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UVANY Mission Statement
The Upstate Venture Association of New York is an organization of venture
capital firms and others sharing the common goals of advancing the
number, scale and quality of angel, seed, venture and private equity
capital investments across
New York State.
UVANY-Basis of a Deal Community
AngelInvestors
SeedCapital
VentureCapital
PrivateEquity
Economic DevelopmentIndustrial Development Agencies
Legal-Accounting-Banks-Commercial FinanceInvestment Bankers-Intermediaries-Consultants
UVANY Focus Raise the level of awareness of capital
available to upstate Raise the level of understanding of angel,
seed, venture and private equity Provide forums where capital providers, those
looking for capital, advisors, and other interested parties can meet.
“Raising Capital in Upstate New York – Five Success
Stories”
“Raising Capital in Central New York – Five Success Stories”
Advion BioSciences, Inc.
Ithaca, NY
John Nozell, Executive VP & CFO
“Raising Capital in Central New York – Five Success Stories”
USA Datanet
Syracuse, NY
David Montanaro, President
“Raising Capital in Central New York – Five Success Stories”
Monarch Machine Tools
Cortland, NY
Mark Quinn, President of Monarch
Scott Murphy, Advantage Capital
“Raising Capital in Central New York – Five Success Stories”
Terakete
Syracuse, NY
Mac Cummings, President, CEO
“Raising Capital in Central New York – Five Success Stories”
UStec
Rochester, NY (Victor, NY)
Lynn Hartrick, CEO
“Entrepreneurs Minute”
Basis for Growing Deal Community University Research Expenditures
Each Year $1.2 billion Among five universities
Cornell SUNY Research Foundation University of Buffalo University of Rochester Rochester Institute of Technology
Commercialization PotentialLevel of Research Activity at Universities
• Our total regional R&D expenditures have grown to over $1B• Where are the commercializable technologies / start-ups?• Are there latent high-tech ideas could be basis for startup companies?• Can we possibly do some deeper mining at universities?
Cornell ~$500M
U of R~$300M
UB~$250M
Syracuse~$50 M
RIT$20 M
Alfred$10 M
SUNY Binghamton
~$30M
Basis for Growing Deal Community
New York State Common Retirement Fund investing in Upstate Funds Supporter of upstate equity funds Funded/funding 10 funds Over $250 million placed to date
Basis for Growing Deal Community New Upstate Capital-Last 3 years
Albany FA Technology Ventures High Peaks Venture Partners Adirondack Venture Fund TS Capital
Basis for A Growing Deal Community
New Upstate Capital-Last 3 years Syracuse
Exponential Business Development/Newtek Capital Onondaga Venture Capital Fund
Basis for A Growing Deal Community New Upstate Capital-Last 3 years
Rochester/Ithaca Cephas Capital Partners DeltaPoint Capital Genesis Fund Trillium Group
University Seed Fund Monroe Fund Lakefront Partners II
Cayuga Venture Fund Angel Community
Basis for A Growing Deal Community New Upstate Capital-Last 3 years
Buffalo Rand Capital Corp. Summer Street Capital Partners First Wave Western New York Technology Fund Angel Community
Basis for Growing Deal Community
New Upstate Capital-Last 3 years CAPCO Funds
Advantage Capital Partners Enhanced Capital Partners NYCIC Stonehenge Capital Corp.
Basis for Growing Deal Community Additional funds interested in Upstate
Brook Venture Partners-Boston Easton-Hunt Capital Partners- NYC Ascend Capital Venture Group-NYC Founders Equity-NYC HSBC Capital-NYC Resilience Capital Partners-Cleveland RoyNat Capital-Cleveland
Deal Community’s Opportunities
Angel, Seed, Venture Opportunities Need for funding Need legal advisors Need accounting advisors Need entrepreneurial talent Need banking facilities
Rand Capital, Seed Cap Partners, Trillium
Summer Street, Cap. Formation Group, FA Tech.
