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| | The May Report: 3/8/2010: A very full report: Did The Next Big Sound move to Boulder?; Appolicious got a total of $2.07MM, with $1.5MM coming in December; plus they just bought AppVee; Avery Cohen on The Big Ooga; Mike Doyle bolts ChicagoNow with some choice words; Alien Tech raises another $11MM; TMR corrects CrunchBase
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| | March 8, 2010
The May Report: 3/8/2010: A very full report: Did The Next Big Sound move to Boulder?; Appolicious got a total of $2.07MM, with $1.5MM coming in December; plus they just bought AppVee; Avery Cohen on The Big Ooga; Mike Doyle bolts ChicagoNow with some choice words; Alien Tech raises another $11MM; TMR corrects CrunchBase
Editor and publisher: ron@themayreport.com, ronaldmay@aol.com, www.themayreport.com, 773-525-3944.
If you missed an article, go here: http://www.tmronline.com/A55951/tmrarticles.nsf/vwFullNewsletter
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MIT EF Chicago Mar. 16 Event
Bootstrappers and Investors Faceoff
Hear from two companies, currently building their businesses with
revenue, as they engage in a bare-knuckles dialogue with seasoned
investors. We'll discuss how both early-stage and mature companies spark
investor interest, the best approach to finding and acquiring outside
funding, and the potential trade-offs to consider when seeking outside
investment.
Bootstrappers
Chris Hill, Founder and CEO of PerkSpot and creator of Coupon Tweet
Jeff Judge, Co-founder of Interactive Mediums
Investors
Jeff Carter, Co-founder of Hyde Park Angels
Laurence Hayward, Founder and Managing Partner of VentureLab
Moderator
Linda Darragh, Director of Entrepreneurship Programs and Adjunct
Associate Professor of Entrepreneurship at the University of Chicago's
Booth School of Business
Our "bootstrappers" lead off the session, each giving his company's
pitch on why their respective firms would be solid investment
opportunities. Following the pitches, our investors will kick-off a
dynamic discussion, offering their candid feedback as well as a
no-nonsense perspective on the merits of outside funding.
When
Tuesday March 16
5:00-6:15 pm Networking
6:30-8:00 pm Program
Where
At our new host sponsor
Ungaretti & Harris LLP
70 W. Madison St.
4th Floor Conference Center
Chicago
Cost
Free to members; $30 advance payment for non-members/guest
REGISTER at http://bit.ly/9SBTYg
NOTE A NEW NETWORKING AND MEETING LOCATION!
WELCOME OUR NEW SPONSOR, UNGARETTI & HARRIS!
It may be the same address and the same time, but you'll have an
opportunity to meet new people with our new sponsor, the law firm of
Ungaretti & Harris LLP.
70 W. Madison St., Chicago
4th Floor Conference Center
REGISTER at
http://bit.ly/9SBTYg
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TABLE OF CONTENTS
The Scoop section:
-- Alien Technologies raises $11MM from Advanced Equities, New Enterprise Associates and Sunbridge Partners
-- Avery Cohen on The Big Oooga meeting on March 2nd
-- Blogger Mike Doyle Exits, Excoriates ChicagoNow
-- Bob Geras suggests bringing a pillow for his talk tonight at the MEF downtown -- to get extra sleep :-)
-- Pregis Corp., a leading supplier of protective packaging solutions, has
acquired IntelliPack, Inc., Tulsa, Okla., effective February 19th
-- Foursquare Just Made Your Location History A Lot More Interesting
-- Nominations Open for Illinois Technology Competition "50 For The Future"
-- Warren Bent: IIT VoIP Research Lab Roundtable
-- Tom Reynolds: It is http://www.bcinet.com/ plus the company overview
-- The new mission of the Monday Morning Meeting plus an announcement for the next meeting on March 15th, ironically the Ides of March
-- A list of new ITA members
-- Gerald Murphy: Finding and gathering information/technology business executive listings in the Chicago region, including tech departments in larger firms with diverse lines of business
-- Laura Vanags: IPA in trouble?
-- Marty Glotzer: a couple of comments
-- Briefly noted, by Ron May
-- An update on the statue of Hyde Park Angels, Heartland Angels, Illinois BIF, DePaul and IIT from a quick survey Ron conducted in preparation for his interview with Bruce Montgomery on Friday the fifth. Answers in bold.
-- Jeff Meredith: A piece he wants to see published
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Friday, May 7: chicago Children's Advocacy Center
GET YOUR TICKETS NOW FOR GUYS NIGHT OUT FOR THE KIDS
chicago Children's Advocacy Center
GET YOUR TICKETS NOW FOR GUYS NIGHT OUT FOR THE KIDS
Don't miss the chance to hang with "the guys" on Friday, May 7 at Carmichael's Chicago Steak House for the 3rd Annual Guys Night Out for the Kids presented by US Cellular. The event kicks-off with an outdoor Happy Hour in the courtyard followed by an indoor barbeque, games, golf pros, hand-rolled cigars and celebrity athlete appearances. There will be a live auction featuring unique items such as a VIP package to a White Sox game including batting practice on the field or a suite to a 2010 Bears game. The evening is being hosted by Mully and Hanley from 670AM The Score, and all proceeds benefit the Chicago Children's Advocacy Center for abused children.
In addition to US Cellular, other sponsors include CA, Continental Resources, Huen Electric, Labor Management Cooperation Committee of Chicago/IBEW, Northern Trust Corporation, ComEd, Sidley Austin LLP/Partners of Sidley Austin, Johnson & Krol, LLC, Loop Capital, Bombardier
Tickets are $100 (includes 5:00pm-6:00pm Happy Hour) or $75 (6:00pm-9:00pm) in advance and include food and open bar. To purchase tickets or for more info, visit www.guysnightoutforthekids.org or call Melissa at 312.492.3730.
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The Scoop section:
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Alien Technologies raises $11MM from Advanced Equities, New Enterprise Associates and Sunbridge Partners
Subject: Alien Technologies
Date: 3/8/2010 12:02:30 P.M. Central Standard Time
From: Name withheld upon request
To: ronaldmay@aol.com
Ron,
Please keep me anonymous.
Don't know if you saw this yet:
Alien Technology Raises Another $11 Million
Posted on: March 8th, 2010
Alien Technology
Alien Technology, a Morgan Hill, Calif.-based RFID company, has raised $10.9 million in new VC funding. Return backers include Advanced Equities, New Enterprise Associates and Sunbridge Partners. The company previously raised around $300 million over nine rounds of funding.
PRESS RELEASE
Alien Technology today announced that it has secured an aggregate of $10.9 million in new financing, led by existing investors Advanced Equities, New Enterprise Associates (NEA), and Sunbridge Partners.
Despite challenging economic conditions in the 1st half of 2009, sales in the RFID industry are suggesting a healthy path to recovery. Alien is pleased to report an all-time record volume quarter for RFID IC and Inlay sales for the quarter ending December 2009. Alien’s inlay and IC volumes have been growing at a rate of approximately 50% quarter over quarter for the past 2 quarters.
Along with the 2009 economic challenges came fruitful opportunities. One very successful example was a response to fluctuating volumes and a transition from a fixed-cost inlay manufacturing process to a scalable, varibable-cost process. As a result, Alien fully transitioned to an all new inlay product family in 2009, along with innovative, new features in its industry leading Higgs™-3 RFID IC. Additionally, a new and improved enterprise category reader was announced for the European market.
Further, Alien is pleased to announce positive developments related to all patent infringement claims asserted against Alien’s Gen2 tag products. All infringement claims alleged have either been adjudicating in Alien’s favor on summary judgment for non-infringement, stayed following initial rejection by the US Patent and Trademark Office upon reexamination, or voluntarily withdrawn.
Next week Alien will be hosting its 2010 Global Alien User and Partner Conference in Dayton, OH, adjacent to its RFID Solutions Center where over 100 partners and end users from around the world will meet to share innovations, strategies, experiences, and the newest RFID developments. Join us by registering at www.AlienTechnology.com!
About Alien Technology
Alien Technology is a leading provider of UHF RFID products and services, including RFID ICs, inlays, readers, and education. Alien is headquartered in Morgan Hill, California, with Alien Technology Asia in South Korea and the RFID Solutions Center located in the Dayton, Ohio region. Alien also maintains sales offices in the US, Europe, Asia and Australia.
Learn more about Alien’s award-winning Higgs™-3 RFID IC, our performance-leading Squiggle® inlay product line, and the renowned RFID Academy at: www.alientechnology.com.
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Avery Cohen on The Big Oooga meeting on March 2nd
Subject: Big Ooga Follow-Up
Date: 3/7/2010 9:34:44 P.M. Central Standard Time
From: AveryCohen@Metrist.com
To: RONALDMAY@aol.com
Hi, Ron, here's the follow-up from The Big Ooga event:
Lennie Rose is the organizer of The Big Ooga (https://www.bigooga.com/community.html), which sponsors a monthly gathering for entrepreneurs, giving participants an opportunity to learn and a chance to talk about their "Big Ooga". Lennie's warmth and sense of humor make The Big Ooga work, as she goes out of her way to get to know the guests and make introductions.
Last week's Big Ooga event (Tuesday, March 2) at the Victor Hotel in the West Market locale had the largest turnout yet, with about sixty people. A dozen "experts" were recruited to facilitate small-group discussions on various topics, and people were encouraged to move among the topics every ten minutes or so by the master of ceremonies. I talked about Search Engine Marketing, while others talked about topics that ranged from legal issues for entrepreneurs to dressing for success to social media and online video.
I know you like to know who was at an event, so here's a small sample of Big Ooga attendees:
Writer Eric Benderoff (http://bendablemedia.com/bendable-gadgets-eric-benderoff/); Bill Moller, media coach and PR at (http://www.tcpr.net/team-bill-moller.php); Dante Hamilton organizer of the Chicago WordPress meetup group (http://www.meetup.com/mywplife/); Twitter trainer Mark J. Carter (http://twitter.com/mjcarter); man-about-town Jeff Willinger (http://twitter.com/jwillie); and "mommy blogger" & social media strategist and campaign manager Beth Rosen (http://www.4keysmedia.com among other sites). Lots more entrepreneurs and experts from various fields.
