is a very profitable firm.
So, that is my question: How does a profitable retail enterprise with revenues of $8MM need a $5K grant from the state?
But this issue does not just apply to the grants from the West Side Entrepreneurial Center under Stephen Maduli-Williams, Margaret Unetich and Susan Alnaqib. Our old buddy David Weinstein also has issued some grants to successful businesses along the same lines. In fact, even though he just got the $270K from DCEO, he has issued three grants. (A completely separate issue is that of the $270K, $200K is allocated for operational costs for Weinstein, and only $70K for the entrepreneurs themselves. What's that called? Trickle down economics. It should be three quarters of the money to the entrepreneurs, one quarter to the administrators, not the other way around.)
Here is David's own press release from TMR, 10/21/04:
"Among the many specialized resources the Chicagoland Entrepreneurial Center will offer is a financial award program to assist entrepreneurs or small businesses with obtaining professional services for comprehensive business plan assistance, evaluation of a proposed startup or expansion, or other accelerated support purposes. Award funding will be determined based on the potential for successful achievement of a significant business milestone for client firms. Maximum funding per award is up to $5,000 of eligible project costs.
The CEC announced the awarding of the first three such $5,000 grants today. Zorch International, a woman-owned business, connects clients directly with manufacturers in the promotional products industry allowing large corporations to protect their company brand and reduce their promotional product costs by a minimum of 25 percent. CEC has helped Zorch secure financing from LaSalle Bank, and provided introductions to major prospective clients such as CNA and Motorola, which have resulted in more than $7.5 million in contracts with the firms. Additional companies receiving grants are Entertain with Ease, a direct selling company that focuses on the home entertaining market, and Invinia Solutions, a software development and IT consulting firm. Both companies will use their grants to support the development of strategic sales campaigns and supporting tools so the companies can increase their revenues."
I got a note which we published about this, which is what brought the issue vis-a-vis Weinstein to my attention, and the person asked why a firm with $7.5MM in contracts needs a $5K grant from the CEC and DCEO.
I was asked by sender of that note to withhold the name which I did, but I will tell you that this person is a highly respected and well known entrepreneur in the Chicago tech community who is not known for being an outspoken gadfly. I was actually quite surprised to see the name. But that makes the point all that much more hard hitting.
These $5K grants remind me of the term they use in politics: "walking around money." No one can do much with $5K, but it buys good will and it can be spread around. For $300K, which is the same amount that the TDB was funding one firm on a co-investment basis, the state can buy "good will" with 60 firms, not one. I am not sure what the theory is behind this program and how much it really has to do with economic development, and since the money often goes for the purchase of professional services, like legal and marketing, it also helps out professional service providers who just might be politically connected.
I wish that I did not have to be skunk at the garden party, but someone has to call this stuff out and at least ask the questions.
* It turns out that eighteen people (at least) left William Blair to start Chicago Growth Partners, a new venture capital group. The website is www.cgp.com
Look at this list of their team. Is anyone on it not from William Blair?
Kimberly C. Beerbower
Chief Financial Officer
Robert D. Blank
Partner
David G. Chandler
Partner
Thomas E. Costello
Investment Associate
Jeffery M. Farrero
Investment Associate
Robert P. Healy
Partner
Kristina Heinze
Investment Associate
Elizabeth Kessler
Investment Associate
W. Edwin McMahan, Jr.
Vice President
James D. McNitt
Senior Vice President of Marketing
James F. Milbery
Vice President
Dr. Arda M. Minocherhomjee
Partner
Timothy M. Murray
Partner
Jason F. Shafer
Investment Associate
Mio M. Stojkovich
Vice President
Thomas C. Theobald
Senior Advisor
Scott E. Weiner
Vice President
Apparently, they all hail from Blair.
