Venture Investment Needs

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Interviews with various members of the entrepreneurial community regarding the idea of assisting venture investors with due diligence.

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  • Venture Investment Needs

    1. 1. “ Extra! Extra! Diligent entrepreneur does due diligence diligently!” Monday, October 26, 2008
    2. 2. <ul><li>Chuck the Venture Capitalist </li></ul><ul><li>David the Diligence Consultant </li></ul><ul><li>Jeff the Entrepreneur </li></ul><ul><li>Al the Angel </li></ul><ul><li>Tim the Entrepreneurship Professor </li></ul>
    3. 3. <ul><li>David C. Bloom </li></ul><ul><ul><li>Consultant, Factotem </li></ul></ul><ul><li>“ I’m ‘Mr. No’…You want to put guys like me out of business.” </li></ul><ul><li>“ I get repeat business from the same clients.” </li></ul><ul><li>“ You get what you pay for.” </li></ul><ul><li>“ But I would support your business, so you guys can join Factotem later!” </li></ul>
    4. 4. <ul><li>Charles L. Bisgaier, Ph.D. </li></ul><ul><ul><li>CEO and Co-founder, Michigan Life Ventures, LLC </li></ul></ul><ul><li>“ I can tell within five minutes of looking at a business plan if it’s worth my time.” </li></ul><ul><li>“ I want to do my own diligence to become familiar with the company.” </li></ul><ul><li>“ I could use diligence assistance with general research early on.” </li></ul><ul><li>His partner: “I would only want diligence assistance later when the research is more specific.” </li></ul>
    5. 5. <ul><li>Jeffrey Vicars </li></ul><ul><ul><li>Co-Founder and President, Happliance Corp. </li></ul></ul><ul><li>“ 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.” </li></ul><ul><li>“ Abby scored 2 points at her last basketball game.” </li></ul>
    6. 6. <ul><li>Alex Bacon </li></ul><ul><ul><li>Partner, B2BCFO </li></ul></ul><ul><ul><li>Director of Finance, Tech Town </li></ul></ul><ul><ul><li>Angel Investor, Great Lakes Angels </li></ul></ul><ul><li>“ We don’t need diligence done on the business plans we receive until they’re interesting.” </li></ul><ul><li>“ Angel groups would pay to have diligence performed on business plans of interest.” </li></ul><ul><li>How many plans? “1-2 per month.” </li></ul><ul><li>Pain? “Time and ability. Most have day jobs and few have diligence experience.” </li></ul><ul><li>“ There are gaps in Michigan’s venture funding continuum before venture capital…” </li></ul>
    7. 7. <ul><li>Tim Faley </li></ul><ul><ul><li>Managing Director, Zell-Lurie Institute for Entrepreneurial Studies </li></ul></ul><ul><li>“ This need has existed for a while…” </li></ul><ul><li>“ In Michigan, most of the angels don’t have expertise in the new industries. They’re old money or from the auto industry.” </li></ul><ul><li>“ Consider different business models to leverage the relationships with many angel groups.” </li></ul>

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