Description
Market And Sell To Survive
TUESDAY,
FEBRUARY 10, 2009
WPI, WORCESTER
Campus Center Odeum
NETWORKING: 5:30 – 6:30 P.M.
MEETING: 6:30 – 9:00 P.M.
$15.00 members
$25.00 non-members
Pre-register online at
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Registration/
Online membership at
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contents
Nimble Responses in
Uncertain Times ......................2
“Shade Tolerance” a
Competitive Plus ......................3
A Look at January 2009’s
Meeting ....................................4
Spotlight on Entrepreneurs........6
News Briefs ..............................7
FEBRUARY 2009
VOLUME 18
•
NO. 6
Market and Sell
to Survive
Market and Sell
to Survive
his credit, and another
nine pending on
OnePIN technology,
including Caller-
Xchange, which allows
people to manage
contact information
with one click from
their mobile phones.
OnePIN’s flagship service transforms mobile
phonebooks into dynamic social address books
that subscribers use to stay in touch with their
growing network of friends, family and business
associates.
Before founding OnePIN, Çelik served as
president and CEO of the North American
division of Koc Group, a $39.5 billion Fortune
Global 500 company based in Istanbul. He also
served as a member of Koc Group’s International
Venture Creation and Business Development
Team. He holds a master’s degree in business
W
hy do certain entrepreneurs find a
following of early adopters and
thrive? What sets them apart while
other startups flounder? How do they get their
concept to market and sell it?
Come to the WPI Venture Forum on Tuesday,
February 10 to hear first-hand accounts of three
spectacular entrepreneurs who have all founded
cutting-edge startups, articulated their value and
attracted the funding to succeed.
The evening’s program will kick off with Dr.
Janet Wolfe, Boston Chamber of Commerce’s
2008 “Entrepreneur of the Year.” As President
and Founder of Wolfe Laboratories, Inc. (WLI), a
contract research and development group in
Watertown, Massachusetts, she is developing a
world-class service model bridging discovery and
development. WLI provides pharmaceutical
research and development in the areas of formu-
lation and bioanalytical support, leveraging its
development expertise to help advance early stage
compounds into the clinic.
Prior to starting Wolfe Laboratories, she was on
the pharmaceutical sciences faculty at the
University of Tennessee, Memphis. Wolfe has
more than fifteen years’ experience in pharma-
ceutical research and development and has
authored numerous articles and presentations.
She received her BS from University of Sciences
in Philadelphia and her doctorate in pharma-
ceutical chemistry from the University of Kansas.
Industry visionary and inventor Feyzi Çelik
will be the second speaker. He has five patents to CONTINUED ON PAGE 6
The WPI Venture Forum is a
program of the Collaborative for
Entrepreneurship & Innovation
FEYZI ÇELIK
ANDREW HEAFITZ
DR. JANET WOLFE
LETTER FROM THE CHAIR
Nimble Responses in
Uncertain Times
V
enalicium is, Exigo is, Vel
Intereo, or for those who
did not minor in Latin
language and literature in college,
“Market it, sell it or else.” The
February 10th WPI Venture
Forum program sounds more like
a Shakespearean comedy, but in
light of the financial aftermath of
2008, the topic clearly reflects on a global
tragedy. Brian Bresnik, a US sector strategist
from Merrill Lynch, called 2008 the
“benchmark for futility and volatility for
years to come” in his January 5 “Quantitative
Strategy Update.”
In these uncertain economic times, only
the nimble and resourceful companies will
survive. Unsophisticated, seat-of-the-pants
marketing strategies will not suffice. It is
critical to have the complete package: not just
a great product, but also a marketing strategy
with both chutzpa and surgical precision. In
this economy, investors want management
teams to exercise the marketing muscle of a
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 2
Fortune 100 company on a
shoestring budget.
There is good news on the
horizon. WPI Venture Forum
experts can show you the ropes
of marketing, from the basics of
increasing sales and achieving a
sustainable competitive
advantage, to the more complex
models of branding a first-in-class product in
a new industry.
