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August 28, 2010

Around the Block with Steve Block

ListenDownloadSubscribe via iTunesSteve Block

After a career in NYC Steve joined Tech Coast Angels; he quickly started leading deals. Maybe it's his background as an attorney; whatever it is, he's tenacious when it comes to getting his deals closed.

If you're an entrepreneur trying to get funded in Southern California, you couldn't do better than to have Steve working your deal.

Deals mentioned: Vokle, Allylix, Masher Media, Vigilistics, HitFix, Exponential Entertainment

Show #303 (41:45) Listen

August 26, 2010

Jeanine Jacobson, The Founder Institute


Jeanine Jacobson runs The Founder Institute in San Diego. She recently invited me to attend the graduation ceremony; that's where I met Julian Bryant who invited me to mentor the recent Startup Weekend, San Diego.

There's another 4-week program beginning September 21st; apply here.

August 18, 2010

Ben Kuo, socalTECH.com

ListenDownloadSubscribe via iTunesBen Kuo

From engineer to journalist, today Ben Kuo runs the top Southland site reporting who just got how much venture capital: socalTECH.

Show #302 (30:26) Listen

July 22, 2010

Angels Get 110x in Green Dot IPO

ListenDownloadSubscribe via iTunesGreenDot founder, Steve Streit

The Tech Coast Angels rejoice as Green Dot (NYSE: GDOT) goes public. The original investors waited 9 years for this IPO, but it's worth it: as much as 110x returns for those who jumped in originally! Congratulations!

Take a trip back in time, 200 interviews ago, to listen to Steve Streit tell his amazing story.

Show #101 (33:45) Listen

June 25, 2010

Angels Just Wanna Have Funds

ListenDownloadSubscribe via iTunesRay Leach and Dave Berkus

For all the risk you take as an early-stage investor, wouldn't you love a 2 for 1 match?

JumpStart Inc's CEO Ray Leach and Tech Coast Angel Dave Berkus discuss angel funds and in Ray's case, he enjoys great support from the state of Ohio where they've recognized the importance of angel investors in creating jobs. Dave and I groan with jealousy as Ray describes the $3.5M Ohio has granted to 2 native angel groups.

Dave has his own news: today he announces the new TCA sidecar fund, the Angel Capital Fund. No government matching, but it does have many well thought out features that your angel group will want to implement.

These new funds mean more money for entrepreneurs.

Get ready for some exceptionally good news!

Show #298 (45:16) Listen

June 22, 2010

Tony Clarke, British Business Angels Association

ListenDownloadSubscribe via iTunesTony Clarke

What incentives does the UK offer angel investors? How do they encourage early-stage investment?

Warning: jealousy alert!

Let's ask Tony Clarke; he should know. He's the President Emeritus of the European Business Angel Network (EBAN), Chairman of the British Business Angels Association (BBAA) and co-chair of the World Business Angel Association (WBAA).

Looking to brush up on international early-stage investing approaches? Tony can cite how it's done in many parts of the world and why more countries are keen to learn the best way to encourage and promote business angels in their countries.

Show #297 (36:14) Listen


May 27, 2010

Tony Karrer, the Founder-Developer Gap

ListenDownloadSubscribe via iTunesTony Karrer

What's the minimum viable feature set for a software product? Startups have limited resources, so how do they balance their ambitions with their finances?

Startups need developers, but in a shaky economy many good developers are staying with their current employers. How will Los Angeles find the talent to power all the technology startups that are itching to get going?

SoCal CTO blogger Tony Karrer still writes code at his TechEmpower development firm in Los Angeles. Once a month he runs the LA CTO Forum in Santa Monica which keeps him in touch with the issues early stage tech companies face, one he calls the founder-developer gap. How does he find good technical talent? He taught CS for 11 years, so he met a lot of good talent along the way.

Show #293 (38:12) Listen

April 17, 2010

Laurie Lumenti Garty, Silicon Valley Bank

ListenDownloadSubscribe via iTunesLaurie Lumenti Garty

Silicon Valley Bank's Laurie Lumenti Garty is a great supporter of Angel Capital Association. We're both on a committee that's planning the Annual Summit in San Francisco, May 5-7.

Now if I can just get home from Istanbul...

Show #285 (1:02:33) Listen

Meet me in:
Austin: April 21 at the Texas Entrepreneur Funding Symposium.

UCSF: May 4th I'll speak at the Entrepreneurs' Discussion Series at noon.

