VF SIG: 2002 VC Update
...down but not out - what they're investing in and on what terms.
Steven Bennet (bio), Venture Capitalist - Outlook Ventures
David Blumberg (bio), Venture Capitalist - Blumberg Capital
David Hornik (bio), Venture Capitalist - August Capital
Mike Wilson (bio), CFO and VP of Operations - Vivato, Inc.
2002 VC Update - Down But Not Out
What They're Investing In and On What Terms
This will be an interactive discussion with a panel of active VC investors and companies that have raised VC funding in 2002. If you are going down that path this could be a great event to get hands on data points to help you plan for the issues that VCs now want addressed before they put in that $2 to $5 million investment.
Key Areas To Be Addressed:
- What funds are active?
- What is new in Series A/B terms for VCs?
- What is new in Note/Warrant terms for VCs?
- What are the new norms for VC valuations?
- How to you raise an VC round in today's environment for both new and existing co's?
- How do you build the VC syndicate?
- What are the key VC concerns now?
- What are the hot investment areas for VCs?
- How do you select "good" VCs?
- How do you interest VCs in the recap/restart company?
About the Panelists and Moderator
Steven Bennet, Venture Capitalist at Outlook Ventures
Steven Bennet joined Outlook Ventures as Venture Partner in April 2000. In addition to his work at Outlook, Bennet is Managing Director of Bodega Partners, a venture catalyst and management consulting firm that assists early stage software and Internet companies in strategic planning, business development, and interim management. In the past eight years, he has helped over sixty companies meet their strategic and financing goals. In the course of this work, he has also held the positions of President, COO and CFO for a number of early stage technology ventures, including Rentals.com, Tribeworks, GolfWeb, CSE Systems, Empart Technologies, and Biological Components Corporation.
Bennet is an instructor at the University of California at Berkeley, teaching an entrepreneurship course he designed, "Financing the Software Venture." He is currently on the Board of Anonymizer and several advisory boards. He is also on the Investment Committee of the UCLA Venture Capital Fund, the first fund to support academic programs at a public university. Prior to forming Bodega Partners, Bennet held positions in software product marketing and corporate finance at Bay Logics, Digital Microwave, and Arthur Andersen.
Bennet holds a B.S. in Economics from the Wharton School at the University of Pennsylvania and an MBA from the Anderson School at UCLA. He is also a licensed CPA.
David Blumberg, Venture Capitalist at Blumberg Capital
David Blumberg brings more than 17 years of investing experience in venture capital backed technology companies including Check Point Software Technologies Ltd. (CHKP), Asgent (on JASDAQ), Creo Products (CREO), DSP Group (DSPG), Electronics For Imaging (EFII), AbirNet - sold to Computer Associates (CA), Conduct Software - sold to Mercury Interactive (MERQ), Freshwater Software - sold to Mercury Interactive (MERQ), DSP Communications - sold to Intel (INTL), Security-7 - sold to Computer Associates (CA), and ABIC - sold to Teva Pharmaceutical Industries (TEVA).
Prior to founding Blumberg Capital, Blumberg managed technology investments with Claridge Investments, Adler & Co., Apax Partners, and T. Rowe Price Associates. Blumberg's operational experience includes launching the highly successful business development, marketing, and public relations efforts for Check Point in the U.S. and Japan, helping build a substantial revenue stream prior to its IPO.
Blumberg earned his AB in Government, cum laude from Harvard College and his MBA from the Stanford Graduate School of Business and INSEAD. Blumberg speaks English and French and is proficient in Hebrew. Blumberg serves as a member or an observer on the Board of Directors of Casestack (www.casestack.com), Siperian (www.siperian.com), Transtech Networks (www.transtechnetworks.com), IP Infusion (www.ipinfusion.com), California-Israel Chamber of Commerce (www.ca-israelchamber.org), and the Bureau of Jewish Education in San Francisco (www.bje.org).