Join us on February 10th for powerful
marketing lessons from sage experts. Absorb
sales and marketing wisdom that will sustain
your business through the financial ice storms
of 2009. And tell others about your concept
—consider pitching your business during the
Spotlight on Entrepreneurs.
Yours very truly,
Mitchell Sanders ’88, PhD ’92
Chair, WPI Venture Forum
Executive Vice President and Founder, ECI Biotech
Read this newsletter online and
forward it to your network
of business associates.
New subscribers welcome.
Visit
wpiventureforum.org
and click on Newsletter
Mitchell Sanders
WPI VENTURE FORUM
SPONSORS
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Corporation – VENTURE CAPITAL
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LEGAL COUNSEL. BUSINESS ADVISORS. INTELLECTUAL
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CORPORATE, LITIGATION, GOVERNMENT CONTRACTS
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BRONZE SPONSORS: QUIVIVITY MARKETING PARTNERS,
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SAGER & SCHAFFER LLP
MEDIA PARTNERS: WORCESTER BUSINESS JOURNAL,
MASS HIGH TECH
EXECUTIVE BOARD
Mitch Sanders, PhD ’92, Chair
James F. Fee ’65, Vice Chair
Patrick R. Jones, Esq. Past Chair
Paul F. McGrath, CPA,
Treasurer & Past Chair
David R. Prince, Clerk/Secretary
McRae C. Banks, PhD
Norman T. Brust
William R. Cowen
Brian M. Dingman, Esq.
Barbara Finer
David Graves-Witherell
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WPI VENTURE FORUM OFFICE
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telephone: 508.831.5075
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WPI VENTURE FORUM ©2009
A monthly publication of The WPI Venture Forum
100 INSTITUTE ROAD, WORCESTER, MA 01609
VOLUME 18, NO. 6, FEBRUARY 2009
Paul S. Kennedy ’68
Amar V. Kapur ’65
Richard P. O’Brien
Brigid Oliveri Siegel
Kevin O’Sullivan
Richard H. Prince
Stephen M. Pytka ’68
Gail E. Radcliffe, PhD
John E. Rainey, CMA
Deirdre E. Sanders, Esq.
Jerry Schaufeld
Shari L.S. Worthington
Michele J. Young, Esq
COMMITTEES
NEWSLETTER
Allison Chisolm, Editor ................................508.853.5339
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MONTHLY PROGRAMS: Richard O’Brien............978.764.5879
SPONSORSHIP: Dick Prince ..............................508.869.2385
BUSINESS PLAN CONTEST:
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Will Cowen ..................................................508.366.8973
ELEVATOR PITCH: Norm Brust ..........................508.697.7200
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 3
“Shade Tolerance” a Plus in
Competitive Environments
T
he tremendous and terrible ice storm
of mid-December starkly demon-
strated the value of shade tolerance
as 14-inch oak trees snapped like matchsticks
around my office. The sound was like
someone with a shotgun outside my window,
followed by the crash of branches and ice.
Mother Nature’s drama would have been
more thrilling to experience if power lines
had not snapped and people had not lost cars
and houses.
The cycles of a forest mirror somewhat the
cycles of the competitive life science markets.
When the dominant trees in the forest
canopy are snapped off, the smaller trees
lying under them have the opportunity to
gather that newly available sun and shoot
upwards. These shade-tolerant species have
been carefully marshalling their resources,
preparing for this growth opportunity.
Similarly, market leaders have a period of
time when they dominate while many smaller
companies grow up in their shadow, each
taking a small niche of the market.
Over time, the larger companies may be
weakened a bit, become unable to respond to
threats quickly enough, even devastated by a
change in market conditions. So when the ice
storm snaps off their tops, the small
companies can quickly move in to soak up
the newfound sunlight.
While competition often has a negative
connotation, it really is a good thing, actually
necessary for growth and survival. The larger
trees’ protection provided the smaller trees
with the environment to grow and develop
with fewer challenges. With the market leader
taking responsibility for developing markets,
responding to investor expectations, and
setting customer expectations, the smaller
companies can operate with some degree of
freedom, seeking sunlight (opportunity)
where it may be less obvious.
