Published on December 29, 2007
Slide1: The MAIN Story The Economic Summit III Venture Capital Development Conference November 7, 2007 Ben Franklin TechnologyPartners of Southeastern PA: Ben Franklin Technology Partners of Southeastern PA 25 year old PA based economic development organization Network of 4 organizations serving entire Commonwealth Mission to stimulate economic growth => innovation, entrepreneurship, development & adoption of new technologies Provides early stage capital and business development support to PA based technology companies Portfolio of 120 companies – one of largest in country Today approximately 13% => minority owned Extensive involvement with angel community through co-investment with portfolio companies Recognized critical need to attract more qualified minority companies to portfolio => saw angel group as means to accomplishing What is an Angel?: What is an Angel? Accredited Investor: Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. Any natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year. The Overall Angel Landscape: The Overall Angel Landscape $25.6 billion of total investment in 2006 51,000 entrepreneurial ventures received angel funding in 2006 234,000 angel investors in U.S. in 2006 (Univ. of New Hampshire) 143 angel groups (North America/Canada) are members of The Angel Capital Association (2007) => 6,000 angels 20 angel groups in PA => 700 angels At least 6 angel groups in WI are members of Angel Capital Association (2007) The Angel Landscape for Women & Minorities: The Angel Landscape for Women & Minorities Women and minorities seriously under-represented in angel investing and angel groups Women: 13.8% at FY 2006, 13% at Q1Q2 2007 Minorities: 3.4% at FY 2006, 5% at Q1Q2 2007 Small percentage of women & minority deals getting in front of angel groups Women: 12.9% at FY 2006, 10% at Q1Q2 2007 Minorities: 6.9% at FY 2006, 10% at Q1Q2 2007 Small percentage of women & minority deals presenting are getting investments Women: 21.5% at FY 2006, 16% at Q1Q2 2007 Minorities: 7.1% at FY 2006, 16% at Q1Q2 2007 The Angel Landscape for Women & Minorities: The Angel Landscape for Women & Minorities Most angel groups comprised of white men, with investments awarded to firms owned by white men Currently at least 6 all women angel groups exist, with interest expressed in about 10 other North American metro regions (Source, Kauffman Foundation 4/27/06) (e.g., Phonomenelle Angels, Golden Seeds) Currently only 1 organized angel group comprised primarily of minority angels with a focus on investment in high growth minority owned or led companies Minority Angel Investor Network (MAIN) - Phila The Venture Capital Continuum: The Venture Capital Continuum The Minority Venture Capital Continuum: The Minority Venture Capital Continuum Founders Capital Friends & Family Expansion Venture Capital Angel Capital Virtually Non Existent Friends and Family Smaller than Founders Angel Substantially less than all other markets 59 members representing $4 Billion under mgt MAIN: Fills an important void in the Emerging Domestic Market: MAIN: Fills an important void in the Emerging Domestic Market Founders Capital Friends & Family Expansion Venture Capital Angel The MAIN Chronology – 1st 12 months: The MAIN Chronology – 1st 12 months Created to attract more qualified minority technology companies to Ben Franklin Technology Partners investment portfolio of 120 companies Focus group held in February 2004 Consensus to form group Press launch and reception in June 2004 (NAIC endorsement) Recruited approximately 10 members over summer 2004 Decision to focus primarily on minority owned or led technology companies Held first member meeting in November 2004 Have met each month since then with at least 1 company presenting Currently 19 members The MAIN Chronology – 1st 12 months: The MAIN Chronology – 1st 12 months Awarded $75K in seed funding from Kauffman Foundation Awarded $25K from State of PA to seed formation Hosted Kauffman’s Power of Angel Investing Sponsored regional angel events Aggressively issued press releases RESULT => Recognition outside of PA The MAIN Chronology: The MAIN Chronology Have funded 5 deals 3 in 2005, 1 in 2006, 1 in 2007 All technology (nano-materials, software, telcom, digital telemetry & control systems Average rounds - $125K, 4 investors 8 of 19 members => new angels Racial Profile: 3 Caucasian, 2 Asian Indian, 14 African American Professional Profiles: 5 professional investors, 1 surgeon, 2 attorneys, 4 C-level mgrs, 7 entrepreneurs What have we learned?: What have we learned? Challenge to attract & retain critical mass of members (prefer at least 30, currently 19) 17 men, 2 woman – 16 minority, 3 non-minority (no Latino) Small size influences capacity to invest Challenge to attract diversity of experienced minority angel investors Primarily African American Struggle to attract Latino American and Asian American investors Focus has resonated with experienced White investors Despite seeking diverse members (gender and race), was important that majority of group be minority 8 of 19 members are new angels Real excitement about new avocation Willing to participate in diligence Limited time for involvement with companies due to “day job” Appropriately cautious Independent thinkers but willing to be influenced by members who are industry experts What have we learned?: What have we learned? For first year – deal flow not a challenge Significant press attention –deliberate push Seed funding and recognition by Kauffman and State of PA Preferred search engine placement NAIC, Marathon Club, local VC & angel group referrals Deal flow now more a challenge Need focused attention on identifying “desired” deal type Executive Director, Selection Committee Few desired deals through web portal (technology, location, etc.) Increase collaboration with other angel networks Varied “minority” deal flow 50% African American, 30% Asian American, 20% Latino What have we learned?: What have we learned? Experienced angels drawn to proprietary deal flow Few presenting deals have presented to other angel groups Has not been significant source of deal flow for BFTP (non-PA opportunities) Minority focus can cut both ways - VA based Center for Equal Opportunity chided MAIN for not opening its program to qualified companies regardless of the skin color of the owner What are we seeking?: What are we seeking? More investor members Accredited, both experienced and new angels Kauffman learning resources used More deal flow Technology preferred but willing to explore other areas Emphasis on solid, experienced teams with defensible technology selling into growing market More Latino investors and deal flow Closer collaboration with other angel groups to enhance availability of resources to qualified minority companies Collaboration with other groups seeking to form minority focused investor groups (Madison, WI ??) What are we seeking in a deal?: What are we seeking in a deal? Experienced and Coachable Mgt team With skin in the game Advisors and Board with relevant skills/contacts/experience Sound technology & business model Selling in to market(s) with significant growth potential Realistic assessment of competitors and company’s competitive advantage Realistic projections with detailed assumptions Ability to benefit from experience of MAIN member(s) Defensible valuation – What does the investor get for $$ Investors’ ability to realize 3-10 times cash on cash return in 3-5 years
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