Founders, Universities, Grants Concept / Pre-Seed
Later Rounds
“B” Round
“A” Round
Seed
$2M $6M $8M $10M $4M $20M
Pre-Money Valuation
$30M
Source: PWC MoneyTree, Venture One
The Need for Seed CapitalThe Need for Seed Capital
Rand Capital, Trillium Group, High Peaks Venture Partners
Summer Street, Delta Point Partners, FA Technology Partners
University Technology Partners
Technology Investments% of Total U.S. Investments
Seed Stage vs. All Alternative Asset Classes
Seed v. First Round Investment in 2000
Deals $ Invest
Seed Stage 142 $232 million
First Round 1,937 $22 billion
Deals by Investment Stage
Deal Community’s Opportunities
Large number of $5-75MM companies Many are candidates for transactions….
Growth Capital Management buy-outs Generational change Divestiture/Acquisition Recapitalization Turnaround Sale/Buy-out
Upstate Opportunities-Summarized
Upstate has an array of investment opportunities New equity funds Existing funds are raising new funds New Funds tend to be larger Non-resident fund investing in upstate Upstate has the advisor base UVANY’s mission is to advance VC/private
equity………
UVANY Board of Directors
Gary Hull, Summer Street Capital Partners President
Bela Musits, High Peaks Venture Partners Vice Pres.
John Cococcia, FA Technology Ventures Treasurer
Monty Estes, Genesis Fund LP Secretary
Dennis DeLeo, Trillium Group, LLC
Dirk Sonneborn, Exponential/Newtek
David Waterman, Delta Point Capital Management, LLC
UVANY Membership
Regular Membership
Associate Membership
Upstate Venture Association of New York, Inc.
Bob BuckleyExecutive Director
385 Jordan Road
Troy, NY 12180
Phone: (518) 283-8890
Fax: (518) 283-8172
Email: [email protected]
Website: www.uvany.com
Other Developmental
Forces at Work in
Upstate New York
Pre Seed Workshops
University of Rochester Rochester Institute of Technology University of Buffalo Cornell University Others in planning stages
New York State Initiatives Comptroller’s investments Centers of Excellence in:
Bioinformatics (Buffalo) Environmental Services (Syracuse) Infotonics (Greater Rochester) Nanoelectronic (Albany) Wireless Internet & Information Technology (Stoney
Brook) Capco Program
New York State Initiatives (cont) Excell NY Programs Star Centers – eight centers CAT Centers – 14 centers ARC Centers – five centers Science and Technology Law Centers - Syracuse
Law School NYSTAR Technology Transfer Incentive Program Small Business Technology Investment Fund
University Based Efforts Cornell’s EPE Program University of Rochester’s Entrepreneurship
Programs University of Buffalo’s Entrepreneurship Programs Rochester Institute of Technology's
Entrepreneurship Programs and Incubator UNYTECH 03, 04, 05 Syracuse University Science & Tech Law Center SUNY Research Foundation
Upstate New York University Offices of Tech Transfer
STOR – University of Buffalo OTT – University of Rochester River Campus OTT – University of Rochester Medical Center OTT – Rochester Institute of Technology CCTEC – Cornell University OTT – Syracuse University OTT – SUNY Binghamton OTT – SUNY Albany OTT – SUNY Research Foundation
RF, Central Office
• 64 Campuses• 410,000+ students • 6,600+ fields of study
Local Efforts GRE High Tech Rochester High Tech Business Council Incubators Colleges & Universities Monroe County Economic Development (Rocco DiGiovanni) New York State Economic Development (Jack Kinnicutt) City of Rochester Economic Development Department
(Fashun Ku) Entrepreneurs and Angels
Local Efforts Rochester Business Alliance RDDC Rump Group CGR Digital Rochester eBusiness Association COMIDA Rochester Venture Capital Association RIPN
“The best way to predict the
future is to create it”
Dr. Peter F. Drucker
Before the Negotiations:
What Entrepreneurs Need to KnowAbout Seed and Early Stage Venture Capital
A White Paper Primarily for Entrepreneurs in Upstate New York
Judith J. Albers, Ph.D.
Trillium Group
February 2005
G R 0
500 Linden Oaks585-383-5680
www.trillium-group.com
Jaeckle Fleischmann & Mugel, LLP
190 Linden Oaks
Rochester, New York 14625-2812
Telephone: 585.899.2930
Facsimile: 585.899.2931
E-mail: [email protected]
J. Montieth Estes