Competition is very useful for developing
companies; we can learn a good deal by
looking at them.
• Competition shows you where the oppor-
tunities lie. They are selling products and
services today that are helping the customers
increase their productivity, speed discovery
and development, and improve processes.
If you have a better solution you know
exactly where to go with it and who will
buy it. The competition has laid out the
topographic map for you to navigate by.
• Competition prepares you for the pitched
battles over customers. You can develop
your response for when the competition
heats up. When the tip of the spruce tree
bumps into a branch of a taller tree, it
shoots up several leaders to find a pathway
toward the sky. Similarly you can get your
plan B in place by understanding how
competitors operate.
• Competitors will show you how customers
are won. The positioning of their products
spells out their strengths and their strategy
for winning. Red maples are quite prolific
in wet areas, thus, their strategy for success
is clear.
• When the competition falters, you can
move quickly to gain an advantage. When
an opening in the forest canopy occurs, it
is a full tilt growth race to see who will
dominate that space. The most well
nourished, genetically fast growers will win.
Not having the pressure of being at the top
will allow you to prepare your resources for
this opportunity.
When trying to live beneath the big trees,
some don’t make it. But if you are careful
with your resources and execute well on a
sound strategy your chances are good. You
can prosper and eventually reach a dominant
position in the canopy of the market,
by
BY PAUL DANIS, PHD
Founder and Principal,
Eastwoods Consulting
absorbing a large share of the sunlight ($$),
further fueling your growth.
So be grateful for the competition. Remain
shade tolerant until an ice storm weakens the
competition and you are ready to reach for
the canopy.
Paul Danis, PhD is the Founder and Principal
of Eastwoods Consulting, a life science advisory
firm which helps companies connect their
products with the life science marketplace. By
focusing on the most valuable opportunities,
efficiency is increased, and profits grow. He can
be reached at 508-869-2303 or
[email protected].
Join Us!
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WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 4
W
here do you find the money for
start-up and growth? Jerry
Schaufeld, Professor of
Entrepreneurship at WPI and business
consultant, opened the January 13 meeting
by addressing that question with his broad
and deep knowledge of start-up financing.
He offered meeting participants an extensive
review of the unique role that angel groups
play in the funding spectrum.
While angel investors continue to work
with very early start-ups, Schaufeld explained
how angels are increasingly engaged in filling
a gap in financing that now often occurs
between Series A and operational stages of
the growth curve. Angels are banding
together to provide the higher levels of
funding needed to fill this gap while simulta-
neously fulfilling their more traditional
function in the early start-up stage.
Schaufeld stressed the importance of
fundamentals as a start-up begins the search
for financing. Entrepreneurs were encouraged
to develop a strong business plan, along with
a well-articulated value proposition and
several other key elements to attract the
funding they need. Focusing on new
technology is of little value if the entre-
preneur cannot articulate how the technology
will serve a need in the marketplace.
Schaufeld helped to clarify what angels are
looking for to provide financing for a start-up
venture while explaining the changes that
have occurred in the venture capital industry
since the dot-com bust.
Dr. Abbott Weiss, an independent
consultant and a Senior Lecturer at MIT, was
scheduled to lead a discussion on turnaround
funding, but was unable to attend. Schaufeld,
A LOOK AT JANUARY 2009’S MEETING
Fund it! Raising Money through the
Entire Business Life Cycle
who has known Weiss for many years,
stepped in and led the discussion using the
slides Weiss provided.
Schaufeld used examples from his own
involvement with turnaround situations.
Understanding the cash on hand on a daily
basis is something that many entrepreneurs
and CEOs do not pay attention to as much
as they should. Staying in touch with the
financials of the venture can prevent the need
for turnaround funding in the future.
Once it is clear that a company needs
turnaround funding, the first step is for a
team of consultants to determine where
money is tied up, such as in extensive
inventory, and where immediate operational
savings can be made. Once the bleeding has
stopped, through this triage-style process,
then the team can turn its attention to where
turnaround funding can be best utilized to
increase the profitability of the venture. No
one is going to just hand out cash to fund a
turnaround unless there is a clear under-
standing of both the measures being taken to
improve cash flow and the future prospects of
the venture.
