“Venture Capital Update: Forecasting the Markets for 2005”
Thursday, January 20, 2005 at NOVA Southeastern University, Fort Lauderdale, Florida
Presented by the MIT Enterprise Forum of South Florida
Sponsored by NOVA Southeastern University, H. Wayne Huizenga School of Business and Entrepreneurship
The number of companies receiving initial venture capital funding has risen to levels not seen since the dot-com boom.
With the economy in a rebound and the tech industry slowly regaining some of its footing, what does this mean for
startups and growth companies alike? Will 2005 bring recovery and renewed levels of investment or be challenged by
Join the MIT Enterprise Forum of South Florida as we present a two-part program focusing on what matters most to
entrepreneurs. You will be able to hear from prominent industry executives via direct satellite link from MIT in Cambridge,
Massachusetts, followed by an interactive session with some of South Florida’s most reputable leaders in the venture
Date: Tuesday, January 20, 2005
Time: 6:00PM Registration and Networking (refreshments served)
7:00PM Presentation and Panel Discussion
Location: NOVA Southeastern University
H. Wayne Huizenga School of Business and Entrepreneurship
Knight Auditorium, Carl DeSantis Building, Davie Campus
3301 College Avenue
Fort Lauderdale, Florida
Guest Speakers: Bob Crowley, President, Massachusetts Technology Development Corporation
(Via Satellite) Daphne Dufresne, Principal, Weston Presidio
Oscar Jazdowski, Senior Relationship Manager, Silicon Valley Bank
T.L. Stebbins, Managing Director, Adams Harkness’ Investment Banking Group
Carol Vallone, President and CEO, WebCT
Local Panelists: Amer Akhtar, Senior Director, ADP TotalSource
Jon Kislak, Principal, Antares Capital Corporation
Ravi Ugale, Partner, Crossbow Ventures
Jonathan Cole, Partner, Edwards & Angell, LLP
Registration: In advance at www.mitforumfl.org $20, or at the door $30, students $10
The group will be discussing what 2005 holds in areas impacting the availability of capital for entrepreneurs. Local
panelists will reflect on the satellite discussion and will take questions from the audience on topics that are top of mind for
entrepreneurs: the availability of and access to venture capital for both growth and start-up companies.
MIT Enterprise Forum of South Florida Sponsors:
Citrix • Edwards & Angell LLP • Swing Logic, Inc. • Boardroom Communications, Inc., vFinance
Florida International University • Nova Southeastern University H. Wayne Huizenga School • University of Miami School of Business
Presentation Speaker Profiles:
Bob Crowley [moderator] has been associated with the Massachusetts Technology Development Corporation (MTDC)
since its inception in 1978, and was elected President of MTDC in November 2002. Prior to that, he was its Executive
Vice President and Chief Investment Officer. Bob is one of the most experienced venture capital investors in early-stage
technology companies in New England. A former Chairman of the MIT Enterprise Forum of Cambridge, Bob is also a
Director and former Chairman of the Smaller Business Association of New England (SBANE) and currently serves as
President of SBANE's Education Center. He is also a Director of National Small Business United (NSBU), a Washington,
D.C. small business advocacy group, and Director of two MTDC portfolio companies (Specific Surface Corporation and
Cambridge Applied Systems, Inc.). Bob has also served as director of a number of companies including Optical Micro
Systems, Inc., Aspen Technology, Inc., MultiLink, Inc., Pacer Infotech, Inc., and Endogen, Inc.
Daphne Dufresne joined Weston Presidio in 1999, following her selection as a 1999 Kauffman Fellow. She is currently
involved with the firm's investments in AtHoc, Insulair and Zoots. Prior to joining Weston Presidio, Daphne led business
development for the online trading platform of Interactive Investor, a London-based financial advisory site. She began her
investment career as an Associate Director in Bank of Scotland's Structured Finance Group, focusing on management
buyouts in the United Kingdom and France. Daphne served previously as an Associate in Andersen Consulting's Strategic
Services Group, specializing in business and technology strategy for Fortune 500 companies. Daphne is currently on the
Board of the Massachusetts Economic Stabilization Trust and Big Brother of Mass Bay. She is also an alumni admissions
interviewer for the University of Pennsylvania and a Toigo mentor. She earned her B.S. in Engineering from the University
of Pennsylvania and her MBA from Harvard Graduate School of Business.