But here is something that I find confusing. They list their investments, but are any of these deals from Chicago Growth Partners? Or are they from the work they did at Blair? I know that this tends to be a common practice in the professional services industry and I suppose it applies to investment firms as well --- taking work one did at a prior firm and carrying it over to a new firm. But my issue is that it misrepresents the situation. It would be justified to say that so and so participated in such and such a deal, but remember that the entire firm of William Blair was involved in those deals and the resources brought to bear on making those deals happen are not represented properly in this list. If one person was the champion of the deal, the key rainmaker behind bringing it to the table, the efforts of that person could be singled out, but to just move all the work from Blair over to Chicago Growth Partners on a wholesale basis without identifying who did what and who else gets credit is really not right. I can see, for example, if one works for an ad agency and one is the creative person behind a successful ad campaign, that is a case where an individual rather than a firm might be singled out, but in the case of Blair, the money invested was raised by the firm, and even if the partners at Chicago Growth Partners were involved in getting the money from the LPs, they were raising the funds on the reputation of William Blair and its previous funds, etc. That seems to me to be stretching things quite a bit. But you decide. Here is the list of Chicago Growth Partners' deals (and they don't credit Blair on these.) By the way, they have a section on their website dedicated to Chicago Growth Partners in the news. Can this one be the first? Wonder why no one has given them coverage? Maybe they should start with truth in advertising. Look, I was the first to criticize Blair for the way this whole thing took place. But in fairness, you can't just move down the street, hang out a new shingle, and pretend that a firm for which you worked for years and which has been an institution in this town for years does not exist.
ABC Window Co.
Ontario, CA
www.abcwindowco.com Industry: Industrial Growth
Stage: Leveraged Buyouts/Recapitalizations
ABC Window is a leading manufacturer of custom, vinyl and aluminum windows and patio doors servicing regional and national developers and contractors in Southern California.
-----------------------
Airpax Holdings, Inc.
Cambridge, MD
www.airpaxcorp.com Industry: Industrial Growth
Stage: Leveraged Buyouts/Recapitalizations
Airpax is a leading manufacturer of power protection and thermal sensing products
---------------------
American Civil Constructors
Denver, CO
www.acconstruct.com Industry: Business & Consumer Services
Stage: Growth Equity
American Civil Constructors (?ACC?) is a leading provider of civil infrastructure services. ACC is focused on the reconstruction, retrofit, rehabilitation and reclamation sectors of the industry as opposed to new construction. The equity capital will be used to grow the company?s core business as well as to pursue acquisitions of complementary small and medium sized civil infrastructure service providers.
-----------------
AtheroGenics, Inc.
(NASDAQ: AGIX)
Alpharetta, GA
www.atherogenics.com Industry: Health Care Products & Services
Stage: Venture Capital
AtheroGenics is a development-stage pharmaceutical company focused on the discovery and development of novel therapeutics for the treatment and prevention of cardiovascular and other diseases.
------------
CLP Resources, Inc.
Reno, NV
www.clp.com Industry: Business & Consumer Services
Stage: Leveraged Buyouts/Recapitalizations
CLP provides temporary staffing services for skilled tradesman including carpenters, electricians, plumbers and day laborers. The company serves over 2,200 customers, primarily construction contractors and other industrial customers, from 45 branches.
--------------
Compete, Inc
Boston, MA
www.compete.com Industry: Business & Consumer Services
Stage: Venture Capital
Compete, Inc. provides data-driven insights and recommendations based on analysis of online and offline consumer behavior.
--------------------
CryoCor, Inc.
San Diego, CA
www.cryocor.com Industry: Health Care Products & Services
Stage: Venture Capital
CryoCor is a development stage medical technology company, specializing in the use of cardiac cryoablation therapy to cure cardiac arrhythmias.
-----------------------
Cypress Medical Products
McHenry, IL
www.cypressmed.com Industry: Health Care Products & Services
Stage: Leveraged Buyouts/Recapitalizations
Cypress is a leading producer and marketer of high quality disposable medical products including medical exam gloves, dressings, disposable apparel, diagnostics, procedure kits and trays, crutches and patient aids. The company sells its products primarily through medical product distributors who ultimately sell to hospitals, nursing homes, assisted living facilities and non-hospital based health care practitioners.
-----------------------
Engineered Materials Corporation
St. Louis, MO Industry: Business & Consumer Services
Stage: Leveraged Buyouts/Recapitalizations
Engineered Materials Corporation is primarily engaged in manufacturing value-added industrial parts, components and materials through Brockway Pressed Metals, a powdered metal parts manufacturer located in Brockway, Pennsylvania.
------------------------
Favrille, Inc.
San Diego, CA
www.favrille.com Industry: Health Care Products & Services
Stage: Growth Equity
Favrille is a biopharmaceutical company focused on the research, development and commercialization of targeted immunotherapies for the treatment of cancer and other diseases of the immune system.