A discussion on VC screening and due
diligence was led by Paul Tu, Principal at
by
BY STEPHEN MARINI
Committee members with ribbons help
answer questions.
Sponsors find ample time for networking at
each meeting.
WPI Venture Forum
RADIO SHOW
SATURDAYS, 5-7 PM*
WTAG 580 AM and 94.9 FM or
stream it live at www.wtag.com
• Tune into the WPI Venture Forum radio show
to hear interviews with area business profes-
sionals from a variety of industries.
• Call the show at 508.755.0058 to join
in the live discussion and pose your questions
on entrepreneurship and tech company
management.
• Want to be a radio program guest? Visit
wpiventureforum.org/Programs/radio.html
and click on the Guest Form link at the bottom
of the page.
See the calendar of events (page 7) for
upcoming speakers and topics.
*Sports events or late-breaking news stories may
occasionally pre-empt the regularly scheduled program.
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 5
Money through the
re Business Life Cycle
• To attract and leverage private investment
in Massachusetts companies;
• To foster the application of technological
innovations where Massachusetts com-
panies are, or can be, market leaders; and
• To nurture entrepreneurship among
Massachusetts citizens planting the seeds
for long-term economic development in
the Commonwealth.
The size of MTDC’s initial funding to an
applicant is determined by the capital needs
of the firm and the investment of the co-
investors. Initial investments can range up to
a maximum of $500,000. Most are in the
$250,000 to $500,000 range with MTDC
typically involved in three to five new
ventures each year.
As a case study, Doron Reuveni, who co-
founded uTest in February 2007, reviewed his
company’s recent experience in gaining start-
up and growth financing through MTDC.
Since its inception, uTest has provided
testing and usability services to dozens of
software companies worldwide. Reuveni
CONTINUED ON PAGE 6
Co-moderator Mort Rosenberg (left) fields audience questions for panelists Jerry Schaufeld,
Paul Tu and Doron Reuveni.
Massachusetts Technology Development
Corporation (MTDC), a leading-edge
venture capital firm that invests in the start-
up and expansion of early-stage technology
companies operating in Massachusetts.
In 1978, the Commonwealth enacted a
law creating the MTDC, which was estab-
lished to address the “capital gap” for start-up
and expansion of very early-stage technology
companies (see diagram below).
Through each phase of its existence,
MTDC has pursued the following four basic
objectives:
• To help create primary employment in
Massachusetts;
emphasized that in the very early stages,
investors are often betting on the skills of the
entrepreneur, as much as or more than the
actual idea or technology. Having great
references from CEOs, financiers, and
industry gurus can be a deciding factor in the
earliest stages of the funding process.
Proving to your current and prospective
investors that, as the founder and chief
executive, you are well aware of the cash
position of the venture and the effects of
securing large contracts that are under
negotiation is critical to maintaining the
The Capital Gap: What is it?
Revenue
($ millions)
Achieving
Liquidity Event
Negative
Returns
Start-up
Early Stage
Concept
Years
Typical starting point at
which venture capital
investment takes place
1
25
20
15
10
5
2 3 4 5 6 7
“Capital Gap”
administration with high distinction from the
Babson College Graduate School of Business,
a master’s degree in mechanical engineering
from Boston University, and a bachelor’s
degree in mechanical engineering from the
Middle East Technical University College of
Engineering.
The excitement continues with Andrew
Heafitz, lead engineer for Terrafugia, the
company that is building the revolutionary
“car that flies.”
A graduate of MIT with a BS and MS in
Mechanical Engineering, Heafitz received the
prestigious Lemelson-MIT Student Prize in
2002, a $30,000 award that annually recog-
nizes one member of the MIT community
for outstanding innovations. He brings 18
years’ experience in composite automotive
construction and testing to the Terrafugia
team. Heafitz has designed, built, and raced
light-weight composite solar cars across the
Australian outback.