March 25, 2010

Smart Games at UCIrvine

ListenDownloadSubscribe via iTunesMagda El Zarki and Walt Scacchi

Computer Gaming Reinvents Computer Science: I recently met with Magda El Zarki and Walt Scacchi at the UCI Center for Computer Games and Virtual Worlds. Starting later this year UCI will offer a new major in Computer Gaming. Walt and Magda think that eventually, computer gaming will find its way into many other disciplines.

Are there investment opportunities for early-stage investors with the new smart games that will surely come from their lab? Chances are good since Orange County is rated one of the 10 best place in the world for gaming.

Show #281 (32:02) Listen

Meet me in:
Istanbul: April 15-16 at EBAN's 2010 Congress.

Austin: April 21 at the Texas Entrepreneur Funding Symposium.

San Francisco: May 5-6-7 at the Angel Capital Association's Annual Summit

March 17, 2010

Chris Shipley, Guidewire Group

ListenDownloadSubscribe via iTunesChris Shipley

Got great early-stage technology, but don't know how to get it to market? Meet Chris Shipley. You know her from running DEMO for 13 years; today Chris sits on the DEMO advisory board, while her emphasis is assisting companies through Guidewire Group, her global market intelligence and advisory firm.

"Revenue is the new venture capital," says Chris.

Show #280 (30:01) Listen

Continue reading "Chris Shipley, Guidewire Group" »

March 9, 2010

Designing Exits Into Our Investments, Basil Peters

ListenDownloadSubscribe via iTunesBasil Peters

"I don't think we're going to be seeing a lot of IPOs again any time soon," says Early Exits author, Basil Peters (no relation), "so the old model of building companies, ... is dead". But don't despair, Basil has several exciting new developments to share.

He's busy. He's putting on an Exits workshop for the Band of Angels. He writes a blog where his most popular post is Don't Blow the Biggest Deal of Your Life. He'll be speaking in Seattle this week at the NW Regional Angel Summit hosted by the Alliance of Angels. Early Exits by Basil Peters If that's too short notice for you, make plans now to see him kick-off the Angel Capital Association's Annual Summit in San Francisco, May 5-7.

Show #279 (30:51) Listen

Continue reading "Designing Exits Into Our Investments, Basil Peters" »

March 4, 2010

Kevin Covert on M&A

ListenDownloadSubscribe via iTunesKevin Covert

"I don't have your check and I don't have your paperwork," so went the email. That's because I'm not investing in this pay-to-play round. "You're the only one who isn't," went the terse reply.

It's been that kind of year; hearing from my portfolio companies who haven't hit their stride, but continue to promise a bright future. Maybe I feel defensive, a need to justify why I didn't write a check and instead got converted to Common and diluted, terribly. I'm certainly no smarter than all the others who did write a check, but my conscience has been nagging at me and as therapy, I recalled the words of Kevin Covert in this podcast from the archives, so I thought I'd share it with you again.

Show #119 (34:32) Listen

Meet me in Seattle: March 11-12, at the NW Regional Angel Summit hosted by the Alliance of Angels, or in Tucson: March 22, the SW Regional Angel Summit hosted by the Desert Angels.

March 2, 2010

Scott Shane, the Genetics of Entrepreneurship

ListenDownloadSubscribe via iTunesScott Shane

Do your genes control your level of entrepreneurship? Your willingness to risk? To go it alone?

Case Western University economist Scott Shane has a new book, Born Entrepreneurs, Born Leaders: How Your Genes Affect Your Work Life which will confirm some of your hunches about entrepreneurs. "Entrepreneurship, job satisfaction, financial risk-taking", Scott says our genes influence all this and more.

I'm ready for Scott because Joshua Baer has me reading The HypoManic: The Link Between a Little Craziness and A lot of Success by John D. Gartner, which describes the Puritans as venture capitalists, but also as a "lunatic fringe whose paranoia was matched only by their grandiosity". Does that description still fit?

Born Entrepreneurs, Born Leaders by Scott ShaneThink of the gene pool of this country... it contains remnants of all the settlers who abandoned the old country and came to America to seek their fortune. Maybe that explains entrepreneurship in this country, but Scott argues, no, that's not the case.

"Novelty-seeking", that's the new buzz-word, and Scott describes how it affects entrepreneurs' drive to do what they do.

Then as we wrap up, Scott helps me to apply these theories to my home life...