Jean Pickering supported Lennie with some of the evening's technical logistics. Jean runs similar events for the monthly BNC Technology luncheons, and is a similarly excellent host for her events, ensuring excellent speakers and making personal introductions (http://www.bnchicago.org/showEvent.php?id=253) . Jean is now also running the BNC Business After Hours events and expects around 150 people at the next event (which is not on the BNC calendar at this writing. Jean's informal Friday Afternoon (2 p.m.) networking events at Maui Wowi on Jackson are another good option for entrepreneurs who want to share ideas and learn some tech and social media tips (more info at http://chicagowebdevelopers.ttg.wikispaces.net/Business+and+Networking+Events+in+Chicago,+IL).
Barry Moltz was there and wrote about the Big Ooga event for his Small Business blog on Chicago Now: http://www.chicagonow.com/blogs/its-a-small-business-world/2010/03/ask-me-about-my-big-ooga.html
Let me know if you have any further questions,
Avery.
--------------------------------------------
Avery J. Cohen
Principal
Metrist Partners
http://www.metrist.com
phone: 312.772.5945 | skype: averycohen
linkedin: http://www.linkedin.com/in/averycohen | twitter: @averycohen
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Blogger Mike Doyle Exits, Excoriates ChicagoNow
Subject: Blogger Mike Doyle Exits, Excoriates ChicagoNow
Date: 3/7/2010 10:39:07 P.M. Central Standard Time
From: AveryCohen@Metrist.com
To: RONALDMAY@aol.com
Hey, Ron,
I don't know if you are tracking this, but Mike Doyle dropped his "Chicagosphere" blog on Trib's "ChicagoNow" content network and published quite a list of complaints about his "ChicagoNow" experience on his stand-alone blog "Chicago Carless".
Doyle explains that the Trib offers bloggers $5 per 1,000 local page views. National page views don't count. At that rate, the site needed a lot of optimization to draw local traffic and keep people on the site. Doyle talks about the history of the site, and the Trib's lack of responsiveness to bloggers' suggestions. Ultimately, Doyle talks about the Trib's culture being incompatible with the new-media bloggers. He's pretty specific in his account of the Trib's culture of arrogance when it comes to on-line media. You can read the article at http://www.chicagocarless.com/2010/03/01/the-past-imperfect-of-chicagonow/.
There's an extensive and worthwhile conversation about this article at The Windy Citizen (http://www.windycitizen.com/chicago/media/2010/03/01/past-imperfect-of-chicagonow), including comments from Brad Flora and responses from Doyle along with many current and former bloggers (including some from ChicagoNow). The Windy Citizen comments are threaded, so people are able to get into some depth on the subject of blog content, quality, blog usability, and building blog traffic.
Looking forward to your comments.
Avery.
(And just a reminder not to reproduce the copyrighted article in the newsletter, the link is enough! :-)
--------------------------------------------------------------------------------
Avery J. Cohen
Principal
Metrist Partners
http://www.metrist.com
phone: 312.772.5945 | skype: averycohen
linkedin: http://www.linkedin.com/in/averycohen | twitter: @averycohen
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Bob Geras suggests bringing a pillow for his talk tonight at the MEF downtown -- to get extra sleep :-)
Subject: Re: Bob, I need some extra sleep. How does 6pm to 8pm Monday night sound to
Date: 3/7/2010 10:38:35 P.M. Central Standard Time
From: bob@vcbob.com
To: RONALDMAY@aol.com
You know it works, so bring a pillow.
B.
On Sun, Mar 7, 2010 at 10:08 PM, <RONALDMAY@aol.com> wrote:
--
Bob Geras
LaSalle Investments
312-440-0040
_______________________________________________
Pregis Corp., a leading supplier of protective packaging solutions, has
acquired IntelliPack, Inc., Tulsa, Okla., effective February 19th
Pregis Corp., a leading supplier of protective packaging solutions, has
acquired IntelliPack, Inc., Tulsa, Okla., effective February 19th.
IntelliPack is known for its innovative foam-in-place (FIP) packaging
technology.
"By integrating IntelliPack's talented people, cutting-edge technology and
service platform into the Pregis portfolio, the company will be in a unique
position to increase value to its customers through a more extensive
offering," said Kevin Baudhuin, president, Pregis. "IntelliPack's proven
track record of customer focus and growth is a perfect complement to Pregis'
business philosophy."
IntelliPack was founded in 2003 by protective packaging veterans who wanted
to develop improved foam-in-place technology and offer the marketplace an
alternative supply source. Todd Hanna who had served as IntelliPack's
president will become vice president and general manager of Pregis' FIP
systems, reporting to Baudhuin.
The acquisition will become part of Pregis' protective packaging division
which is headquartered in Deerfield, Ill. IntelliPack's Tulsa facility will
continue to support the FIP business, which will retain the same brand name.
"We believe that this transaction will benefit our mutual customers across
all segments and channels. This includes markets such as furniture,
housewares, electronics, automotive, industrial, etc. The acquisition will
allow us to accelerate the next generation of FIP product development and
provide customers the best quality, service and equipment model in the
industry," said Baudhuin.
IntelliPack's 38 employees will be joining Pregis' 4,000-member worldwide
staff. Based on 2009 revenues, the combined companies achieved in excess of
$900 million.
"The IntelliPack team is excited to be joining forces with Pregis. Our
expertise in FIP technology, coupled with Pregis' people, national footprint
and channel-to-market will create an environment for an even higher level of
innovation and customer service," said Hanna.
Southwest Securities, Inc. (a subsidiary of SWS Group, Inc., SWS) served as
IntelliPack's exclusive financial advisor for this transaction.
About IntelliPack
IntelliPack has been instrumental in offering the marketplace new technology
for foam-in-place applications. With more than 1,000 installations across
the United States, the company was the first-to-market with value-adding
technical solutions such as telemetry and bar coding. IntelliPack's software
and advanced processes have been instrumental in minimizing downtime and
creating source reduction. For more information: www.intellipack.com.
About Pregis
Pregis Corporation is a leading global provider of innovative protective,
flexible, and foodservice packaging and hospital supply products. The
company offers packaging and product solutions for a wide variety of
consumer and industrial market segments including food and foodservice,
healthcare, agriculture, automotive, furniture, electronics, construction,
fulfillment, catalog and military/aerospace. The specialty-packaging leader
currently operates 47 facilities in 18 countries around the world. For more
information about Pregis, visit www.pregis.com. Pregis Corp., a Deerfield,
Ill
__________________________________________
Foursquare Just Made Your Location History A Lot More Interesting
http://techcrunch.com/2010/03/07/foursquare-location-history/
Foursquare Just Made Your Location History A Lot More Interesting
by MG Siegler on Mar 7, 2010
As has been made abundantly clear to me over the past two weeks, just about every location-based service is planning big things for the SXSW festival, which starts later this week in Austin, Texas. A few of the players have already started rolling out small changes, such as aesthetic upgrades. But a new, subtle update by Foursquare may have much larger implications.
As we noted last week, Foursquare has begun revamping the “history” area of its website. This is likely part of the larger goal to completely revamp the website itself (which isn’t very useful right now), and this data also ties in to the new Foursquare iPhone app set to launch later this week. But another update makes the history area show not only where you checked-in, and the category of the venue, but also who you checked-in with.
Basically, Foursquare has just turned on a new layer to your location history data. And this layer is very interesting because it goes back in time to show you who you were with at a certain venue when you were there.
Now, to be clear, it only shows you the friends you were with — not all Foursquare users. (But this means that they have that data as well.) Still, this data paints a clearer picture around your location history and potentially enriches your social graph. It’s one thing to say you’re “friends” with someone on a social network, but another to have checked-in to the same venue at the same time over and over again. Either you’re torturing yourself, or you really are good friends with that person.
This is a huge part of location as the bridge between social networking and actual social activity.
Foursquare has highlighted similar data for a while on the stats page, showing you who you check-in with most often. But this new history data takes that to the next level. And while the data right now only seems to go back to last December or so, Foursquare plans to implement it all the way back to 2003 — yes, 2003.
That’s because before Foursquare, co-founder Dennis Crowley ran a similar service called Dodgeball, which Google bought in 2006, and deadpooled last year. But users were able to import their old Dodgeball data before it went under, so Crowley now hopes to build a full location history social graph going back that far for long-time users.
“We gotta backfill some of the data (easy, but for those who imported their Dodgeball history before Google took the site down, we can give you a good idea of the trends around who you’ve been hanging out w/ going back to 2003.) It’s awesome awesome awesome,” Crowley writes in an email to us.
Something else Crowley is excited about is the potential for the visualization of this data. While this location history + friends isn’t yet in the API, it definitely will be, he notes. Depending on how that data is shared, that may raise some privacy issues, but Foursquare has made it clear that they’re well aware and very serious about the issues surrounding the sharing of location data.
Even on the most basic level, this new layer of location history data should be interesting to people. It’s great to look back and see not only where you were on a certain date, but who you were there with. That’s what social data is all about.
get widgetminimize
CrunchBase Information
Foursquare
Foursquare image
Website: foursquare.com
Location: New York, New York, United States
Founded: 2009
Funding: $1.35M
Foursquare is a location based social network that incorporates gaming elements. Users share their location with friends by making a “check in”. Foursquare was created by the team behind Dodgeball, a location based service that… Learn More
Information provided by CrunchBase
________________________________________________
Nominations Open for Illinois Technology Competition "50 For The Future"
From: Bruce Montgomery tatvshow@yahoo.com
Subject: Nominations Open for Illinois Technology Competition "50 For The Future"
Date: Fri, 5 Mar 2010 08:40:06 -0800 (PST)
To: Ron May ron@themayreport.com, Ryan Croke Ryan.Croke@Illinois.gov, Danny Shields danny60651@yahoo.com, Tech Advantage techadvantage@iit.edu
Cc: Reggie Dunlop reggie@4blackyouth.com, Leroy Kennedy kennedy@iit.edu, David Baker bakerd@iit.edu, Lisa Montgomery montgomeryl@iit.edu, Lawrence Seals lawrence.seals@mail.house.gov, Dan Lyne dlyne@worldbusinesschicago.com, blake.davis@iit.edu, 3g@gappsonline.com, cwatson@eki-consulting.com, "Robert Blackwell, Jr." rblackwell@eki-consulting.com, Robert Blackwell robert.blackwell@bcsinc.com, Pamela Blackwell pamela.blackwell@bcsinc.com, Pam Oliver pam.oliver@nbcuni.com
Full Headers
Undecoded Letter
Nominations Open for Illinois Technology Competition "50 For The Future"
Top Regional Companies and Institutions Partner to Find Industry?s Best and Brightest Students
February 19, 2010 | CHICAGO ? The Illinois Technology Foundation (ITF) the
philanthropic arm of the Illinois Technology Association, a not-for-profit organization
dedicated to fueling the technology workforce or employment pipeline, has begun
accepting nominations for 50 For The Future, a program honoring Illinois? most
promising technology students.