---------------------
HouseValues, Inc.
Bellevue, WA
www.housevaluesinc.com Industry: Business & Consumer Services
Stage: Growth Equity
HouseValues, Inc. is a leads, training, marketing and business development tool for real estate agents.
---------------------
Inhibitex, Inc.
Alpharetta, GA
www.inhibitex.com Industry: Health Care Products & Services
Stage: Venture Capital
Inhibitex is a development stage pharmaceutical company pursuing the development and commercialization of biotechnology based products for the infectious disease market.
---------------
Morton Grove Pharmaceuticals
Morton Grove, IL
www.mgp-online.com Industry: Health Care Products & Services
Stage: Leveraged Buyouts/Recapitalizations
Morton Grove Pharmaceuticals is a fully integrated generic and specialty pharmaceutical company focused on oral liquid and topical liquid prescription drugs.
------------------------------
NuVasive, Inc.
San Diego, CA
www.nuvasive.com Industry: Health Care Products & Services
Stage: Venture Capital
NuVasive is a medical device company that designs, manufactures and markets less invasive spine surgery technology. The company's expertise is in minimally invasive posterior access to the spine, novel fusion constructs, treatment of nerve related pathology, and alternative treatments for degenerative disc disease.
---------------------
Pac-West Telecomm, Inc.
(NASDAQ: PACW)
Stockton, CA
www.pacwest.com Industry: Business & Consumer Services
Stage: Leveraged Buyouts/Recapitalizations
Pac-West Telecomm is a provider of integrated telecommunications services to the Internet service providers (ISPs) and business customers in the western U.S.
---------------
Penda Corporation
Portage, WI
www.pendacorp.com Industry: Business & Consumer Services
Stage: Leveraged Buyouts/Recapitalizations
Penda Corporation is a leading manufacturer and marketer of pickup truck accessories serving both original equipment manufacturers and the traditional automotive aftermarket.
-------------
PharmaResearch Corporation
Morrisville, NC
www.pharmaresearch.com Industry: Health Care Products & Services
Stage: Growth Equity
PharmaResearch provides clinical research and development services to the worldwide pharmaceutical and biotechnology industries. The company designs, monitors and manages U.S. and international clinical trials, and provides data management, biostatistical, regulatory and information system services to its customers.
-------------------------
The Plastics Group, Inc.
Willowbrook, IL
www.theplasticsgroup.net Industry: Business & Consumer Services
Stage: Leveraged Buyouts/Recapitalizations
The Plastics Group is a market leader in the design, engineering, and manufacturing of customer blow-molded and rotational-molded plastic parts for a variety of end-market applications.
-------------------------
Point Biomedical
San Carlos, CA
www.pointbio.com Industry: Health Care Products & Services
Stage: Growth Equity
POINT Biomedical is developing novel technology platforms for imaging and drug delivery applications. Upon completion of Phase 2 trials, CardioSphere, an ultrasound-imaging agent for assessing myocardial perfusion, will be entering Phase 3 clinical testing in the United States. At the outcome of the Phase 3 trials, CardioSphere could allow a cardiologist to determine the state of a patient's coronary artery circulation in the office setting, without the use of radioactive isotopes.
--------------------------------
PRIMIS Marketing Group, Inc.
Chicago, IL
www.accudata.com
www.primismarketing.com Industry: Business & Consumer Services
Stage: Leveraged Buyouts/Recapitalizations
PRIMIS, an acronym for Premier Integrated Marketing Information Solutions, was formed to create and grow a leading integrated provider of marketing solutions to middle market companies by executing a ?buy and build? strategy in the fragmented marketing information services industry. PRIMIS is building an industry leader through a series of initial acquisitions, organic growth in the acquired companies and future niche acquisitions. Funding provided the acquisition of AccuData America, a leading provider of direct marketing services that help companies identify prospects, capture more new customers and retain and grow existing customers.
-------------------------
SilverTrain, Inc.
Milwaukee, WI
www.silvertraininc.com Industry: Business & Consumer Services
Stage: Venture Capital
SilverTrain Inc. is a provider of consulting and outsourcing services in the areas of technology planning, application services and infrastructure management.
--------------------------
TargeGen, Inc.