Check out Scott's Illusions of Entrepreneurship and the classic, Fool's Gold?: The Truth Behind Angel Investing in America.

Show #277 (30:15) Listen

Come to an angel conference:
Seattle: March 11-12, the NW Regional Angel Summit hosted by the Alliance of Angels
Tucson: March 22, the SW Regional Angel Summit hosted by the Desert Angels
Istanbul: April 15-16, EBAN's 2010 Congress. Join me as I moderate a panel on angel investing and 'animate' the Awards ceremony.
Austin: April 21, the Texas Entrepreneur Funding Symposium. Come see Austin's vibrant entrepreneurial community for yourself; I'll keynote.
San Francisco: May 5-7, Angel Capital Association's Annual Summit.

February 24, 2010

David Verrill, Hub Angels

ListenDownloadSubscribe via iTunesDavid Verrill

He's the co-founder of the Hub Angels in Boston, David Verrill is chair of the Angel Capital Association's Collaboration Committee, too. Hub is organized around a fund, so he had capital to invest and weathered the economic storms of 2009 better than some angel groups. Even so, David advocates that now is a good time to review "the terms we're using when negotiating these investments". So it's no surprise that he's organizing the ACA Syndication Webinar Series that will focus on syndication, due diligence and terms.

Show #276 (15:09) Listen

Join David for the Syndication Basics webinar 3pm Eastern Wed March 3rd

February 14, 2010

Austin's Seed-Stage Scene, Joshua Baer

ListenDownloadSubscribe via iTunesJoshua Baer

Could your startup use $20,000 in seed capital? Mind spending 10 weeks in Austin? If so, Joshua Baer is someone you're gonna want to know better!

Joshua's the Managing Director of Austin's Capital Factory, a seed-stage mentoring program. Startups must apply and out of the hundreds that do, 5 are selected. Each receives $20,000 in cash, $20,000 in stuff and, best of all, the attentions of 20 mentors over the 10 week program.

Since angel fundings are down, wouldn't most investors be suited to returning to the roots of what it means to be an angel? Can you picture a Capital Factory franchise in your neighborhood? What if you could organize those risk-averse investors and get them involved with a structured mentoring program like Joshua's? What could it mean to your local innovation economy?

Entrepreneurs, you better apply quickly...

P.S. During the interview I say I'll check out Joshua's OtherInbox email organizer. I signed up and have been using it happily for 2 weeks!

Show #275 (32:27) Listen

Join me in Austin, April 21, at the Texas Entrepreneur Funding Symposium.

January 29, 2010

Mic Williams, Boston Harbor Angels

ListenDownloadSubscribe via iTunesMic WilliamsMic Williams holding court in San Juan

"The fact is, most of these companies will fail, no matter how much due diligence you do," so says Mic Williams.

He moved to Boston for love then decided to create the Boston Harbor Angels.

Mic shares the stories, the process, the syndication strategies and his refreshing attitudes about due diligence as we discuss getting deals done in New England.

Show #272 (42:48) Listen

Interested in exotic travel?
Come to Istanbul for the EBAN 10th Annual Congress, April 15-16. Then jet-set with me to Austin for the Texas Entrepreneur Funding Symposium, April 21st. Complete the sweep in San Francisco, May 5-6-7 at the ACA Annual Summit.

December 29, 2009

A Last Look Back at Luis

ListenDownloadSubscribe via iTunesJohn Taussig


Here we are at year-end, so it seems an appropriate time to take a look back at the life of Luis Villalobos, as told by his friends.

Show #267 (21:04) Listen

click to Mike Ridley's blog: Alaskan Poet

Join me for the Newport Beach Bike Safety Ride, 8am Jan 31st.

Make a New Years' resolution to come to an angel conference in 2010:
March 22, SW Regional Angel Summit hosted by the Desert Angels in Tucson
April 15-16, EBAN's 10th Annual Congress in Istanbul
April 21, Texas Entrepreneur Funding Symposium in Austin. I'll keynote.
May 5-7, Angel Capital Association's Annual Summit in San Francisco (where it should be every year)

November 20, 2009

Bankruptcy! Philadelphia's Rob Bovarnick

ListenDownloadSubscribe via iTunesRob Bovarnick

What's the difference between a wind-down or work-out and bankruptcy?

Philadelphia-based Rob Bovarnick knows and he shares that and more in today's show.