Now in its fourth year, 50 For The Future is designed to recognize students with interest
and potential to use technology in innovative ways. The idea is to encourage these
students and, early in their academic careers, to connect them with business leaders. The
program is open to students enrolled in institutions of higher learning throughout Illinois.
More than 30 of the region?s top technology companies, industry organizations, and
academic institutions have become involved in the competition, offering their senior
executives as judges.
"A company's greatest asset is a diverse array of talented people. Attracting and
developing talent is a top priority," said Karenann Terrell, corporate vice president and
chief information officer for Baxter International Inc., and a judge for this year's 50 For
The Future. "This program represents a valuable way to identify and nurture up-and-
coming talent. I'm honored to be on the front line of this effort."
Nominees will be judged on their potential as tomorrow?s leaders in business and
technology. The top 50 competitors will be honored at an event on April 13 attended by
the competition?s judges, the instructors who nominate the students and student family
members.
?50 For The Future raises awareness of the talent and creativity that resides within
Illinois? students,? said Dr. Greg Morris, ITF board member and co-chair of 50 For The
Future. ?The collaboration among our partners has been amazing, and this year?s
nominees will reap the rewards.?
?We look forward to celebrating our winners and to helping each student nominated take
a leap forward with their careers,? said William R. Waas, ITF Chairman.
Submissions for nomination close on March 8.
For more information on 50 For The Future, including nominee submission forms, visit
www.50ForTheFuture.org.
About the Illinois Technology Foundation
The Illinois Technology Foundation?s mission is to support the development of a
technology talent pipeline that begins in elementary school, is refined in high school, and
is fully developed in our region?s higher education graduates. The Foundation facilitates
relationships and efforts across industry, academia, students, and government, developing
and managing targeted programs within the talent pipeline. Through action, leadership,
and collaboration, the Foundation supports and nurtures the technology talent to ensure a
viable and a regional wealth creating economy. The Foundation is the philanthropy arm
of the Illinois Technology Association (ITA), a membership organization of more than
500 Illinois technology companies who support the development of a stronger technology
talent pipeline in the region. Additional information is available at
www.illinoistechfoundation.org.
About the Illinois Technology Association
Illinois Technology Association (ITA) is passionately committed to the successful growth
of our member-companies and the regional technology industry. ITA champions the
interests of start-ups and industry leaders, innovation agents and students as independent
and collaborative thought leaders who leverage the power of technology to transform
business. Through fostering strategic development, peer-to-peer leadership, networking,
and access to experts across the breadth of business, membership in ITA accelerates the
realization of success. For more information about ITA, please visit
www.illinoistech.org.
Media Contact
Sky Opila
sky@walkersands.com
312-265-3090
Bruce Eric Montgomery
Executive Producer & Host
Technology Access Television
200 S. Wacker Drive, 15th Floor
Chicago, IL 60606-5865
(773) 410-0608
tatvshow@yahoo.com
www.tatv.org
www.twitter.com/techaccesstv
www.facebook.com/brucemontgomery
________________________________________________
Warren Bent: IIT VoIP Research Lab Roundtable
Subject: [FWD: IIT VoIP Research Lab Roundtable]
Date: 3/8/2010 8:15:55 A.M. Central Standard Time
From: warrenbent@inchargesys.com
To: ron@themayreport.com, ronaldmay@aol.com
Ron
I realized that in the past links the way I've included links in e-mails to you don't always translate into The May Report. I've replaced the original link in my e-mail below to one that should work better.
Thanks
Warren
Warren Bent
Vice President - Sales & Marketing
InCharge Systems
630.474.9451 (office)
630.901.4826 (mobile)
warrenbent@inchargesys.com
-------- Original Message --------
Subject: IIT VoIP Research Lab Roundtable
From: warrenbent@inchargesys.com
Date: Thu, March 04, 2010 7:10 am
To: "The May Report" <ron@themayreport.com>, ronaldmay@aol.com
Hi, Ron
Hope this finds you well.
As a member of the Lab Advisory Board (LAB) at Illinois Institute of Technology' VoIP Research Lab, I was hoping you'd pass along an invitation to your readers to join the VoIP Lab's upcoming Roundtable, "Building Cloud Telephony Applications" to be held at IIT's Rice Campus in Wheaton on Thursday evening March 18 featuring Irv Shapiro, CEO and CTO of Ifbyphone and Jose de Francisco Lopez, Next Generation and Emerging Wireless Technologies Senior Manager at Alcatel-Lucent.
This is a timely topic featuring two expert speakers that will offer informative presentations, and I expect lead to an invigorating discussion. More information, including free registration, can be found here:
http://voip.itm.iit.edu/events.php
Thanks much.
Warren
Warren Bent
Vice President - Business Development
InCharge Systems
+1.630.474.9451 (office)
+1.630.901.4826 (mobile)
http://www.inchargesys.com/
____________________________________________
Tom Reynolds: It is http://www.bcinet.com/ plus the company overview
Subject: RE: Tom, I met you at BNC on Tuesday and you wanted my email. Will follow up.
Date: 3/8/2010 12:53:51 A.M. Central Standard Time
From: treynolds@bcinet.com
To: RONALDMAY@aol.com
Hi Ron,
Thanks for the follow-up email.
I noticed in your report that the information on our company was not quite right. We are BCInet, our web site is http://www.bcinet.com/ and it does not require a password. I also attached a copy of the one page overview that is similar to the one I was giving out at the meeting. It is clearly meant for potential investors, but it might have some interesting points that you would be interested in.
If you would not mind doing a correction it would be great if people could find us through your blog.
If you would like to get more info, please let me know.
Thanks,
Tom Reynolds
__________________________________________
Thomas P. Reynolds
Office: +1 408-440-3770
Fax: +1 408-668-1021
Mobile: +1 925-858-0046
From: RONALDMAY@aol.com [mailto:RONALDMAY@aol.com]
Sent: Friday, March 05, 2010 11:22 AM
To: treynolds@bcinet.com
Subject: Tom, I met you at BNC on Tuesday and you wanted my email. Will follow up.
www.themayreport.com
+++++++++++++++++++++++++++++++++++++++
COMPANY OVERVIEW
Created in 2009 as a spin‐off of a $250 million high‐tech San Jose company, BCInet, Inc.
is a Silicon Valley start up company currently delivering innovative Brain Computer
Interface (BCI) products into the PC gaming and communications disability markets.
The company’s PC gaming product is revolutionary and cutting‐edge, and offers the
user the opportunity to not simply interface with existing computer games and applications,
but to immerse body and mind into the experience. The products are unique
and highly differentiated and have great potential in markets to be addressed in the
near‐future. The company is leveraging significant prior investment in its patentprotected
technology and is currently funded by sales of existing products. BCInet is
building from this success to pursue additional opportunities in entirely new and unexploited
segments.
BRAIN‐COMPUTER INTERFACE PRODUCTS
Today, BCInet’s Neural Impulse Actuator (NIA) targets a wide audience of consumers
with a focus on the PC gaming and disability segments. Both groups greatly benefit
from NIA’s biofeedback‐based communication with a computer, eliminating a large
portion of the conventional physical input required today. Instead, NIA directly translates
the user’s intentions and reflexes into computer actions (keystroke, cursor movement,
etc.). BCInet has an exciting product roadmap that will quickly grow the company
from a gaming and communications disability product provider into a leadership
position for core BCI technology solutions serving the mass market. The upcoming
launch of an API and Software Development Kit (SDK) for third‐party developers will
serve to create new ideas and provide a base of applications to support the market
opportunities for the product. These market opportunities are enormous: including
gaming, toys, music, brain health, cognitive disorder therapies, education, sports training,
market research, communication disabilities, and many others.
MARKET VALIDATION AND DIRECTION
With nearly 12,000 NIA products shipped, BCInet has a large and growing installed
base of customers. The market for PC gaming input devices alone is estimated at $6B.
Meanwhile, the NIA offers the potential for improving the lives of the severely disabled
with the first truly affordable interface that can be broadly distributed within the community.
These opportunities, in combination with the other high‐growth NIA markets
discussed above supports a potential available market of $28 Billion.
BUSINESS MODEL
BCInet currently sells the NIA product line globally through an OEM relationship with
OCZ Technology. With today’s NIA and tomorro’s core NIA technology components,
BCInet will begin aggressively extending into broader markets. The launch of the new
SDK will fuel new third‐party applications leading to software licensing and hardware
purchases from BCInet. BCInet will also support a royalty‐based Application Store as a
commercialization pathway for its developer community. Additional growth will be
accomplished through the expansion of new OEM relationships, university partnerships
and government grants as well as expanding sales and marketing efforts on new
market opportunities. BCInet has low start‐up and overhead costs and limited debt
with favorable terms.
EXPECTED RETURN
The financial model below shows 6 months of actuals for FY2010 and 36 months of
future projections. The fiscal year is March 1 through Feb 28, with FY2010 ending in
February 2010. Projected EBITDA supports better than a 10X return in 5 years but
given the protectable IP, technology and customer base, BCInet is a logical near‐term
acquisition target much sooner and at a much higher rate of return.