Come and hear these three gifted people
relate their sales and marketing decisions and
doubts in pursuit of success and achievement.
Bring a colleague to enjoy what will be an
informative, entertaining and motivational
evening.
Market and Sell to Survive
CONTINUED FROM PAGE 1
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 6
Fund it! Raising Capital
CONTINUED FROM PAGE 5
credibility needed to secure additional
financing.
Within a few months of its initial startup,
uTest was providing software companies with
on-demand testing services by a global
community of professional software testers.
uTest assembled the first, exclusive, on-
demand worldwide pool of professional
software testers who deliver a full range of
testing services: functional, usability, load,
and performance testing throughout the
product development lifecycle.
The meeting concluded with the audience
questioning the panel of speakers on the
near-term prospects for VC funding in the
state, the industries most likely to receive
funding, and the possible effects of the
stimulus bill now under discussion in
Washington.
Stephen Marini is Assistant VP of Academic
Affairs & Director of Distance Learning at
Quinsigamond Community College and can be
reached at [email protected].
Spotlight on
Entrepreneurs
INVEN INC.
Dan McFarland
Product: Control systems for wood stove operation.
Automated combustion process reduces pollution and
increases efficiency and safety. Launch of this new
technology planned for 2009. Market size: 450,000
stoves shipped by manufacturers in U.S. annually
Seeking: $250,000 for continued product
development and marketing for launch
Phone: 508.631.4123
Email: [email protected]
Website: www.inveninc.com
LIGA SYSTEMS, INC.
Jim Foley
Product: Accelerated simulation board (five to ten
times faster than existing software) for chip and
system designers. Established team and product with
paying customers and Fortune 500 prospects
Seeking: $2 million “new Series A” for next three
months, $5m for 2009 to meet product development
milestones
Phone: 781.223.8134
Email: [email protected]
Website: www.ligasystems.com
The WPI Venture Forum invites entrepreneurs to
make a one-minute practice elevator pitch at monthly
programs. Content is limited to seeking investors or
potential partners, but not customers. Overhead slide
allowed and one pitch per season, per business idea.
For a helpful template and submission criteria,
please visit:
www.wpiventureforum.org/Programs/spotlight.html
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 7
Sign up for the FREE
WBJ Daily Report at wbjournal.com
and don’t miss a beat!
www.wbjournal.com
Fresh Business News Daily Fresh Business News Daily
WPI GLOBAL
ENTREPRENEURSHIP MODEL
When University of Applied Sciences
Professor Rico Baldegger wanted to learn
more about global entrepreneurship, he
travelled from Switzerland to Worcester,
visiting the WPI Venture Forum during his
campus stop. As Academic Director,
Baldegger runs Switzerland’s first masters
program in entrepreneurship, a term not fully
understood in Central Europe, he said.
Now in its second year, the masters
program has 25 students who are encouraged
to work part-time while taking three days of
classes, in keeping with the school’s hands-on
learning approach. Together with Thomas
Buehlen of Swissnex, a public-private venture
with the Swiss consulate in Cambridge,
Baldegger is actively seeking opportunities for
their students’ thesis research. For more infor-
mation, contact McRae C. Banks, Manage-
ment Department Head, at 508.831.5218 or
[email protected].
APPLICATIONS OPEN FOR
MLSC GRANTS
Certified life sciences companies may apply
for $15 million in grant funding from the
Massachusetts Life Science Center (MLSC);
applications due by March 6. Due to state
budget woes, the first round of funding is
down from an initial $25 million, as discussed
at the September 2008 WPI Venture Forum
by presenter Susan Windham-Bannister,
PhD, MLSC president and CEO. Once
certified, early-stage companies can apply for
acceleration or innovation grants at
www.masslifesciences.com.
FULL HOUSE AT MBI
In a first for the facility, biotech incubator
Massachusetts Biomedical Initiatives (MBI)
has filled all its lab space, according to the
Worcester Business Journal. WPI Venture Forum
board member Kevin O’Sullivan, president
and CEO of MBI, told the publication that
one office was also converted into a lab.