Fox Business, Forbes, he's an expert on bankruptcies and he's building an audience in traditional media. Will an appearance on the show open his eyes to podcasting? Or, more likely, I'll be learning something from Rob.

Show #260 (27:57) Listen

Register Now
8 Dec 2009 the Puerto Rico Venture Forum in San Juan

October 20, 2009

The Future of Angel Investing

ListenDownloadSubscribe via iTunesBill Payne, Dave Berkus, John Taylor and Dan Rosen

On the show today: Hans Severiens Award winner Bill Payne, Tech Coast Super Angel Dave Berkus, the NVCA's John Taylor and Seattle's Dan Rosen, Chairman of the Alliance of Angels - that's a power panel!

John brings the NVCA 3rd Qtr report and the angels chew on the implications. "[A] deliberate industry shift towards a longer term venture capital investment strategy." We all know what that means: longer times for angels to exit. Is there an alternative to 8-9 year terms before exit? That's when things get lively!

Is the future of angel investing about to change?

Today many angel investments are the first round in a series of capital raises that will eventually include venture capital. But venture capital "resets the clock" according to Dave Berkus and can keep angels in the deal for a lot longer term while they seek a billion dollar exit. Bill, Dan and Dave have read Basil Peters' Early Exits and we discuss an alternate future for angel investing.

Show #253 (43:56) Listen

October 5, 2009

Stewart Craine, Barefoot Power: Selling Renewable Energy to the Poor

ListenDownloadStewart Craine

Stewart Craine and his Barefoot Power are out to eliminate kerosene lamps in impoverished areas and replace them with better and cheaper electric LED lamps. At first I thought such an undertaking might be the focus of a non-profit, but Stewart says "solving energy problems for 1.5 billion people, a $10-30B problem, non-profits just haven't scaled that much". Reminds me of Dan Pallotta's Uncharitable, How Restraints on Nonprofits Undermine Their Potential; listen to my interview with Dan, then I mention M. Yunus' Banker To The Poor: Micro-Lending and the Battle Against World Poverty, but that's not what Stewart's doing either, "close, but significantly different". Listen closely to my first guest in mainland China.

He's partnered with micro credit specialists Oikocredit to create the Barefoot Angels Fund.

Show #250 (29:15) Listen

Join me in Toronto at the National Angel Summit Oct 14th and 15th. Registration details.

Then I'll be speaking Dec 8th at the Puerto Rico Venture Forum in San Juan. Guaranteed 80 degrees! Registration details.

September 30, 2009

Jeff Cohn on VentureNet

ListenDownloadJeff Cohn

He shuttled deals between 5 networks at Tech Coast Angels; over 8 years he's seen more than 100 companies get funded.

Today Jeff's with MHS Capital with a different investment strategy. But Jeff's heart is with VentureNet, he's helped run the event for the past 5 years, and since it's less than a week away it's time for you to jump!

Register today at VentureNet.org.

Show #248 (19:11) Listen

September 17, 2009

Silva, Steig & Weilerstein: UMASS, NCIIA & Venture Well

ListenDownloadPaul Silva, Joseph Steig and Phil Weilerstein

Let's take a trip back to my alma mater, UMASS Amherst where Paul Silva volunteers as the Chairman of the Entrepreneurship Initiative, an organization teaching students how to become successful entrepreneurs; he's also the Managing Partner of Angel Catalyst. Nearby, Phil Weilerstein is the Executive Director for NCIIA and Joseph Steig runs its Venture Well program.

"Unproven and young" describes the challenges facing university entrepreneurs. My guests detail the programs that help them get that next stage of funding.

Show #245 (49:19) Listen

September 8, 2009

NASVF's Jim Jaffe

ListenDownloadJim Jaffe

Care to know the "economics of running funds"?

Jim Jaffe knows. He's the President/CEO of the National Association of Seed and Venture Funds, NASVF.

It's a challenging time for Seed funds, Jim tells you why. Challenging times? Maybe that makes it a good time for everyone to get together at the NASVF 16th Annual Conference next week in Oklahoma City.

Show #243 (31:31) Listen

September 5, 2009

Jordan Green, Melbourne Angels

ListenDownloadJordan Green

He founded the Melbourne Angels, co-founded the Australian Association of Angel Investors and was a founding partner in Melbourne Venture Partners so Jordan knows his way around investing in early stage companies in Australia.

