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9:00 - 9:45
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Legal Issues and Valley Trends
Paul Leboffe and Mark White, Partners, White & Lee LLP
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9:45 - 10:30
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Business Models in the Current Market
Tracy Weatherby, Founder, Active Ingredient
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— 15 Minute Break —
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10:45 - 11:15
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Building the Team in the Early Stages
Kristin Kennedy, Founder, YourDesignCenter.com
Michael Shoppel, CEO, BetaSphere, Inc.
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11:15 - 11:45
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IP Strategies - Protecting Intellectual Property
Steve Weinberg, Founder, The Weinberg Cummerford Legal Group
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— 30 Minute Lunch Break —
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12:15 - 1:00
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Packaging the Company and Preparing for Funding
Bruce Lichorowic, CEO, VARStreet
Andrei Manoliu, Growth Plan LLC
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— 15 Minute Break —
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1:15 - 2:00
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Panel of Angels and Early-Stage VC's
Robert von Goeben, Starter Fluid
Jim Marshall, Partner, Selby Venture Partners
Mike Pogue, CEO, Angel Capital Network (formerly the BayAngels)
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— Paul Leboffe and Mark White, Partners, White & Lee LLP
Paul and Mark discussed legal issues and Valley trends as they related to startup and emerging growth companies dealing with the challenges presented by the change in the New Economy during this past year. Mark focused on business issues, discussed current Valley trends which Mark has distilled into a format entitled "13 Survival Tips for StartUps". Paul discussed selected legal issues facing startups, and what founders can do during the formation process and in the early stages of a company’s development to minimize potential liability and business disruption from these legal problems.
Available for download:
Legal Issues and Valley Trends - Paul Leboffe
10 Rules for Survival in the New New Economy - Mark Cameron White
— Tracy Weatherby, Founder, Active Ingredient
Tracy addressed current business models that have been the most successful for startup companies, with particular emphasis on those models that are proving to be the most effective in the current challenging economy. Tracy also discussed: (a) a brief overview of types of business models currently used successfully on the Web, such as brokerage, advertising, infomediary, affiliate, community, utility (e.g., pay as you go), and subscription models (b) which models are currently favored by the venture community and why, (c) the process for and considerations in selecting a business model, (d) development a business model that can meet constantly changing market demands, and (e) successfully transitioning from one business model (or models) to another.
Available for download:
Business Models - Tracy Weatherby
Kristin Kennedy, Founder, YourDesignCenter.com, and
— Michael Shoppel, CEO, BetaSphere, Inc.
Kristine and Mike approached the issues of building a management team from two perspectives: Kristin discussed the real-time issues of identifying and building a management team and Mike shared his experience in building management teams over the course of BetaSphere’s history. Kristin and Mike also discussed the following issues: (a) how to identify and attract a management team (e.g., CEO, CFO, CTO, COO, etc.), (b) how to structure compensation and benefits, (c) how to attract engineers and other technical talent, (d) critical employee policies, practices and programs needed to attract and retain staff, (e) experiences with professional recruiters. Mike addressed changes, that he had seen in the issues and factors that attract and motivate management team members (i.e., cash vs equity; compensation vs quality of life).
— Steve Weinberg, Founder, The Weinberg Cummerford Legal Group
Steve provided a brief overview of the primary areas of concern for technology companies relating to the protection of intellectual property. Specifically, Steve intended to discuss the following issues: (a) the types of IP that are and are not amenable to protection, and how to best characterize IP as protectable, (b) how companies know when IP protection is necessary and appropriate, (c) how companies with limited cash flow optimize their IP protection, (d) the scope of protection and rights granted to companies holding a Trademark and/or a URL, (e) key issues with global IP protection, particularly in China, and the European Economic Community, and (f) the effectiveness and enforceability of NDAs, and Proprietary Information Agreements, and the cost of enforcing such agreements.
Available for download:
IP Strategies - Steve Weinberg
— Bruce Lichorowic, CEO, VARStreet
— Andrei Manoliu, Growth Plan LLC
Given the current uncertainty of the economy, it is increasingly important that companies optimize the impact they have on funding sources. Bruce and Andrei discussed how companies have been succesfully assisted in preparing for discussions with venture capital firms or other funding sources. Bruce and Andrei discussed the following issues: (a) how a company determines the key factors that will capture a funding source’s attention, (b) to what extent, if any, preparation should vary with different funding sources (e.g., angels, venture capital firms, strategic partners), (c) the type of due diligence materials sophisticated funding sources require or expect, (d) steps that can be taken in the formation or very early stages of a company’s development to make it more attractive to funding sources, (e) whether there exists an ediquette or specific protocol expected by funding sources with regard to initial contact, subsequent meetings, or topics discussed, (f) any taboos with venture capital firms or other potential investors (e.g., anything you absolutely should not say or do), and (g) ways to identify and research potential funding sources.
Available for download:
Packaging the Company and Preparing for Funding Presentation - Bruce Lichorowic
Packaging the Company and Preparing for Funding Handout - Bruce Lichorowic
— Robert von Goeben, Starter Fluid
— Jim Marshall, Partner, Selby Venture Partners
— Mike Pogue, CEO, Angel Capital Network (formerly the BayAngels)
Given the maturing of the Valley, "angels" have become increasingly sophisticated investors. Additionally, the changing economic landscape has impacted how angels and early-stage VCs select portfolio companies. Against this backdrop, and in the context of an open question-and-answer format, the panel discussed the following issues: (a) the types and size of deals, and market segments that are the most attractive to an investor, (b) a brief analysis of evaluating market opportunities – beyond a simple "management, market, product" analysis, (c) the manner to evaluate market opportunities differs from the needs or analysis of larger or later-stage VC’s, (d) the types of terms currently demanded (as opposed to "would like") as an investor (e.g., redemption, rachets, 3X liquidation preference), (e) the role played in a company’s development (e.g., developing the management team, bringing in other investors, providing technical or business expertise), and (f) if and how to collaborate with or compete with larger VC’s for deals, control of board seats and establishing company valuation.
Available for download:
Seed Stage Investing - Robert von Goeben
Angel Capital Network - Mike Pogue