Oscar Jazdowski is a Senior Relationship Manager for Silicon Valley Bank with more than 20 years involvement in
financing young, emerging, venture-backed technology companies. Oscar started his career with Bank of Boston in the
U.K. then joined the banks High Technology Lending Group. Over the next 13 years, he was involved in financing young
emerging, middle market and large corporate, public-traded technology companies and ran Bank of Boston's Silicon
Valley office. In 1996, Oscar started the East Coast Technology Group of Imperial Bank (now Comerica) providing debt
financing and other financial services to young, emerging, venture-backed companies. After two years running Sand Hill
Capital's operations in Boston, Oscar joined Silicon Valley Bank in the position of Senior Relationship Manager.
T.L. Stebbins serves as a Managing Director in Adams Harkness' Investment Banking Group. He also serves as
Chairman of the Investment Banking Division and is a Board Member at Adams Harkness. T.L. joined the firm in 1970 as
a Research Analyst, and participated in the introduction of the New England Research Service. He also formalized the
firm's Investment Banking function and created the company's Corporate Finance department from scratch. In the last 20
years, T.L. has participated in the execution of every type of investment banking service provided by Adams Harkness,
including IPOs, follow-ons, private placements, mergers and acquisitions, and financial advisory assignments. The
majority of these transactions were completed for clients in the Technology sector. Before joining Adams Harkness, T.L.
worked in the research department of Estabrook & Co., where, after three years, he became director of equity research.
T.L. received a B.A. from Harvard College and an M.B.A. from Harvard Business School.
Carol Vallone is President and Chief Executive Officer of WebCT, a leading provider of e-learning systems for colleges
and universities. Carol launched the company, initially named Universal Learning Technology (ULT), in 1995, and
merged with Vancouver-based WebCT in 1999. Carol brings more than 20 years of experience managing technology
companies and bringing new software products to market. Before founding ULT, Carol served as President of Information
Mapping, Inc. (IMI), which specialized in research-based methodologies for developing granular text and computer-based
curriculum. Prior to that, she was Director of Marketing at both UCCEL Corporation and Carleton Corporation, and was a
manager at Software Arts, Inc., Honeywell Information Systems, Inc., and International Data Corporation. Carol currently
serves on the Board of Trustees of the Massachusetts Software and Internet Council and of Silicon Chalk. She has also
served on the Board of Directors of Tufts Associated Health Maintenance and of the Smaller Business Association of New
England. In 2000, she was named one of the most influential women in science and technology by Women in Technology
International (WITI). In 2002, Mass High Tech named Carol to their annual list of Top Ten People to Watch. She was also
honored by the Massachusetts eComm Association when they selected her as one of the year's Mass eComm 10. She
holds a B.S. in Business Administration from the University of Delaware
Panel/Forum Speaker Profiles:
Amer Akhtar [moderator] is responsible for developing growth and marketing strategies as well as evaluating new
business ideas for ADP TotalSource in Miami. Prior to joining ADP in 2004, Amer spent several years in Silicon Valley,
investing in early stage software and services companies at Investor Growth Capital, a $1.8 B global venture capital firm.
He also led the wireless business development efforts for Vicinity Corporation, a venture funded startup that he helped
grow into a public company, which was then acquired by Microsoft Corporation. Amer has also worked as a product
manager for Microsoft Corporation and as a strategy consultant to Fortune 500 companies with Braxton Associates. He
started his career developing middleware software and enterprise applications for a $1 B software company. Amer
earned his B.S. in Electrical Engineering and B.S. in Computer Science from Lafayette College and an MBA from
Dartmouth's Amos Tuck School of Business.