Show #242 (43:01) Listen

August 30, 2009

Caltech's Fred Farina

ListenDownloadFred Farina

A gem from the archives: Fred Farina on Caltech's approach to licensing technology. I wanted to re-issue this show since I met Siemens TTB chief, Stefan Heuser. And in just a few weeks you'll hear Joeph Steig and Phil Weilerstein of NCIIA descibe their work with colleges and universities.

Thanks to Tech Coast Angel Bill Collins for introducing me to Fred.

Show #241 (46:26) Listen

August 27, 2009

Scott Shane in NYC

ListenDownloadScott Shane

Not doing as many deals as you did in 2007?

For many angel groups that's the case, but is this downturn in funding based on "the ability or the willingness to do it?" asks this week's guest Scott Shane.

Scott's blog post "The Myth of an Ever-Expanding Entrepreneurial Youth" showed up on my iPhone as part of the front page of the New York Times. That's great exposure for the author of Fools Gold and Illusions of Entrepreneurship; it's a blog you should follow.

Show #240 (32:23) Listen

August 9, 2009

Prediction vs. Control: Wiltbank & Sudek

ListenDownloadRob Wiltbank

It's easy to imagine, angel investors bring their own bias when it comes to making decisions. How do you make your investment decisions? How do you predict an entrepreneur's likelihood of success? And for Super Angels, those individuals making 50-60 investments, how does their process differ? One thought jumps out: due diligence, some Super Angels do less of it.

Richard SudekRob Wiltbank of Willamette University and Richard Sudek of Chapman University team up on today's show to describe their research into how angels succeed. They're both academics and investors themselves, so I ask Rob, because he knows the statistical ins and outs, how does it influence his investing?

The Catalyst, by Rob Wilbank et aliaWhen it comes to decision making, if there are 2 kinds of angels out there, what are the implications for entrepreneurs? "It behooves the entrepreneur to know how the investor sees opportunities." And how might the investors' perspective change during the due diligence process? Join us for a fascinating discussion of the psychology of the investment process.

Show #238 (40:31) Listen

May 10, 2009

New York Valuations: David Rose

ListenDownloadDavid S. Rose

Do west coast angels pay more?

Are New Yorkers more financially conservative?

The rivalry on the coasts will go on, but one thing is certain, the New York Angels are paying less when they're investing in early stage deals right now. "The valuations sound outrageous to anyone raising funds three or four years ago."

David's the founder of the New York Angels, Angelsoft and The Incubator at RTV. Is anyone doing more to promote angel investing and entrepreneurship?

Show #229 (37:58) Listen

It's Fast Pitch season!
Jump on the Inland Empire's event May 14th at the Hilton Ontario Airport. Then in Orange County at UC Irvine on June 9th.

May 5, 2009

CAPCO's Exposed, George Lipper

ListenDownloadGeorge Lipper

"CAPCO's are the most insidious, complex effort to raid city and state treasuries in the name of venture capital." I didn't know what a CAPCO was until I met with Bill Payne in Las Vegas last month. Over breakfast he described the work George Lipper has done over the years to expose these scams.

George has left NASVF in protest over the organization allowing CAPCOs as members, "it'll be a few years and they'll be running the organization". So he's built a new website to continue his crusade, LipperCurrent.com.

Besides scams we talk about Seed funds. Is it a good time to start a new Seed fund? "Only if you can be very patient."

Show #228 (44:59) Listen

Continue reading "CAPCO's Exposed, George Lipper" »

April 23, 2009

Basil Peters on Early Exits

ListenDownloadBasil Peters

For early-stage angel-backed deals it's been a measure of success when VCs come along and invest in the next round.

Angel investor Basil Peters suggests we re-think that outcome, "I think that there are things that have changed which angels should think carefully about, in developing the financing strategy for the companies in which they have invested and, even more importantly, to think about before they make their next angel investment".

As VC funds have grown to an average of $300 million, this means the math for each deal "increases the minimum exit valuation... probably into the hundred million dollar range". Angel investors will be waiting for years for these exits.

Early Exits, by Basil PetersBasil discusses his new book: Early Exits, Exit Strategies for Entrepreneurs and Angel Investors (But Maybe Not Venture Capitalists). It'll make you think...

Show #227 (38:12) Listen

Events
Join me April 27-28 at the 9th Annual EBAN Congress in Madrid.

Register for UCLA's upcoming 2009 Entrepreneurs Conference on May 8th.

     
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