VEGAWATT POWERS UP
The Five-Minute Pitch Contest’s “Audience
Choice” winner Owl Power Co. announced
in early January that its automated Vegawatt
™
system, which converts waste vegetable oil
into electricity and hot water, has powered
Finz Seafood & Grill in Dedham for more
than a month now.
2009 CALENDAR OF EVENTS
Monthly Programs
FEBRUARY 10 – Market It and Sell It – or Else!
Campus Center Odeum, 5:30-9 pm
MARCH 10 – Right Team at the Right Stage,
Campus Center Odeum, 5:30-9 pm
APRIL 14 – Deciding Your Company’s Future,
Campus Center Odeum, 5:30-9 pm
MAY 12 – War Stories and Lessons Learned,
Campus Center Odeum, 5:30-9 pm
JUNE 9 – Five-Minute Elevator Pitch Contest,
Campus Center Odeum, 5:30-9 pm
Radio Programs
FEBRUARY 7 – Finding Funding in a Strained
Economy, Itamar Chalif, Atlantic Capital
Solutions, 5-7 pm WTAG 580 AM/94.9 FM
FEBRUARY 14 – The Business of Love,
Entrepreneur Paul A. Falzone, Founder, The
Right One and Together Dating, 5-7 pm
WTAG 580 AM/94.9 FM
FEBRUARY 21 – Manufacturing Partnerships,
Andre Porter, Mass. Office of Small Business &
Entrepreneurship, 5-7 pm WTAG 580 AM/
94.9 FM
FEBRUARY 28 – How to Keep the Workplace
Safe, Fred Leland, Law Enforcement Security
Consulting, 5-7 pm WTAG 580 AM/94.9 FM
MARCH 7 – Find and Keep Good People,
Patricia Duarte, Decision Insight, 5-7 pm
WTAG 580 AM/94.9 FM
Networking Events
FEBRUARY 25 – Networking Event at Polar
Beverages, Worcester
EARLY APRIL – Networking Event, MBI at
Gateway Park, Worcester
MID-MAY – Networking Event at Nypro,
Clinton
Support Us!
B
ecome a WPI Venture Forum sponsor or
advertiser. Multiple opportunities for
monthly and/or special event sponsorships,
monthly advertising in Vantage. Call Gina
Betti at 508.831.5075 for more information.
News Briefs
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doc_414909170.pdf
Market And Sell To Survive
TUESDAY,
FEBRUARY 10, 2009
WPI, WORCESTER
Campus Center Odeum
NETWORKING: 5:30 – 6:30 P.M.
MEETING: 6:30 – 9:00 P.M.
$15.00 members
$25.00 non-members
Pre-register online at
wpiventureforum.org/Programs/
Registration/
Online membership at
wpiventureforum.org/Membership/
Directions at
wpiventureforum.org/directions.html
contents
Nimble Responses in
Uncertain Times ......................2
“Shade Tolerance” a
Competitive Plus ......................3
A Look at January 2009’s
Meeting ....................................4
Spotlight on Entrepreneurs........6
News Briefs ..............................7
FEBRUARY 2009
VOLUME 18
•
NO. 6
Market and Sell
to Survive
Market and Sell
to Survive
his credit, and another
nine pending on
OnePIN technology,
including Caller-
Xchange, which allows
people to manage
contact information
with one click from
their mobile phones.
OnePIN’s flagship service transforms mobile
phonebooks into dynamic social address books
that subscribers use to stay in touch with their
growing network of friends, family and business
associates.
Before founding OnePIN, Çelik served as
president and CEO of the North American
division of Koc Group, a $39.5 billion Fortune
Global 500 company based in Istanbul. He also
served as a member of Koc Group’s International
Venture Creation and Business Development
Team. He holds a master’s degree in business
W
hy do certain entrepreneurs find a
following of early adopters and
thrive? What sets them apart while
other startups flounder? How do they get their
concept to market and sell it?
Come to the WPI Venture Forum on Tuesday,
February 10 to hear first-hand accounts of three
spectacular entrepreneurs who have all founded
cutting-edge startups, articulated their value and
attracted the funding to succeed.