BCInet, Inc.
www.bcinet.com
Contact: Thomas P. Reynolds, CEO
treynolds@bcinet.com
925.858.0046
FY 2010 FY 2012 FY 2013
Revenue ($K) $130 $10,571 $28,336
Product Cost ($K) $0 $3,594 $9,634
Gross Margin 100% 66% 66%
OPEX ($K) $103 $6,138 $9,120
EBITDA ($K) $27 $839 $9,572
Full‐Time Staff 6 31 38
FY 2011
$2,841
$893
69%
$3,113
($1,165)
25
COMPANY
Industry: Brain Computer Interface
Employees: 6 Full‐Time plus Contractors
Funding Stage: Early‐to‐Growth
Capital Raised To‐Date: $135K from Operations
Financing Sought: $5M
Sept 2009 Spin‐out of BCInet, Inc. is completed and
sales of NIA products continues
2Q 2010 Raise near‐term capital, continue current
sales ramp, prototype next‐gen NIA and sign
initial OEMs
4Q 2010 Launch next‐gen NIA, expand to new application
areas and offer an SDK for new applications
and market opportunities
1Q 2011 First $1M revenue quarter
3Q 2011 Launch next‐gen NIA for additional applications
and low‐cost peripheral markets
2Q 2012 First $2M revenue quarter
Milestones
MANAGEMENT
Thomas P. Reynolds (President & CEO) ‐ Experienced
start‐up and growth leader. Grew Ericsson Data Division
$40M‐$300M in under 2 years; PairGain from $180M‐
$320M; successes at Motorola and others
Andrew Junker, PhD (Scientist) – Noted BCI industry
expert. Author of key industry patents. Founder of Brain
Actuated Technology; Director of Human Factors Engineering,
Wright State University; and research scientist,
US Air Force
Michael Schuette, PhD (Scientist) – Neurobiology, neuropathology
and psychology expert, with expertise in computer
systems. Co‐author of key BCI and related patents.
VP of Technology at OCZ, IP consultant at TAEUS Int.
Frank Guerrero (VP, Marketing) – Deep experience in
consumer and enterprise products. Successful start‐up
ventures including Retix (IPO), SynOptics (merged into
Bay Networks) and VPNet (acquisition by Avaya)
Greg Hyver (VP, Business Development) – Experienced
BCI industry veteran. VP Business Development at Neurosky;
market research at Market Intelligence Research;
operations & engineering roles at Sage‐N‐Research, Xilinx
and Lockheed
Rich Boyer (VP, Products) – Experienced product development
and management architect and consultant. Senior
Architect at Integralis; President of Sendstream Consulting;
VP of Development at Netframeworks
Richard Pfeister (VP, Sales) – Successful sales leadership
with experience in start up and turnaround environments.
Sales executive roles Motorola, DTS, Netlink/
Cabletron, MFS and Conklin.
REVIEWS
Futuristic gameplay has arrived – Gadget Republic
The results we got after a couple of weeks were mind
blowing – Click Magazine
Trust us, you’ve never experienced anything like the nia.
– PC Format
…is certainly a revelation as there is nothing else on the
market that can compare… – Overclock 3D
_________________________________________
The new mission of the Monday Morning Meeting plus an announcement for the next meeting on March 15th, ironically the Ides of March
http://www.illinoistech.org/calendar.aspx/2263
ITA Monday Morning Meeting
Event ITA Monday Morning Meeting
Date Monday, March 15, 2010
Time 08:30 - 11:30 AM
Location CompTIA
1815 South Meyers Road
Lower Level
Oakbrook Terrace, Illinois
(630)678-8300
This bi-monthly event serves as a catalyst to promote promising companies in the tech community and connect technology entrepreneurs. The program helps early-stage technology entrepreneurs develop their business strategies and hone their messaging. Presenters receive constructive feedback on their presentations and business models from an audience of serial entrepreneurs, industry experts, business leaders, and knowledgeable investors.
The moderated event typically features three companies presenting their business models. In addition, two company fast pitches will be featured in between the main company presentations.
Prior to the event, ITA selected coaches, who are experienced leaders of the tech community, provide their expert advice and guidance to each company; providing mentoring, coaching, and strategy on presentation content and delivery.
The Monday Morning Meetings are held in partnership with other local entrepreneur assistance programs in an effort to highlight the resources available to entrepreneurs in the region.
PRESENTING COMPANIES
KenTech Consulting
OmTelligence
SA Ignite
FASTPITCH PRESENTING COMPANIES
TBA
GUEST MODERATOR
Tim Krauskopf, CEO of Olivia Greets
The ITA Monday Morning Meeting is open to ITA members and invited guests.
If you have any questions about registration, please contact ITA at 312.924.1079
+++++++++++++++++++++++++++++++++
Monday Morning Meeting Program Helps Start-ups Improve Ideas
Hundreds of advanced technology entrepreneurs have used the Monday Morning Meeting (MMM) program as a tool to develop and perfect their investor presentations. Since January, the program has a new mission and a new look.
Hundreds of advanced technology entrepreneurs have used the Monday Morning Meeting (MMM) program as a tool to develop and perfect their investor presentations. Since January, the program has a new mission and a new look.
“We are expanding this high profile program within the ITA model of collaboration between companies,” says ITA CEO Terry Howerton, moderator of the January Monday Morning Meeting event.
“Venture capital is an economic force, but not a statistically significant factor in the success of start-ups in the Midwest,” says Howerton. “The reality is that companies in this region get built, attract customers, develop revenue models, and scale up through bootstrapping. Monday Morning Meetings are aimed at helping entrepreneurs improve their strategies, get their companies going faster, and attract early adopters sooner through collaboration with our region’s broader technology community.”
Community, contacts, and collaboration
The cornerstone of the new Monday Morning Meeting program is bringing together an audience with the motivation, experience, and balance of perspectives to offer on-the-spot help to an entrepreneur who wants to improve on his or her plans for growing the business.
“We will be filling the audience with ITA members and technology leaders who have industry and domain expertise and who want to think collaboratively and offer their suggestions on how to make the presenting company better,” says Fred Hoch, ITA president.
“This helps more than the companies who come to present; it also creates a virtual advisory board of the hundred or so people in the room, so that everyone attending benefits from an exchange about what it takes to build a successful company,” Hoch says.
Participating entrepreneurs may be very early in the development of their ideas or the company may be further along the path to full commercialization.
“This is an opportunity for entrepreneurs to say, here is my idea,” says Howerton “Is this the best business model? Are there other ideas that I haven’t thought of? Is there someone in the community that you could introduce me to that would be a logical partner to my business or who could help make my business model stronger?”
MMM means mentoring
“We look at the Monday Morning Meeting as much more than an event,” says Howerton.
Each presenter will be teamed with an ITA member-coach. Typically the coach will have entrepreneurial experience in advanced technology.
“Extensive coaching will be taking place with presenters before the meeting,” Howerton says. “Following the event, we expect that these companies will continue the collaboration by becoming even more engaged in ITA programs that provide extensive value to start-up companies.”
John Jasper, founder and CEO of Bolder Thinking LLC and secretary of the ITA board of directors, has served as a MMM coach.
“Many of us have been in early stage start-ups, and we know how challenging it is to find the right business model,” Jasper says. “Entrepreneurs always need broader input. That’s the key value of this program. For entrepreneurs who are willing to take the risk of exposing themselves and their plans to a hundred people and then listen thoughtfully to the feedback they are given based on the information they present, this is a great experience and a great way to refine their ideas.”
Next steps
“Monday Morning Meetings are part of ITA’s mission to build a more connected and collaborative technology community in the Chicago area,” says Hoch.
“We are trying to accelerate both the success and failure process,” says Howerton. “When you have an early stage idea, and it isn’t fully baked and doesn’t have a lot of input, it slows down the process. This is an opportunity for entrepreneurs to let the technology community help make their ideas better or help them reach the conclusion that an idea isn’t going to work and go on to their next idea.”
Entrepreneurs who are interested in the MMM program are invited to contact
ITA. There is a screening process, not to judge a company’s viability, but to assess whether the program can be additive to what the company is trying to accomplish.
The next Monday Morning Meeting will be March 15 from 8:30 a.m. to 11:30 a.m. at CompTia in Oakbrook Terrace, IL. Tim Krauskopf, technology serial entrepreneur and principal at Round Lake Designs, will be guest moderator.
Enroll online.
____________________________________________
A list of new ITA members
Iroute, Inc.
360 Technology Center Solutions, LLC
BonVoyou
The Adeza Group, Inc.
heyCoop, LLC
Dover Management
Nova Enterprise Systems
KnowledgeShift
Steven Stern (Individual)
Tonya Hottmann (Individual)
iMonitor Solutions LLC
Macquarie Group
Advanced Solutions, Inc.
_____________________________________________
Gerald Murphy: Finding and gathering information/technology business executive listings in the Chicago region, including tech departments in larger firms with diverse lines of business
From: geraldlmurphy@att.net
Subject: Re: The May Report: 3/3/2010: Drew Clark to lead state's broadband development work; A tiny firm in Vinton, Iowa, AlphaGen Materials, which makes a powder and a spray gun, deep in due diligence with Kleiner Perkins and the undisputed winner of the BNC Capi
Date: Fri, 5 Mar 2010 12:26:31 -0600
To: "The May Report" ron@themayreport.com
Hi Ron:
I am interested in finding and gathering information/technology business executive listings in the Chicago region, including tech departments in larger firms with diverse lines of business. My senses tell me that you have information like this either in your head, your office files or both.
I would welcome a call from you or an email (if more convenient) with your observations and suggested sources.
Thanks and best wishes,
Jerry
Gerald L. Murphy
Cook County Chamber of Commerce
708-531-1117
cookbusiness@att.net
PS. The email address you have for me still receives your mail. When and if convenient, please feel free to use the cook address herein or geraldlmurphy@att.net.
__________________________________________
Laura Vanags: IPA in trouble?
Date: Thu, 11 Feb 2010 21:12:51 -0600
Subject: IPA in trouble?
From: laura vanags lavanags@gmail.com
To: ron@themayreport.com
Ron,
I worked for IPA in Nov. They are over 90 days late paying sr. business consulant expense reimbursements (like mine). Are they financially distraught? I've heard similar stories from others who started in our group. Are they going down? Even so, can anyone provide advice as to how we can get paid what they owe us (we prepaid their expenses)?