San Diego, CA
www.targegen.com Industry: Health Care Products & Services
Stage: Growth Equity
TargeGen, Inc., a biopharmaceutical company focusing on treatments for cardiovascular (ischemic) diseases and cancer. This round of financing will allow them to take their first two drug leads into human clinical trials and accelerate other discovery and development programs.
-------------------
Towne Air Freight, Inc.
South Bend, IN
www.towneair.com Industry: Business & Consumer Services
Stage: Leveraged Buyouts/Recapitalizations
Towne Air Freight is a leading provider of airfreight and less-than-truckload trucking services in the Midwest.
-------------------
Union Corrugating Company
Fayetteville, NC
www.unioncorrugating.com Industry: Industrial Growth
Stage: Leveraged Buyouts/Recapitalizations
Union Corrugating Company is a leading manufacturer of metal roofing and footage goods.
----------------
U.S. Education Corporation
Irvine, CA
www.useducationcorp.com Industry: Business & Consumer Services
Stage: Growth Equity
U.S. Education Corporation was formed in partnership with leading industry executives to acquire, develop and operate private, for-profit, postsecondary colleges that emphasize career-oriented information technology and health care training.
----------
Xanoptix, Inc.
Merrimack, NH
www.xanoptix.com Industry: Business Hardware & Software
Stage: Venture Capital
Xanoptix, Inc. is dedicated to revolutionizing both the electronics and optics industries through the combination of traditional electronic integrated circuits and high performance optics. The resulting optically-enabled, platform ICs are currently being used by Xanoptix to spin-off products in the high-speed, highly integrated opto-electronic arena, and to manufacture optical connections products for next generation data links and optical communication applications.
------
ZYCOS, Inc.
Lexington, MA
www.zycos.com Industry: Health Care Products & Services
Stage: Venture Capital
ZYCOS creates DNA-based drugs that work naturally with the human body's own systems to fight diseases.
* Some trivia:
-- As Vic Frank was driving me back to the train station in Geneva last Thursday night after the town meeting, we stopped for a freight train to go by. I commented that the railroads built this country and Vic pointed out something I did not know. Did you know that when they built the railroads, they built telegraph lines right along with them. In the 1970s, he said, that Sprint Communications got its start as Southern Pacific Sprint because the Southern Pacific railway had extra bandwidth which they sold off for dial services. That was about the same time that MCI got their start, he said, and they got going with a private microwave network between St. Louis and Chicago which then went to New York and Boston.
-- Here is a fact about Chicago streets. What two streets intersect at the beginning of one street and then again at the end of that street, (so they intersect twice)?
Answer: Milwaukee and Elston
-- Here is another trivia question that Jeff Gilbert came up with. The 2008 presidential election will be the first election since when that neither the incumbent president nor the incumbent vice-president is running on either ticket?
You have to think about this one. The answer is 1952, which in 2008 will be 56 years since 1952. In 1952, it was Eisenhower v. Stevenson and neither came out of the White House as president or vice-president.
-- Now, here is one that I heard but don't know how true it is. The word Barak, as in Barak Obama, means blessed in an African language. The word "baruch" means blessed in Hebrew.
-- Here is one I did not know. President Bush visited Patrick Ryan in Winnetka for a fundraiser and now the City of Winnetka is suing him for $75K for the expenses it incurred in providing additional police to handle the presidential visit. Ryan said he would pay, but has refused now and is being sued. I also heard that there is a $20K charge for a similar visit by the First Lady, Laura Bush, at the Ryan residence. Now this is not a Democrat/Republican thing, it is simply that the Village wants its money because the visit was political. It would be different if President Bush had gone to New Trier High School to speak. When Senator Kennedy came to town a few years ago for a wedding, I believe he compensated the village for increased security costs.
-- My youngest brother, David, who works for CA in St. Louis, and who used to work for Saleskit in St. Louis, ran into Wade Baker at a hotel in Kansas City a day or two ago. David was on a sales call in K.C., and Baker was there for something. Baker runs Sivox, a software firm in the western burbs and Bob Ingersoll is helping them with marketing. Dick Reck is on their board. Wade used to run Saleskit and Bob also worked there. It is a small world, and David tells me that Wade sends his regards.
