“ Extra! Extra! Diligent entrepreneur does due diligence diligently!” Monday, October 26, 2008

Chuck the Venture Capitalist David the Diligence Consultant Jeff the Entrepreneur Al the Angel Tim the Entrepreneurship Professor

Chuck the Venture Capitalist

David the Diligence Consultant

Jeff the Entrepreneur

Al the Angel

Tim the Entrepreneurship Professor

David C. Bloom Consultant, Factotem “ I’m ‘Mr. No’…You want to put guys like me out of business.” “ I get repeat business from the same clients.” “ You get what you pay for.” “ But I would support your business, so you guys can join Factotem later!”

David C. Bloom

Consultant, Factotem

“ I’m ‘Mr. No’…You want to put guys like me out of business.”

“ I get repeat business from the same clients.”

“ You get what you pay for.”

“ But I would support your business, so you guys can join Factotem later!”

Charles L. Bisgaier, Ph.D. CEO and Co-founder, Michigan Life Ventures, LLC “ I can tell within five minutes of looking at a business plan if it’s worth my time.” “ I want to do my own diligence to become familiar with the company.” “ I could use diligence assistance with general research early on.” His partner: “I would only want diligence assistance later when the research is more specific.”

Charles L. Bisgaier, Ph.D.

CEO and Co-founder, Michigan Life Ventures, LLC

“ I can tell within five minutes of looking at a business plan if it’s worth my time.”

“ I want to do my own diligence to become familiar with the company.”

“ I could use diligence assistance with general research early on.”

His partner: “I would only want diligence assistance later when the research is more specific.”

Jeffrey Vicars Co-Founder and President, Happliance Corp. “ Don’t exclusively use young people because they carry a stigma of inexperience. Create roles that can be filled by professionals . They could be qualified young people or even retirees.” “ Abby scored 2 points at her last basketball game.”

Jeffrey Vicars

Co-Founder and President, Happliance Corp.

“ Don’t exclusively use young people because they carry a stigma of inexperience. Create roles that can be filled by professionals . They could be qualified young people or even retirees.”

“ Abby scored 2 points at her last basketball game.”

Alex Bacon Partner, B2BCFO Director of Finance, Tech Town Angel Investor, Great Lakes Angels “ We don’t need diligence done on the business plans we receive until they’re interesting.” “ Angel groups would pay to have diligence performed on business plans of interest.” How many plans? “1-2 per month.” Pain? “Time and ability. Most have day jobs and few have diligence experience.” “ There are gaps in Michigan’s venture funding continuum before venture capital…”

Alex Bacon

Partner, B2BCFO

Director of Finance, Tech Town

Angel Investor, Great Lakes Angels

“ We don’t need diligence done on the business plans we receive until they’re interesting.”

“ Angel groups would pay to have diligence performed on business plans of interest.”

How many plans? “1-2 per month.”

Pain? “Time and ability. Most have day jobs and few have diligence experience.”

“ There are gaps in Michigan’s venture funding continuum before venture capital…”

Tim Faley Managing Director, Zell-Lurie Institute for Entrepreneurial Studies “ This need has existed for a while…” “ In Michigan, most of the angels don’t have expertise in the new industries. They’re old money or from the auto industry.” “ Consider different business models to leverage the relationships with many angel groups.”

Tim Faley

Managing Director, Zell-Lurie Institute for Entrepreneurial Studies

“ This need has existed for a while…”

“ In Michigan, most of the angels don’t have expertise in the new industries. They’re old money or from the auto industry.”

“ Consider different business models to leverage the relationships with many angel groups.”