Thank you,
Laura Vanags
plse send replies to lavanags@gmail.com
Date: Thu, 11 Feb 2010 21:17:15 -0600
Subject: jfyi
From: laura vanags <lavanags@gmail.com>
To: ron@themayreport.com
If you need refs
1. Layton Olson on Digital Divide/Resource Centers
2. Terry Samuelson (same) with meetings with Fadi Harfoush
3. Walt Wickman (when he did the Rhins)
4. I forget her name but she worked for Daily and the McArthur F. (and she was awesome).
5. Julie Bauhm (sp?) she was fantastic
__________________________________________
Marty Glotzer: a couple of comments
From: MGlotz@aol.com
Subject: Re: The May Report: 3/3/2010: Drew Clark to lead state's broadband developmen...
Date: Wed, 3 Mar 2010 18:46:04 EST
To: ron@themayreport.com
NOVELL share bid Martin Glotzer has ownned shares since 1990 WAS A nOVELL DISTRIBUTOR AND TRAING SCHOOL pc dISTRIBUTORS mT pROSPECT aTLANTA kc CITY tOLEDO AND SCHOOLS IN MID WEST
In a message dated 3/3/2010 5:31:37 P.M. Central Standard Time, ron@themayreport.com writes:
+++++++++++++++++++++++++++++++
From: MGlotz@aol.com
Subject: Re: The May Report: 3/3/2010: Drew Clark to lead state's broadband developmen...
Date: Wed, 3 Mar 2010 18:49:23 EST
To: ron@themayreport.com
Hersh is from Chicago Martin Glotzer once sat with him on plane ride 25-30 years ago
In a message dated 3/3/2010 5:31:37 P.M. Central Standard Time, ron@themayreport.com writes:
___________________________________________
Briefly noted, by Ron May
* Lundin's last missive on Chicago.http://blogfrontier.org/
* Forbes reports every year the rankings of cities in terms of how wired they are. This year, Chicago moved up two notches from 21st to 19th and I am working on getting that list for you.
* Corrections:
1. I told Matt McCall in response to his note that I assumed he was talking about Sam Guren as the person who organized Exelerate, a new venture development operation. It turns out that it was Sam Yagan, OkCupid who organized it. Thanks to Geoff Domoracki of MidVentures for pointing that error out to me.
2. Matt Merchant is the scientist at AlphaGen, http://www.alphagenenergy.com/. I found his name in my notes. The presentation of AlphaGen at BNC was excellent and David F. Bird, an investor who is working with the firm, did hire Len and Dave to assist in prepping him, unlike Dwaine Speese and Lawrence Griffith from SampleSaint who quite obviously did not. Tom Reynolds had a decent presentation but he too could have used some prepping.
3. David Wells is the clean tech analyst at Kleiner Perkins, according to David Bird from AlphaGen. This is just a guess, but the partner at Kleiner who AlphaGen Materials may be talking to could be John Doerr.
4. Matt McCall referred in his note last week to the Viewpoints angel round, but when I checked on it in CrunchBase, the money for Viewpoints which includes funds from Apex Venture Partners was considered a Series A round.
++++++++++++++
http://www.crunchbase.com/company/viewpoints
Viewpoints
Viewpoints Network is a social technology and media company focused on helping consumers make smarter decisions. They specialize in building communities and motivating “social influencers” to share their experiences by writing reviews, blog posts, how to guides, participating in discussion boards and contributing and voting on ideas. They then help organize and present those contributions to help other consumers make well informed purchase decisions. The Viewpoints Technology Platform runs Viewpoints.com and also powers communities for customers like Sears Holding (www.mysears.com).
Milestones
edit
*
Check
Viewpoints added Alan Warms as Member Board of Directors. (12/1/09)
Posted 2/2/10 at 5:51am
*
Dollar
Viewpoints received $5M in Series A funding. (6/1/07)
Posted 9/3/07 at 5:20am
*
Check
Viewpoints added Rich LeFurgy as Advisor.
Posted 4/1/08 at 7:13am
*
Check
Viewpoints added Lon Chow as Director.
Posted 12/16/09 at 12:05pm
*
Check
Viewpoints added Leon Chism as VP of Technology.
Posted 11/9/07 at 4:05am
*
Check
Viewpoints added Matt Moog as Founder & CEO.
Posted 11/9/07 at 4:04am
*
Check
Viewpoints added Jolie Fleming as VP of Content and Community.
Posted 11/9/07 at 4:07am
+++++++++++++++++++++++++++++++++++
5. This is not so much a correction as a question. Where is any reference to Cleversafe or Chris Gladwin on CrunchBase? There is none from what I can see. Here is a firm that supposedly got $10MM from NEA and no record of it exists except for what Brad Spirrison wrote in the Sun-Times.
6. I also cannot find any reference to www.touchtastetech.com on CrunchBase. They were at the TC Mobile event on January 28th. They got $2MM in funding on a $5MM post money valuation.
7. Is it possible that The Next Big Sound, www.thenextbigsound.com moved from Chicago to Boulder, CO? It was started by a group of Northwestern undergrads.
Also, they did get $1MM in seed funding in December 2009 and Troy Henikoff put some of that money in. Other investors included Foundry Group, SoftTech VC, David G. Cohen, Alsop-Louie Partners and David Cancel and the phone number listed (646-657-9837) is a land line in NYC.
++++++++++++++++++++++++++++++++++
http://www.crunchbase.com/company/next-big-sound
Next Big Sound
Next Big Sound is a TechStars 2009 company that tracks the growth and popularity of music groups across major web properties like MySpace, Twitter, Last.fm, and others.
Next Big Sound measures number of fans, number of plays, and comments. They currently track about 500,000 bands.
Milestones
edit
*
Dollar
Next Big Sound received $1M in Seed funding. (12/3/09)
Posted 12/3/09 at 5:37pm
*
Dollar
Next Big Sound received in Seed funding. (8/6/09)
Posted 8/6/09 at 1:17pm
*
Check
Next Big Sound added Alex White as Co-Founder & CEO. (6/08)
Posted 12/30/09 at 5:15pm
*
Check
Next Big Sound added David Hoffman as Co-Founder. (6/08)
Posted 12/30/09 at 5:16pm
*
Check
Next Big Sound added Samir Rayani as Co-Founder. (6/08)
Posted 12/30/09 at 5:16pm
General Information
edit
Website nextbigsound.com
Blog nextbigsound.com/...
Twitter @nextbigsound
Category Games, Video and Entertainment
Phone 646-657-9837
Email info@nextbigsound...
Employees 6
Founded 6/08
Description Music Group Popularity Analytics
Offices
edit
Boulder, USA
1601 Pearl St.
Suite 200
Boulder, CO, 80302
USA
People
edit
Samir Rayani
Co-Founder
Alex White
Co-Founder & CEO
David Hoffman
Co-Founder
Funding
edit
Total $1M
Seed, 8/09 1
TechStars
Seed, 12/09 2
Foundry Group
SoftTech VC
Troy Henikoff
David G. Cohen
Alsop-Louie Partners
David Cancel
$1M
Tags
edit
music, analytics, techstars09
+++++++++++++++++++++++++++++++++
8. This is not so much a correction of TMR as it is of CrunchBase. Sean Corbett's and Wooten's firm Have My Shift, www.havemyshift.com, is not a Boston firm, but that is the way it is portrayed by CrunchBase and furthermore, they were funded and honored by TechStars, but they are lumped in with other firms, mostly from Boston, MA.
+++++++++++++++++++++++++++++++++
http://techcrunch.com/2009/09/10/techstars-debuts-nine-startups-in-boston/
TechStars Debuts Nine Startups In Boston
by Guest Author on Sep 10, 2009
HaveMyShift has built a tool that allows hourly shift workers to trade shifts online. The company is using a grassroots approach and encourages employees to sign up and trade shifts with or without the blessing of the company itself. They’re seeing strong viral adoption in the Chicago area market where, for example, 80% of Starbucks stores there already use the application. Many of the listings offer “bonus money” to tempt others who work for the same employer to pick up a shift, and last-minute shift changes can be filled with paid emergency promotional placement. HaveMyShift makes money by taking a percentage of the bonuses offered to other workers to cover a shift. Absenteeism costs US employers more than $200M every day. There are 74M hourly workers in the USA, working 888M shifts. HaveMyShift says that it’s simply facilitating a process that goes on anyway, and making it easier on everyone involved.
+++++++++++++++++++++++++++++++++++++++
9. My list of attendees at the MIT-EF meeting on February 16th was pretty good, but I did leave out Nural Eusufzai and one must not forget Nural. You know who I have not seen at MIT-EF in a while? Justin Townsley.
* Attendance at the BNC Venture Capital Group meeting was down a bit, but not much. I will have a list for you. Jack Curley and Sheldon Rosenfield, two regulars, were not there. Spencer Maus was there and he would not give me his card, but he assures me that he is still with Melissa G. and her hubby at
SpencerConnect, 123 N. Wacker Dr., Suite 2380, Chicago, IL 60606, Phone 312-397-1960
smaus@spencer-connect.com
smaus@jaseinc.com
http://tinyurl.com/JASEConsulting
http://spencerconnect.wordpress.com
http://www.networlding.com
Spencer told me that he told Len Bland that he was not going to attend BNC again since I yelled across the room for his card and supposedly he has quit MIT-EF for the same reason, but after hashing it out with Mr. Maus, he sent me a stack of 36 cards! That way, I don't have to ask him for his card -- I can just take one from the stack of 36. That should last a while.
* But Spencer pops up in the most curious places. On Friday I taped a show with Bruce Montgomery for his show, on Technology Access TV. Chuck Smith who was also interviewed after my interview said that he was there by dint of having been referred by Spencer Maus. Spencer also moderated an MIT-EF panel where Chuck spoke.
Bruce interviewed six people in two hours and I was the first one for a half hour.
Chuck Smith, president of New Hire, www.new-hire.com, told me they now have six FT employees, down from a peak of 12 in Q1 of 2008. They started out as a staffing agency and still do that, but they also developed software that assists managers in vetting candidates for jobs by posing domain specific questions to those candidates.
It is essentially content software for hiring.
Chuck said that they charge $399 a month for the service and it is set up as SaaS. They have 500 clients he said. Do the math. They are generating $240K a year in top line revenue.
Chuck's plan for growing the business this year calls on a much more aggressive marketing effort using webinars, search engine and content advertising; email campaigns and white papers -- all the usual methods.