-- I mentioned the other day that Michael Rosen's father had been a talent agent for a number of celebrities. (Michael is the CEO of Barbeau Pharma and a board member of iBio.) His dad's clients included Sean Connery from his James Bond days, Milton Berle, Lee Remmick, Don Knots, Don Adams, Paul Anka, Belina Mercuri (spelling?, a Greek actress)
-- Endorex, the firm that Rosen ran before it was sold, actually came from Fargo, North Dakota and Rosen brought the firm here.
-- What does an elevator repair and maintenance man make? My info. is that it is the highest paid union now. It used to be projectionists, but elevator guys are dying breed and you pretty much have to have a relative in the union to get in. They make $95/hr. That has be a six figure job, I would estimate.
______________________
1. READER COMMENTS AND RESPONSES
1a. Keith Hartenberger: Until recently, cross media manager with Tribune Company looking for a new position
From: Khartenberger@comcast.net
To: ron@themayreport.com
Subject: Hartenberger Letter
Date: Wed, 03 Nov 2004 16:41:36 +0000
Dear Mr. May:
As we discussed in our phone conversation, my experience includes a broad range of media activities. I believe I'm qualified for a number of jobs, but would be especially interested in media relations, where I could put to use my extensive first-hand knowledge of newsroom decision-making and operations and take advantage of existing relationships with key players at some of the nation's most influential media outlets.
I've worked in and with all types and sizes of media newsrooms during my professional career. I know who the decision makers are and understand how television and radio news directors, newspaper editors and Web producers make their coverage decisions. I've developed and executed communications strategies and I've created and led media relations and on-camera training programs for executives and journalists.
In addition, I've worked in front of the camera as an anchor and reporter and behind the scenes as a producer for newscasts, long-format programs and special events. I believe this breadth of experience gives me a huge advantage in the media relations arena.
Beyond basic skills, what makes me unique is my ability to lead in a variety of situations, "cultural agility" as a former boss put it. I'm able to easily navigate across all lines, dealing with numerous scenarios and personalities while keeping everybody focused on the project at hand and goals of the company
I used that talent in my job as cross media manager with Tribune Company, working every day among executives who had a variety of views, goals and challenges. On top of that, we were often operating in new, uncharted territory based on the company's groundbreaking cross media strategy. My job was to promote communication and cooperation, create solutions that worked for everybody and implement the company's strategy. I'd like to do the same for a new company.
I'm available for an interview at your convenience. In the meantime, please let me know if you have any questions or need anything else. I look forward to hearing from you.
Sincerely,
Keith Hartenberger
Khartenberger@comcast.net
312-771-2525 (cell)
630-910-7029 (home)
_____________________
1b. Ray Welk: Regional director at LanceSoft needs sales people
From: "Raymond L. Welk" <rwelk@lancesoft.com>
To: <ron@themayreport.com>
Subject: Follow Up
Date: Wed, 3 Nov 2004 09:05:51 -0600
Organization: LanceSoft Inc.
Hi Ron,
Hope you are feeling well. It was great seeing you at the SAP Business Forum in good spirits. I apologize for the lack of contact but I have been in contact through your newsletter.
Maybe you can help. As Regional Director, I am tasked with developing the Midwest Regional office for LanceSoft. I am looking for several Professional Service & Staffing sales people, Project Managers, and administrative assistant. I know you have a close network of people you can possibly pass along. LanceSoft is hiring 20-30 USA based sales people. How unusual is that in the last four years.
I look forward to seeing you soon, and doing breakfast again.
Take care.
Raymond L. Welk
Director - Business Development
Midwest Region
1-866-282-5088 - office
630-462-1929 - direct line
630-946-WELK - cell
rwelk@lancesoft.com
www.lancesoft.com
____________________
1c. Ken Kanno: Pete Malone and Tri-Cities broadband
Date: Tue, 02 Nov 2004 17:30:21 -0600
From: Ken Kanno <kkanno@users.symmetric.net>
To: ron@themayreport.com
Subject: RE: Pete Malone & tricities broadband
Quoting Mr. Malone "To get even 100 Mbps service, you have to lease a T1 line, for upwards of $1000 per month. "
What? This gets better by the minute. T1s are 1.54Mb/s circuits, you won't get 100Mb/s out of one, ever. T1's don't cost $1000/month either, unless you are buying data service from an upstream provider on it. The cost for the circuit itself is usually a couple hundred bucks or less per month. I don't see any 100Mb/s connection of any sort between the two.