David Hornik, Venture Capitalist at August Capital
David joined August Capital in 2000. Prior to joining August Capital, David was an intellectual property and corporate attorney at Venture Law Group, Cravath Swaine & Moore, and Perkins Coie LLP.
In his legal practice, David represented high tech startups in all aspects of their formation, financing and operations. His clients touched a broad array of technologies, from electronic payments to web services to security solutions. Among David's clients were Yahoo!, When.com (AOL), Evite (Ticketmaster), Topica, Sonique (Terra Lycos), Pure Payments (Excite@Home), BuyDirect (Beyond.com), Ofoto (Kodak) and Invisible Worlds.
David has an eclectic technology background. At Stanford, he studied and taught the impact of technology on music, earning a degree in Computer Music. At Cambridge, England, he explored the power of technology in tracking and combating bias crime, receiving an M.Phil. in Criminology.
In law school, David focused upon the convergence of technology and the law, serving as an editor of the Harvard Journal of Law and Technology and publishing papers on digital audio and software piracy. David earned his J.D., magna cum laude, from Harvard Law School.
Mike Wilson, CFO and VP of Operations at Vivato, Inc.
Mike Wilson is Chief Financial Officer and VP of Operations for Vivato, Inc., a Wi-Fi network equipment manufacturer focused exclusively on infrastructure products (Vivato is venture funded by USVP, Walden and Leapfrog Ventures). Mike has worked for 20 years in corporate financial management, following six years in public accounting, for a variety of industries. Most of his experience has been in small and rapidly growing private companies with a full range of responsibilities, including equity and debt structuring, accounting and reporting, cost management, budgeting and planning, tax planning, risk management and directing overall corporate financial policies.
Most recently, Wilson served as vice president of finance and chief financial officer for Advanced Input Devices (A.I.D.), where he participated in the turnaround of the company in the late 1980s and was a member of the group that acquired the company in a leveraged buyout in 1993. The company was sold in 1999 to Esterline Technologies, a NYSE company. A.I.D. designed and manufactured custom electronic keyboards and control panels for OEM customers in the medical, automation and communications industries.
After receiving a B.S. degree in accounting from the University of Idaho, Wilson worked for the Seattle office of Price Waterhouse in both the audit and tax departments. He also received his Certified Public Accountant certification.
Mike can be reached at firstname.lastname@example.org.
Tom Cervantez, Corporate Partner at Thelen Reid & Priest
Co-Founder at Golden Gate Angels Investor Forum
Tom Cervantez is a partner in the Corporate and Venture Practice of Thelen Reid & Priest LLP in San Francisco. Tom's brings a mixture of entrepreneurial spirit and legal expertise to help companies and investors navigate the practical issues of fund raising and putting that money to work in a growing company. Tom has founded several companies which have gone on to acquisition (Geonet Communications sold to Level 3 and Britton Silberman & Cervantez sold to Thelen Reid & Priest LLP) and has helped numerous entrepreneurs raise venture funding (Mabuhay Networks, Broadvision among a few). Tom's core legal practice areas are those of venture and angel funding/securities law, mergers & acquisitions, public offerings, venture fund formation, public offerings and licensings/strategic partnerships. Tom is also active in a number of startup focused organizations, including being an Advisor to the US Japan Incubator Center, and outside counsel for the Australian New Zealand America Technology Network and the Hispanic Entrepreneurs Network. In addition, Tom is co-chair of the Venture Finance SIG of the Software Development Forum. Tom is a graduate of Loyola Marymount University and recieved his JD and MBA from Harvard University.
Online registration has been closed. Please register at the door.
Microsoft Main Campus
1065 La Avenida, Bldg. 1
Mountain View, CA
7:00pm-8:30pm program (starts promptly at 7:00pm)
Note: Latecomers who arrive after 7:20pm will not be admitted to avoid disruption of the session.
$20 SDForum Members
$10 to full-time students (not alumni) with valid ID
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