Their clients are small to mid-sized firms and one of their biggest users is the JCCs of Chicago. Another client has been John Nuveen & Co.
Chuck says that their recruiting arm is still going strong and they use their own software for recruiting as well. He said that they are always developing new extensions to the software for a wide variety of domains.
The biggest obstacle to their growth is just getting people to know they exist, he said.
The other benefit of my doing the Bruce Montgomery show was talking to Geoff Domoracki, CEO of MidVentures, www.midventures.com, the venture development firm that is "debuting" this Thursday. They have had gatherings in the past, but never this large.
Geoff told me that they have four people on staff now and are moving to new space. They have been in TechNexus on the 15th floor of 200 S. Wacker for some time now, but Geoff gave me the impression that he has gotten a good deal on space elsewhere.
Until now, they have put on smaller parties and I attended one on June 4th on the rooftop of the building on Washington St. that houses one of Geoff's colleagues, an IP lawyer, Jonathan Pasky (www.paskyip.com) who also appeared on Bruce's show. That was some party back in June. Great looking women.
Anyway, back at the ranch, the event on Thursday will be on the 12th floor of 200 S. Wacker where i.c. stars held its fundraiser event. They have 200 people signed up so far to attend and 25 firms will present their wares at booths spread throughout the space. Geoff said that they had 61 applications from start-up companies and they range from those just starting out to some that have gotten $1MM in funding. Actually there will be more than 25 tables. The selected firms that are competing for the prize money will be on one side of the large space and tables for other firms that bought tables will be on the other. Those purchased tables are $250 each. I found that last part out from one of the people who bought a table.
Geoff is big on crowdsourcing and two firms locally which are heavily involved in it are www.inklingmarkets.com and www.crowdspring.com, a local firm that received $3MM in May of 2008 and whose competitors include 99designs, Cambrian House, Kluster, CrowdSpirit, Elance, Guru, and DesignBay.
Geoff is also working on what is called "Health 2.0" with an emphasis on mobile apps with a firm well below the radar right now that is an iPhone app in the healthcare field. I hope I got that right. The biggest benefit of talking to Geoff Domoracki, who is just 25 years old, was that he reminded me about Tech Crunch and I have been using their database for much of this report.
* How many Adarsh Arora's are there in the United States? Appears to be 21. Even if you narrow it down with the middle initial "K" there are several. I know that Adarsh is not 57 since he is younger than I am so that Adarsh is not right.
http://www.intelius.com/search-summary-out.php?ReportType=1&&ReportType=1
I was using Crunch Base to find Athena Security and I found an ad they are running, but no VC information.
* Cabbie Syed Khan of Flash Cab told me that essentially the Russian and Iranian mafia has taken over the Chicago cab business. There are three groups of Russians. One owns Yellow, Checker, Blue Diamond and recently has purchased American United. Another group owns Carriage and yet another owns Flash Cab.
A cab medallion in Chicago goes for $202K now and three years ago, it was $45K. In New York City, the price of a medallion skyrocketed to $600K and many of those were held by the Russian mafia. They started selling off the medallions and took much of that money to Chicago. A Chicago medallion now costs more than a house in Skokie that has been foreclosed on which one can buy for about $125K.
So why is the Russian mafia here in the cab biz?
Syed thinks it is because it's a cash business and it is easy to hide money and not pay taxes on it.
In Flash's case, the Russians were able to buy the firm for a song because the son of the original owner had a gambling problem and was deep in debt.
Syed did say that if Chicago had gotten the 2016 Olympics a medallion would now be $300K here.
Another cabbie told me recently that he keeps records meticulously on all his rides, including locations, amounts, etc.
He said that the market peaked 3 to 4 years ago and that revenues dropped by 20% when the financial crisis (mostly AIG) hit in
September 2008. He said that it is still down, but now it is down 15% from the peak. Those numbers strike me as realistic and remember that this guy keeps good records.
* Recently, I listed a few things that I wanted to cover. I have done of these things and still have some to do. An "X" it is finished. An "0" means I still have to do it. I have finished about half that list.
1. The NeutralTandem and Peerless affair 0
2. SitterCity and the i2A fund X
3. Appolicious and Benderoff's apparent departure X
4. Fred Hoch not doing his job and a story concerning Margaret Plett and lost revenue X
5. Three reviews of the Monday Morning Meeting X
6. ACG gala on the 24th -- sold out at 325 X
7. TiE-Midwest on the 24th -- Ron not allowed in at Gibson's -- it was not open to press plus he did not pre-register, but he would not have been admitted anyway. However, they promised to work with me. X
8. Dave Armano and Chris Brogan bow out on speaking at event X
9. Jason Jacobsohn and affiliate marketing 0
10. Two camps at Slack Barshinger 0
11. Administrative people fleeing the sinking ship at ChicagoBooth 0
12. CIMA circling the wagons?? 0
13. That downtown brokerage firm 0
14. Two data points on the economy from cabbies X
15. Argonne's new PR efforts and the connection to Denny being gone
16. Much much more....
I do want to add this. I found out that at the TiE meeting, the upshot was "What was said was that raising money is a waste of time…go sell and build an actual business." The person who told me this might not mind my using his name, but I had offered him a not-for-attribution deal. I will add that before the meeting as they were telling me I could not stay, Ellen Carnahan did say it was the "Same old, same old."
I also heard that the bootstrapping event in Wheaton featuring Jim Hanekamp was good and Jack Curley told me he attended that event. Charles Wu also attended. What was good about it was that it really got into the problems Jim has had in a candid way.
The major stories I have left are:
1. TandemNeutral and Peerless
2. The ITA board meeting and I am waiting to hear back from one or two more sources.
3. That brokerage firm downtown
4. Efoora update
5. And something big I cannot talk about in any way right now.
* Let me end with this for this morning. I spent some time on CrunchBase to find out some things we have not been told.
Here is what I dug up so far.
Appolicious got over $2MM in funding on 12/1/2009 and they added Alan Warms as the CEO in May. Why was that not publicized? We reported on 9/16/2007 that Alan's firm BuzzTracker was sold to Yahoo! Interestingly, Warms was just added to the board of Viewpoints.
Alan's tenure there lasted about 20 months and maybe they were trying to avoid publicity.
Nonetheless, we now know who funded Appolicious with the emphasis on App.
Also, is now clear to me that Brad Spirrison is not the big cheese there.
There were actually two rounds. First, there was $500K from Apex Ventures and then there was $1.5MM from Apex and James Crouthamel, the founder of Performics.
Furthermore, Appolicious just bought this month a San Francisco firm called AppVee.
I also looked up Lifesnapz which is run by Brian Hand and which got $3MM last year -- we reported that, In September, Brian participated with Matt McCall, and the i2A fund in raising $500K for SitterCity.
So, here are the articles about Appolicious and that is followed by the info. on Brian Hand and Bob Armour who came from ShopLocal where he was CMO.
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http://techcrunch.com/2010/02/02/mobile-app-directories-consolidate-appolicious-acquires-appvee/
Mobile App Directories Consolidate: Appolicious Acquires AppVee
by Leena Rao on Feb 2, 2010
With the proliferation of mobile app directories on the web, it comes of no surprise that many are beginning to acquire each other and merge their content. Today Appolicious, a comprehensive iPhone and Android app directory with a social twist, is acquiring AppVee, a startup that provides in-depth and comprehensive video reviews of iPhone and Android applications on AppVee.com and AndroidApps.com. Terms of the deal were not disclosed.
AppVee was one of the pioneers in the mobile app directory space, and was launched in 2008, shortly after the launch of the iTunes App Store. While AppVee has extensive coverage of iPhone apps, the site’s Android app reviews are also comprehensive. As part of the acquisition AppVee reviewers will continue to write for both sites in addition to Appolicious. The sites will maintain their original style, but Appolicious will add more social benefits, such as the ability for users to create profiles, curate their own list of top apps, import their app libraries, and more.
Appolicious, which just raised $1.5 million in funding and debuted an iPhone app, tries to make sense of the 100,000 apps on Apple’s App Store and the 16,000 apps on the Android Market, but with a social twist. So not only can you find apps based on category or topic, but you can share those apps with your social graph on Twitter and Facebook, review apps, and more. Via its technology, the application will scan your iTunes directory for your downloaded app and will integrate them into your Appolicious library. It’s similar in some ways to oneforty, an app directory for Twitter. The site also recently added the ability to create curated lists of apps.
Founded in May of this year by former Yahoo VP, Alan Warms, Appolicious is hoping to expand its platform to include Android, Blackberry and other smartphone apps, which will certainly be accomplished party through the acquisition of AppVee. Warms is a serial entrepreneur who sold his startup Buzztracker to Yahoo in 2007.
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http://www.crunchbase.com/company/appolicious
Appolicious
Appolicious Inc. is a site and application to help users easily find mobile applications that are useful and interesting to them. The service combines social networking, journalism and technology.
Appolicious aims to allow consumers to find mobile apps they love by connecting directly to friends and experts about mobile apps. The Appolicious recommendation engine determines what Apps you have, what apps your friends and the rest of the community have, and uses individual app ratings and reviews to suggest new apps for use.
The site also allows users to see who in the site’s community owns which apps, and to leverage that to get more information about individual apps in which they are interested.
Milestones
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Appolicious — Acquired AppVee. Terms not disclosed. (2/2/10) 3
Posted 2/2/10 at 8:32am
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Appolicious acquired AppVee. (2/2/10)
Posted 2/2/10 at 8:09pm
*
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Appolicious received $2.07M in Series A funding. (12/1/09)
Posted 12/16/09 at 10:03am
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Appolicious added Alan Warms as CEO. (5/1/09)
Posted 12/16/09 at 10:00am
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Appolicious added Lon Chow as Director.
Posted 12/16/09 at 12:01pm
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Appolicious added Jaime Crouthamel as Director.
Posted 12/16/09 at 12:01pm
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http://techcrunch.com/2009/12/21/appolicious-now-delivers-personalized-app-recommendations-to-the-iphone/
Appolicious Now Delivers Personalized App Recommendations To The iPhone
by Leena Rao on Dec 21, 2009
Appolicious, a comprehensive iPhone app directory with a social twist, is on a roll. The startup just raised $1.5 million in funding last week and is now launching a free iPhone app that compliments its web platform.