Going further- "A major unmet need here is in videoconferencing, in which the subjects are 3-D models medical conferences over scans of people, architectural conferences over plans for projects, engineering conferences over new product development work (for tool design, applications, etc.), and-so-on."
What? People at home need 3d medical imagery now? Let me guess, to view on their internet enabled dishwasher. I'm so confused by this whole project now. It's straight out of some 1980s book about the future.
This is all a complex upsell with no clear direction. I assume this group, whoever they are want to be a phone company next, long distance carrier, pizza parlor and package delivery company too because it all vaguely ties to fiber optics. I bet the need for all this fiber means they need to build a fiber optics factory too, to meet the need for speed.
I recall when the Chicago Public Library system wanted to be "Hi Tech" and started to use computers and OCR labels in books. Talk about futuristic! Computers that read letters and numbers! It was a stupid project that didn't work, run by confused people. They switched back to barcodes because everybody finally realized it made no sense, and it wasn't really impressing anyody anymore.
Ken Kanno
_____________________
1d. John Glenn: All three Tri-Cities mayors favored the referendum, but could not say it
Subj: RE: The May Report: 11/1/2004: The Feser report and more on the Tri-Cities FFOF initiative; letters and a few events
Date: 11/1/2004 5:41:16 PM Central Standard Time
From: JohnGlenn@cbmail.com (John Glenn - Coldwell Banker)
To: owner-mayreport@list.themayreport.com
Ron - all three Tri-Cities mayors are for the Broadband issue -- but can't
push too hard on it because of election law rules (nor can the people who
work for them). That's why FFOF was formed - to do the grunt work.
John
________________________
John & Edie Glenn, Realtors
Get The Glenn Connection!
Coldwell Banker Residential Brokerage
2690 E. Main Street, St. Charles, IL 60174
Home phone: (630) 513-5988
Cell/VM: (630) 330-7843
Direct/VM: (630) 587-4614
Fax: (630) 377-1816
email: johnglenn@cbmail.com (mailto:johnglenn@cbmail.com)
website: www.EdieGlenn.com <http://EdieGlenn.com/>
__________________
1e. Don Samuelson: compliments Ron on Tri-Cities coverage and sends along Pete Malone's letter
From: DSSA310@aol.com
Date: Tue, 2 Nov 2004 09:53:22 EST
Subject: Tri Cities Broadband
To: feser@uiuc.edu, Jim@baller.com, greg@civitium.com, janet@InfoRamp.com,
carlini@northwestern.edu, sgoldstein@metroplanning.org, gpyeh@fnal.gov,
NPeterson@ANL.Gov, Carolyn_BrownHodges@ltgov.state.il.us,
MMaranda@afcn.org
CC: pmalone@ameritech.net, Ron@themayreport.com, Donrose65@aol.com
In a message dated 11/2/04 8:16:06 AM Central Standard Time, ron@themayreport.com writes:
Folks:
I just wanted to share a particularly thougthful discussion of Tri Cities Broadband that Pete Malone sent to the May Report.
Ron May has been very active on this issue. It led him to Champaign for the Wireless Summit in August, one or more train rides to the Tri Cities, and active followup in the May Report. Perhaps the Tribune and Sun Times could get similarly interested in this important issue.
Don
1. READER COMMENTS AND RESPONSES
1a. Pete Malone: Tri-City Broadband
From: "Pete Malone" <pmalone@ameritech.net>
To: "May, Ron" <ron@themayreport.com>
Subject: Tri-City Broadband
Date: Mon, 1 Nov 2004 14:15:39 -0600
______________________
2. OTHER (Events)
2a. Monday, Nov. 8: MEF: FrancorpCapital, Inc.
Subj: MEF November Chicago Newsletter
Date: 11/4/2004 12:43:25 AM Central Standard Time
From: mef@gss.net (MEF Headquarters)
To: ronaldmay@aol.com
MEF
REPORTER
MIDWEST ENTREPRENEURS'FORUM, INC., Volume 8, Issue 3a, November 2004
Come join us on Monday, November 8, 2004 for our Chicago Chapter Meeting:FrancorpCapital, Inc.