Jon Kislak has been principal of Antares Capital Corporation in Miami Lakes, Florida since 1999. Antares is a privately
held venture capital firm investing equity capital in expansion stage companies and management buyout opportunities.
From 1991 to 1999, Jon operated Kislak Capital Corporation, a successful investor in start-up and early stage
companies. Jon was Chairman of Kislak Financial Corporation in South Florida, a bank holding company for Kislak
National Bank, until 2005 when it was sold. From 1989 to 1991, Jon was Deputy Under Secretary and Acting Under
Secretary of the U.S. Department of Agriculture with responsibility for three USDA agencies and the USDA rural
development activities. Prior to 1989, he was President of J.I. Kislak Mortgage Corporation and led its growth from $300
million to over $5 billion. He sits on the board of several companies. His past civic involvements include President of the
South Florida Council of the Boy Scouts, General Campaign Chairman of the Greater Miami Jewish Federation, Chairman
of the Board of the Jewish Institute for National Security Affairs (JINSA), and Chairman of the Board of Camillus House,
Inc. He is and is currently Chairman of the Community Kosher Food Bank of South Florida. Jon holds a BA degree in
Economics, Magna cum Laude, from Harvard College.
Ravi Ugale is a Partner with Crossbow Ventures, a Venture Capital Firm in West Palm Beach, Florida with $160 million
under management. Over the past five years, Ravi has led and managed investments in eight privately held technology
companies and has been actively involved with a total of over a dozen portfolio companies. He currently serves as a
board director for Digital Envoy, Inceptor, Terion, NovaVision, Epipeline, and Spectra Wireless. Ravi is active in the local
community serving on the board of the Florida Venture Forum and is also their 2005 Chairman. Additionally, Ravi is a
founder and director of TiE Florida (The Indus Entrepreneurs) and serves on the board of the EDC (Enterprise
Development Corporation) and is a member of YPO (Young Presidents Organization). Prior to Crossbow Ventures, Ravi
spent over 17 years in the high-tech industry as an Operator, Manager and Executive at IBM (consultant), Xerox and
Siemens/Oce where he gained extensive knowledge and expertise in software development, systems analysis and
design, new product marketing, national program management, Channel/OEM relationship management and new
business development. Ravi earned an Executive M.B.A. Degree with specialization in International Business and
Finance from Florida Atlantic University, a MS degree in Computer Science from Marquette University and a BS degree in
Engineering from Poona University.
Jonathan Cole is a partner in the Florida Office of Edwards & Angell, LLP, a 350-lawyer firm with offices in Boston, Ft.
Lauderdale, Hartford, New York City, Providence, Short Hills, Stamford and West Palm Beach. With more than 30 years
experience in corporate and securities law, with special emphasis in venture capital, buyouts, mergers and acquisitions,
and emerging technology companies and their management teams, Jonathan founded and served as Chair of the Firm's
Venture Capital and Emerging Company Group through 2001. He joined Edwards & Angell, LLP in Providence in 1971
and founded the Florida Offices of the Firm in Palm Beach in 1981 and in Ft. Lauderdale in 2001.He is a frequent lecturer
on the venture capital industry and related transaction structures, strategic alliances, and mergers and acquisitions.
Jonathan received his B.A. with distinction from Brown University (1968) and his J.D. cum laude from Harvard Law School
(1971). He joined Edwards & Angell, LLP in Providence in 1971 and founded the Florida Offices of the Firm in Palm
Beach in 1981 and in Ft. Lauderdale in 2001. He is a Director and Past-Chair of Enterprise Development Corporation of
South Florida, Inc., Past-President of Association for Corporate Growth (South Florida Chapter), Director and Past-Chair
of Florida Venture Forum, and a member of NASBIC. He is also Trustee, Past-Vice Chair and Past-Treasurer of Palm
Beach Community Chest/United Way, and on the Steering Committee of Vision Broward, the strategic planning project of
the Broward County Commission.