The Appolicious iPhone app will recommend apps for you based on ratings, reviews, comments and will also let users review and rate apps from the phone itself. Appolicious pulls in professional reviews about each app and also provides you with lists about the most popular apps on its network. You can also keep track of all of your apps and share your apps and recommendations with your social graph via Twitter and Facebook.The iPhone app is similar to fellow iPhone app Chorus.
Founded in May of this year by former Yahoo VP, Alan Warms, Appolicious is hoping to expand its platform to include Android, Blackberry and other smartphone apps. Warms is a serial entrepreneur who sold his startup Buzztracker to Yahoo in 2007. The startup, which is similar in some ways to oneforty, an app directory for Twitter; also faces competition from Appsfire, 16 Apps, mPlayit, and others.
get widgetminimize
CrunchBase Information
Appolicious
Appolicious image
Website: appolicious.com
Location: Chicago, Illinois, United States
Founded: May 1, 2009
Funding: $2.07M
Appolicious Inc. is a site and application to help users easily find mobile applications that are useful and interesting to them. The service combines social networking, journalism and technology.
Appolicious aims to allow consumers to find
+++++++++++++++++++++++++++++++++++
http://techcrunch.com/2010/02/02/mobile-app-directories-consolidate-appolicious-acquires-appvee/
Mobile App Directories Consolidate: Appolicious Acquires AppVee
by Leena Rao on Feb 2, 2010
With the proliferation of mobile app directories on the web, it comes of no surprise that many are beginning to acquire each other and merge their content. Today Appolicious, a comprehensive iPhone and Android app directory with a social twist, is acquiring AppVee, a startup that provides in-depth and comprehensive video reviews of iPhone and Android applications on AppVee.com and AndroidApps.com. Terms of the deal were not disclosed.
AppVee was one of the pioneers in the mobile app directory space, and was launched in 2008, shortly after the launch of the iTunes App Store. While AppVee has extensive coverage of iPhone apps, the site’s Android app reviews are also comprehensive. As part of the acquisition AppVee reviewers will continue to write for both sites in addition to Appolicious. The sites will maintain their original style, but Appolicious will add more social benefits, such as the ability for users to create profiles, curate their own list of top apps, import their app libraries, and more.
Appolicious, which just raised $1.5 million in funding and debuted an iPhone app, tries to make sense of the 100,000 apps on Apple’s App Store and the 16,000 apps on the Android Market, but with a social twist. So not only can you find apps based on category or topic, but you can share those apps with your social graph on Twitter and Facebook, review apps, and more. Via its technology, the application will scan your iTunes directory for your downloaded app and will integrate them into your Appolicious library. It’s similar in some ways to oneforty, an app directory for Twitter. The site also recently added the ability to create curated lists of apps.
Founded in May of this year by former Yahoo VP, Alan Warms, Appolicious is hoping to expand its platform to include Android, Blackberry and other smartphone apps, which will certainly be accomplished party through the acquisition of AppVee. Warms is a serial entrepreneur who sold his startup Buzztracker to Yahoo in 2007.
get widgetminimize
CrunchBase Information
Appolicious
Appolicious image
Website: appolicious.com
Location: Chicago, Illinois, United States
Founded: May 1, 2009
Funding: $2.07M
Appolicious Inc. is a site and application to help users easily find mobile applications that are useful and interesting to them. The service combines social networking, journalism and technology.
Appolicious aims to allow consumers to find… Learn More
AppVee
AppVee image
Website: appvee.com
Location: San Francisco, California, United States
Founded: July, 2008
Acquired: February 2, 2010 by Appolicious
AppVee is a mobile obsessed, San Francisco based company that provides in-depth and comprehensive video reviews of iPhone and Android applications. AppVee employs an army… Learn More
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http://techcrunch.com/2009/12/16/appolicious-lands-2-million-for-iphone-app-directory/
Appolicious Lands $1.5 Million For Social iPhone App Directory
by Leena Rao on Dec 16, 2009
Appolicious, an online iPhone app directory, has raised $1.5 million in funding from Apex Venture Partners and James Crouthamel, the founder of Performics. The startup had previously raised $500,000 in seed funding from Apex.
Basically, Appolicious tries to make sense of the 100,000 apps on Apple’s App Store, but with a social twist. So not only can you find apps based on category or topic, but you can share those apps with your social graph on Twitter and Facebook, review apps, and more. Via its technology, the application will scan your iTunes directory for your downloaded app and will integrate them into your Appolicious library. It’s similar in some ways to oneforty, an app directory for Twitter.
Founded in May of this year by former Yahoo VP, Alan Warms, Appolicious is hoping to expand its platform to include Android, Blackberry and other smartphone apps. Warms is a serial entrepreneur who sold his startup Buzztracker to Yahoo in 2007. The startup faces competition from Appsfire, 16 Apps, mPlayit, and others.
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People from LifeSnapz
http://www.crunchbase.com/person/bob-armour
Bob Armour
Bob is responsible for marketing and business development activities at LifeSnapz, Inc.
Bob has nearly 20 years of experience as a marketer in internet media and retail companies, both as an operator and a consultant.
Prior to joining LifeSnapz, Bob was CMO at ShopLocal, a multi-channel marketing and advertising services company that helps the leading US retailers such as Target, Best Buy and Home Depot use the Internet to drive in-store and online sales. ShopLocal is owned by Gannett Company.
Bob has also held leadership positions at Acxiom Corporation, a global technology and data company; Eppraisals.com, a company that provided online evaluations of antiques, fine arts and collectibles; and A.T. Kearney, a leading management consultancy.
Milestones
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Bob Armour added a position as Business Unit Leader at Acxiom.
Posted 8/26/08 at 5:09pm
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Bob Armour added a position as CMO at ShopLocal.
Posted 8/26/08 at 5:09pm
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Bob Armour added a position as CMO & VP Business Development at Timelines.
Posted 8/21/08 at 12:25pm
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http://www.crunchbase.com/person/brian-hand
Brian Hand
Brian is co-founder and CEO of LifeSnapz, Inc. Prior to LifeSnapz, in 1999 Brian founded and was CEO of ShopLocal (formerly known as SalesHound and CrossMedia Services). In 2001, the company developed a pioneering service for digitizing local sales circulars and catalogs for clients such as Target, Home Depot, Best Buy, Circuit City, Whole Foods, CVS, Walgreens, Staples, Office Depot, Sears, and Kohl’s, and today provides this service for the vast majority of all major US retailers. ShopLocal was acquired by Gannett, Tribune and Knight-Ridder in 2004 for $75 million.
Prior to founding ShopLocal, for 16 years Brian was with First Analysis, a Chicago-based venture capital and investment banking firm. As vice chairman of the firm for the last three years, he was responsible for co-managing day-to-day activities of the company’s investment research, investment banking and venture capital activities. He was also responsible for identifying, investing in and managing portfolio companies as part of the firm’s $500 million family of venture capital funds. He has served on the board of directors of numerous companies. He had previously held positions of Managing Director of Investment Research, Vice President of Corporate Finance and Research Analyst. Prior to joining First Analysis, he worked briefly as a robot engineer for IBM.
Milestones
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*
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Brian Hand invested in Sittercity. (9/1/09)
Posted 9/25/09 at 9:42am
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Brian Hand added a position as Co-Founder & CEO at Timelines.
Posted 8/21/08 at 12:25pm
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Brian Hand added a position as Legal Counsel at OneTravel.
Posted 4/27/09 at 7:53pm
Videos
Investments
Company Date Round Size Participants
Sittercity 1 9/09 Unattributed $500k 3
Sources
1. Sittercity.com gets more money from investors (chicagotribune.com) [edit]
______________________________________
An update on the statue of Hyde Park Angels, Heartland Angels, Illinois BIF, DePaul and IIT from a quick survey Ron conducted in preparation for his interview with Bruce Montgomery on Friday the fifth. Answers in bold.
Subject: Nik, Ron, Dennis, Raman, & Ira: Thanks. Mentioned all of you on Bruce's show.
Date: 3/7/2010 8:55:29 P.M. Central Standard Time
From: RONALDMAY@aol.com
To: ronaldmay@aol.com
CC: nrokop@iit.edu, ron.kirschner@comcast.net, Ira.Weiss@chicagobooth.edu, dserio@sbcglobal.net, rchadha@depaul.edu, onepresence@yahoo.com
Subject: Re: I'm doing a quick survey of what's up around town for Bruce Montgomery's
Date: 3/5/2010 7:08:57 A.M. Central Standard Time
From: nrokop@iit.edu
To: RONALDMAY@aol.com
Ron,
Please see below....
Nik
--
Nik Rokop
Managing Director
IIT Knapp Entrepreneurship Center
Illinois Institute of Technology
3424 S. State Street
Chicago, IL 60616
Phone: 312-567-3030
Cell: 312-404-4454
www.knappcenter.iit.edu
nrokop@iit.edu
On Mar 5, 2010, at 6:36 AM, RONALDMAY@aol.com wrote:
March 5, 2010
Nik,
Very quickly, since time is an issue today.
I'm compiling a list of what is going on, really an overview, for Bruce Montgomery's TV show which is being shot at 2:30pm today, Friday the 5th.
So, I will certainly mention your operation.
THANKS!
How should people get in touch with you?
Nik Rokop
Managing Director
IIT Knapp Entrepreneurship Center
Illinois Institute of Technology
3424 S. State Street
Chicago, IL 60616
Phone: 312-567-3030
Cell: 312-404-4454
www.knappcenter.iit.edu
nrokop@iit.edu
What is the breakdown of programs and opportunities, just an outline?
Bi-monthly lectures, social events, competitions, KnappLab: knappcenter.iit.edu for more details
University Technology Park: universitytechnologypark.com
Should they submit a business plan?
A non-confidential Executive Summary before making an appointment.
How many firms are in the incubator?
4 in the incubator
23 total in the Technology Park
How can a firm get into the incubator?
We are finishing the incubator using recent state and federal grants and will accept applications later this year.
Do you have a business plan competition?
We have a pitch competition going on right now; we sponsor student business in national business plan competitions
Is there some funding mechanism tied to IIT?