Our meeting will be held at:
Chicago-Kent College of Law (IIT)
565 W. Adams, Chicago
Time: 6:00 to 8:00p.m.
Cost: Free to members, $20 for non-members
(reservations are not required)
Monday?s presenter Francorp Capital, Inc. explains that franchising capital is expansion capital not seed capital. They say that high rates of growth are possible, without incurring the same degree of business risk that most start up companies incur.
If you re a growing business that is seeking ways to expand, you won?t want to miss this informative presentation about using franchising as a way to grow your business. If you keep hearing there is little or no seed funding maybe you might discover an alternative. Come with an open mind prepared to ask questions. Just maybe you might be the next Ray Kroc and after tonight might be prepared to fulfill your own dream.
We are reminded that McDonald's, Blockbuster, KFC, and Ace Hardware are just a few of the examples of companies that started from a single store and became a giant through franchising.
Franchising is one of the strongest growth forces in the United States retail economy. Studies completed by the Small Business Administration have shown franchise businesses to have a much higher rate of success . In their study success was defined as having an operational unit still in business under the same name in the same location.
Francorp Inc., a 25 year old company has formed Francorp Capital Inc. to provide funding to qualified businesses that need help in entering franchise programs. Building upon their experience they feel they have something unique which will set them apart from other franchise consulting companies.
Their experienced management team Francorp Capital, Inc. believes that they are the first United States private equity program to be tied directly into the Franchisor s franchise fees and royalties.
Francorp Capital, Inc .President Lloyd Epstein will present their business plan and the strategies they plan to grow their business
William Price William Price, Attorney at Law and Adjunct Professor, High Technology Entrepreneurialship, IIT as well as Member of the Advisory board of The Midwest Entrepreneurs Forum will be Monday's moderator. Panelists will include, Joseph Jarzembowski; David Gay Director Small business Development Center College of DuPage; Ronald Kirschner PresidentHeartland Angles Private Equity Network
___________________
2b. Tuesday, Nov. 9: ICCA: Marketing Professional Services: Planning and Implementing Your Marketing Strategy
From: Wayne Stellmach <Wayne@OakEnterprises.com>
To: "'ron@themayreport.com'" <ron@themayreport.com>
Subject: Tech-related event / Press Release
Date: Tue, 2 Nov 2004 16:06:44 -0600
The Chicago Chapter of the Independent Computer Consultants Association (ICCA) announces the following presentation for November 9, 2004:
Marketing Professional Services: Planning and Implementing Your Marketing Strategy
Presentation is designed to provide a framework for developing and executing a strategy for marketing professional services. The session addresses key components of a successful marketing plan:
Market Analysis - Understand your target market
Establishing goals Define your objectives
Planning Identify resources you need and actions you will take
Implementing Maintain your focus and avoid derailment
Measuring Success Track your progress
Date: Tuesday, November 9, 2004
Time: 5:30pm - 9:00pm
Location: Hackney?s, 1514 E Lake Ave, Glenview, IL
Cost: Advance registration by 11/8: $30 members, $40 non-members. ($5 additional if at the door)
Register by phone at 877-804-ICCA (4222); by email at LoriBMcClellan@comcast.net
Speakers:
Sandra Grenda is the Client Solutions Director for InfoStaff Services Corp. With more than 20 years experience developing and managing client relationships, Ms. Grenda brings a comprehensive set of skills and knowledge relating to technology solutions and consulting services in staffing, business consulting, and workforce developments project initiatives.
Jeffrey Ring is President of Exponential Technologies Corporation. Jeff has over 19 years of consulting and corporate experience in Information Technology with comprehensive skills in project management and solutions delivery. He has been a member of the ICCA since 1998 and has participated for the past four years on the chapter board as assistant treasurer, treasurer and current vice-president of the Chicago Chapter.
____________________
2c. Tuesday, Nov. 9: Ravenswood Industrial Council presents Illinois Technology Development Fund
Date: Wed, 03 Nov 2004 10:07:25 -0600
From: "Anne Kamykowski" <RICak@ATLAS-MTS.COM>
To: <ron@themayreport.com>
Subject: Please post Thanks!
Ravenswood Industrial Council
presents
Illinois Technology Development Fund
Maureen Lydon
of
State Treasurer Judy Baar Topinka's office
Tuesday, November 9, 2004
Registration 11:30 am to 11:45 am
Lunch 11:45 am to 1pm
Bad Dog Tavern
4535 N. Lincoln
City parking lot adjacent
$20 RIC members $25 guests
RSVP by 11-08-04 Anne Kamykowski
ricak@atlas-mts.com
773-549-5010 www.ravenswoodindustry,org
FAX: 327-4023
Anne O'Doherty Kamykowski
Executive Director
Ravenswood Industrial Council
4114 N. Ravenswood
Chicago IL 60613
773-549-5010
www.ravenswoodindustry.org
____________________
2d. Weds. and Thurs., Nov. 17 and 18: Software Licensing Agreements Seminar
Date: Wed, 03 Nov 2004 18:01:12 -0500
From: "Mitchell Rait" <MRait@budd-larner.com>
To: <ron@themayreport.com>
Subject: Software Licensing Agreements Seminar
We are conducting a ?Software Licensing Agreements? seminar in Chicago on November 17 18. Would you be interested in forwarding this information to your constituency? We would give a $500 discount to registrants if they call me and mention The May Report. Please go to http://www.buddlarner.com/SoftwareSeminar for more info. Thanks, Mitch Rait (973) 315-4515. mrait@budd-larner.com
___________________
2e. Thursday, Nov. 18: Illinois at Chicago College of Engineering Alumni Association (EAA) for an evening of conversation with new Dean of Engineering Prith Banerjee
Date: Wed, 03 Nov 2004 17:18:07 -0600
To: ron@themayreport.com
From: Nancy Cohen <njcohen@uic.edu>
Subject: TechTalk - Entrepreneurship and Technology Commercialization
Join the University of Illinois at Chicago College of Engineering Alumni Association (EAA) for an evening of conversation with new Dean of Engineering Prith Banerjee on Thursday, November 18, 2004 at the EAA 2004 Fall TechTalk.
Prith Banerjee founded AccelChip, Inc. in 2000. As president and CEO, he raised $2.3 million in financing, helped the company build its product and saw it grow to 25 employees and $800,000 in revenues. Dean Banerjee shares this exciting story in his talk, Entrepreneurship and Technology Commercialization: The AccelChip Experience on November 18.
Networking and appetizers at 5:30 PM. Presentation at 7:15 PM. Engineering Research Facility (842 West Taylor Street)
Reservations are recommended and should be received by Monday, November 15. Cost is $20.00. Please make your check payable to the UIC College of Engineering and mail to Nancy J. Cohen, College of Engineering (mc/159), 851 South Morgan Street Room 811, Chicago, IL 60607-7043. If you have questions, please direct them to the EAA at eaa@uic.edu.
Nancy J. Cohen
Associate Director of Development
Editor, Engineering News
University of Illinois at Chicago
College of Engineering (MC 159)
851 South Morgan Street
Chicago, IL 60607-7043
(312) 996-2168
njcohen@uic.edu or enginews@uic.edu
__________________
2f. Friday, December 3: TMA & ACG: Annual Holiday Open House
From: "Chris Glatz" <cglatz@managementservices.org>
To: "'Chris Glatz'" <cglatz@managementservices.org>
Subject: TMA & ACG to Host Annual Holiday Open House
Date: Thu, 4 Nov 2004 14:58:56 -0600
The Chicago/Midwest Chapter of the TMA
along with
The Chicago Chapter of the ACG
are pleased to co-host their
2004 Holiday Open House
Friday, December 3rd
In conjunction with the One of a Kind Show
Plan to join us for a terrific networking event with two of Chicago s premier professional organizations. The evening includes an outstanding reception with food, drink and live entertainment while surrounded by over 350 artisans from all over the world displaying their crafts and goods perfect for holiday shopping ideas.
Make this event a night to enjoy the city bring your spouse and/or significant other for only $25. You can enjoy great networking while they shop or take it a step further and continue your evening during the holiday season with dinner in one of the best cities in the world!
Last year this event welcomed over 300 attendees!
It's the event NOT to miss!
Register online today online
or
Print a PDF registration form and return it by fax or mail
REGISTER BY NOVEMBER 24TH AND QUALIFY TO WIN 1 OF 5 $50 GIFT CERTIFCATES TO BE USED AT THE SHOW!
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