IIT Knapp Center Angel Network
We are raising an early stage seed fund
I would not include TBIF in this since I am talking about them separately.
How many meetings do you hold per year?
8-10 and we sponsor and host many others, for example Day of Mobile on Saturday and TBIF
Can you give an overall description of the types of firms that do well with your group in terms of stage and domain? For example, is there an emphasis on energy or biotech?
Early stage companies that can meaningfully use IIT resources such as students, our board, alumni mentors
3 focus areas: energy, biomedical device, IT/wireless
Nik, this is very quick. I am probably going to have about 90 to 120 seconds on IIT.
Thanks!
Thanks.
Ron
____________________________________________
Subject: Re: Ron, I'm doing an overall survey of what is going on with Bruce Montgomer
Date: 3/5/2010 6:49:16 A.M. Central Standard Time
From: ron.kirschner@comcast.net
To: RONALDMAY@aol.com
Ron
To answer your questions:
The best way to contact me is via my e-mail: ron.kirschner@comcast.net (the angel e-mail gets too much spam)
They can submit a business plan or an executive summary. Some executive summaries are not complete enough to know what is going on....
We generally hold 10-12 meetings a year.
We have reviewed hundreds if not thousands of firms.
We have made 9 investments.
We tend to do seed-early stage. They tend to be technology oriented with some intellectual property (i.e., patents, copyrights, ...know-how) that enables them to be differentiated. They can be pre-revenue or revenue producing. They should have a proof of concept at a minimum and probably a working prototype to demonstrate. By technology, I referred to innovations in for example, the energy-power sector, environment, New materials, Telecom, IT, and healthcare/life science.
I hope that is helpful.
ron
On Mar 5, 2010, at 6:29 AM, RONALDMAY@aol.com wrote:
March 5, 2010
Ron,
Very quickly, since time is an issue today.
I'm compiling a list of what is going on, really an overview, for Bruce Montgomery's TV show which is being shot at 2:30pm today, Friday the 5th.
So, I will certainly mention your group.
How should people get in touch with you?
Should they submit a business plan?
How many meetings do you hold per year?
How many firms have been reviewed?
How many funded?
Can you give an overall description of the types of firms that do well with your group in terms of stage and domain?
Thanks.
Ron -- the other Ron
______________________________________________
Subject: RE: FW: The May Report: 2/18/2010: One word: Lyrica! Northwestern is literall
Date: 2/19/2010 8:39:46 A.M. Central Standard Time
From: Ira.Weiss@chicagobooth.edu
To: RONALDMAY@aol.com
Ron,
Here are some details on the activity of Hyde Park Angels.
Our network was formally launched on April 6th of 2007 with 7 founding members. Our first meeting was in October of 2007. In In the roughly 2.5 years since our first meeting, our group has invested in four companies and had 5 total rounds of financings. We have grown from 7 members to 55 members.
Our pace of financing is increasing and we are expecting to make more investments in the current year than in any prior year.
I think it is reasonable to evaluate angel groups based on their investment activity and the performance of their portfolio companies. I'm glad that other groups in the city, such as the BNC Group, Heartland and Cornerstone have been active, as the more overall early-stage investing we have in Chicago, the most it will foster our eco-system.
Cheers,
Ira
Ira Weiss
University of Chicago Booth School of Business
5807 S. Woodlawn Ave., #429
Chicago, IL 60637
773 834-3620
ira.weiss@chicagobooth.edu
______________________________________________
Subject: RE: Dennis, I'm doing an overall survey of what is gong on with Bruce Montgom
Date: 3/5/2010 8:02:09 A.M. Central Standard Time
From: dserio@sbcglobal.net
To: RONALDMAY@aol.com
From: RONALDMAY@aol.com [mailto:RONALDMAY@aol.com]
Sent: Friday, March 05, 2010 6:27 AM
To: dserio@sbcglobal.net
Subject: Dennis, I'm doing an overall survey of what is gong on with Bruce Montgomery.
March 5, 2010
Dennis,
Very quickly, since time is an issue today.
I'm compiling a list of what is going on, really an overview, for Bruce Montgomery's TV show which is being shot at 2:30pm today, Friday the 5th.
So, I will certainly mention your group.
How should people get in touch with you? Through my wed site. www.ilbif.com
Should they submit a business plan? We welcome plans
How many meetings do you hold per year? Usually 4 and several special events. This year we will be working with MRUN to do several things. (Midwest Research University Network)
How many firms have been reviewed? 100’s
How many funded? 30-34 % every year
Can you give an overall description of the types of firms that do well with your group in terms of stage and domain? I know it sounds like a cliché but companies that have strong management teams and have set their goals to a liquidity event within 5 years. The vast majority of the companies are seed stage. We have the Midwest Co-investment Network that is used for the second round or for investment that exceed $1million. MCN is a group of 12 angel groups from around the Midwest which is used for deal syndication.
Thanks.
Ron
_________________________________________
Subject: Re: I'm doing a quick survey of what's up around town for Bruce Montgomery's
Date: 3/5/2010 7:33:10 A.M. Central Standard Time
From: rchadha@depaul.edu
To: RONALDMAY@aol.com
See below, in blue. Thanks for the mention.
Raman
--------------------------------------------------------------------------------
From: Ron May <RONALDMAY@aol.com>
Date: Fri, 5 Mar 2010 06:42:46 -0600
To: Raman Chadha <rchadha@depaul.edu>
Subject: I'm doing a quick survey of what's up around town for Bruce Montgomery's show
Raman,
March 5, 2010
Very quickly, since time is an issue today.
I'm compiling a list of what is going on, really an overview, for Bruce Montgomery's TV show which is being shot at 2:30pm today, Friday the 5th.
So, I will certainly mention your operation.
How should people get in touch with you? cec.depaul.edu, 312-362-8625
What is the breakdown of programs and opportunities at this time, just an outline?
For business owners, the Coleman Center is the place to go for real-world insight and experience that improve business and life. We deliver peer-to-peer education programs for owners of firms with $500K - $25M in revenue:
peer roundtables
courses for business owners taught by business owners
membership program through which business owners get exclusive education, networking, and marketing opportunities
Should they submit a business plan? No
What is the basic structure of working with firms? Roundtables & courses
Are they required to have ties to DePaul? No
Do you have a business plan competition? No; we have a new venture viability competition for students & recent alumni only (note: this is not a business plan comp’n)
Is there some funding mechanism tied to DePaul? To fund start-ups? No
How many meetings/seminars do you hold per year? Including courses & roundtables, 30-50
Can you give an overall description of the types of firms that do well with your group in terms of stage and domain? For example, is there an emphasis on energy or biotech? Firms with annual revenues of $500K - $25M
Raman, this is very quick. I am probably going to have about 90 to 120 seconds on DePaul.
Thanks.
Ron
____________________________________________
Jeff Meredith: A piece he wants to see published
Subject: Publish the Naomi Klein piece -- She rips the WSJ & the Friedman worshippers
Date: 3/4/2010 1:31:12 P.M. Central Standard Time
From: jeffmere@gmail.com
To: ronaldmay@aol.com, ron@themayreport.com
She just mauled them ... it's beautiful.
=======================
Chile's Socialist Rebar
By Naomi Klein
Ever since deregulation caused a worldwide economic meltdown in September '09 and everyone became a Keynesian again, it hasn't been easy to be a fanatical fan of the late economist Milton Friedman. So widely discredited is his brand of free-market fundamentalism that his followers have become increasingly desperate to claim ideological victories, however far-fetched.
A particularly distasteful case in point. Just two days after Chile was struck by a devastating earthquake, Wall Street Journal columnist Bret Stephens informed his readers that Milton Friedman's "spirit was surely hovering protectively over Chile" because, "thanks largely to him, the country has endured a tragedy that elsewhere would have been an apocalypse.... It's not by chance that Chileans were living in houses of brick -- and Haitians in houses of straw -- when the wolf arrived to try to blow them down."
According to Stephens, the radical free-market policies prescribed to Chilean dictator Augusto Pinochet by Milton Friedman and his infamous "Chicago Boys" are the reason Chile is a prosperous nation with "some of the world's strictest building codes."
There is one rather large problem with this theory: Chile's modern seismic building code, drafted to resist earthquakes, was adopted in 1972. That year is enormously significant because it was one year before Pinochet seized power in a bloody U.S-backed coup. That means that if one person deserves credit for the law, it is not Friedman, or Pinochet, but Salvador Allende, Chile's democratically elected socialist President. (In truth many Chileans deserve credit, since the laws were a response to a history of quakes, and the first law was adopted in the 1930s).
It does seem significant, however, that the law was enacted even in the midst of a crippling economic embargo ("make the economy scream" Richard Nixon famously growled after Allende won the 1970 elections). The code was later updated in the nineties, well after Pinochet and the Chicago Boys were finally out of power and democracy was restored.
Little wonder: As Paul Krugman points out, Friedman was ambivalent about building codes, seeing them as yet another infringement on capitalist freedom. As for the argument that Friedmanite policies are the reason Chileans live in "houses of brick" instead of "straw," it's clear that Stephens knows nothing of pre-coup Chile. The Chile of the 1960s had the best health and education systems on the continent, as well as a vibrant industrial sector and rapidly expanding middle class. Chileans believed in their state, which is why they elected Allende to take the project even further.
After the coup and the death of Allende, Pinochet and his Chicago Boys did their best to dismantle Chile's public sphere, auctioning off state enterprises and slashing financial and trade regulations. Enormous wealth was created in this period but at a terrible cost: by the early eighties, Pinochet's Friedman-prescribed policies had caused rapid de-industrialization, a ten-fold increase in unemployment and an explosion of distinctly unstable shantytowns. They also led to a crisis of corruption and debt so severe that, in 1982, Pinochet was forced to fire his key Chicago Boy advisors and nationalize several of the large deregulated financial institutions. (Sound familiar?)
Fortunately, the Chicago Boys did not manage to undo everything Allende accomplished. The National copper company, Codelco, remained in state hands, pumping wealth into public coffers and preventing the Chicago Boys from tanking Chile's economy completely. They also never got around to trashing Allende's tough building code, an ideological oversight for which we should all be grateful.
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