The evening’s program will kick off with Dr.
Janet Wolfe, Boston Chamber of Commerce’s
2008 “Entrepreneur of the Year.” As President
and Founder of Wolfe Laboratories, Inc. (WLI), a
contract research and development group in
Watertown, Massachusetts, she is developing a
world-class service model bridging discovery and
development. WLI provides pharmaceutical
research and development in the areas of formu-
lation and bioanalytical support, leveraging its
development expertise to help advance early stage
compounds into the clinic.
Prior to starting Wolfe Laboratories, she was on
the pharmaceutical sciences faculty at the
University of Tennessee, Memphis. Wolfe has
more than fifteen years’ experience in pharma-
ceutical research and development and has
authored numerous articles and presentations.
She received her BS from University of Sciences
in Philadelphia and her doctorate in pharma-
ceutical chemistry from the University of Kansas.
Industry visionary and inventor Feyzi Çelik
will be the second speaker. He has five patents to CONTINUED ON PAGE 6
The WPI Venture Forum is a
program of the Collaborative for
Entrepreneurship & Innovation
FEYZI ÇELIK
ANDREW HEAFITZ
DR. JANET WOLFE
LETTER FROM THE CHAIR
Nimble Responses in
Uncertain Times
V
enalicium is, Exigo is, Vel
Intereo, or for those who
did not minor in Latin
language and literature in college,
“Market it, sell it or else.” The
February 10th WPI Venture
Forum program sounds more like
a Shakespearean comedy, but in
light of the financial aftermath of
2008, the topic clearly reflects on a global
tragedy. Brian Bresnik, a US sector strategist
from Merrill Lynch, called 2008 the
“benchmark for futility and volatility for
years to come” in his January 5 “Quantitative
Strategy Update.”
In these uncertain economic times, only
the nimble and resourceful companies will
survive. Unsophisticated, seat-of-the-pants
marketing strategies will not suffice. It is
critical to have the complete package: not just
a great product, but also a marketing strategy
with both chutzpa and surgical precision. In
this economy, investors want management
teams to exercise the marketing muscle of a
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 2
Fortune 100 company on a
shoestring budget.
There is good news on the
horizon. WPI Venture Forum
experts can show you the ropes
of marketing, from the basics of
increasing sales and achieving a
sustainable competitive
advantage, to the more complex
models of branding a first-in-class product in
a new industry.
Join us on February 10th for powerful
marketing lessons from sage experts. Absorb
sales and marketing wisdom that will sustain
your business through the financial ice storms
of 2009. And tell others about your concept
—consider pitching your business during the
Spotlight on Entrepreneurs.
Yours very truly,
Mitchell Sanders ’88, PhD ’92
Chair, WPI Venture Forum
Executive Vice President and Founder, ECI Biotech
Read this newsletter online and
forward it to your network
of business associates.
New subscribers welcome.
Visit
wpiventureforum.org
and click on Newsletter
Mitchell Sanders
WPI VENTURE FORUM
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EXECUTIVE BOARD
Mitch Sanders, PhD ’92, Chair
James F. Fee ’65, Vice Chair
Patrick R. Jones, Esq. Past Chair
Paul F. McGrath, CPA,
Treasurer & Past Chair
David R. Prince, Clerk/Secretary
McRae C. Banks, PhD
Norman T. Brust
William R. Cowen
Brian M. Dingman, Esq.
Barbara Finer
David Graves-Witherell
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WPI VENTURE FORUM OFFICE
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telephone: 508.831.5075
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WPI VENTURE FORUM ©2009
A monthly publication of The WPI Venture Forum
100 INSTITUTE ROAD, WORCESTER, MA 01609
VOLUME 18, NO. 6, FEBRUARY 2009
Paul S. Kennedy ’68
Amar V. Kapur ’65
Richard P. O’Brien
Brigid Oliveri Siegel
Kevin O’Sullivan
Richard H. Prince
Stephen M. Pytka ’68
Gail E. Radcliffe, PhD
John E. Rainey, CMA
Deirdre E. Sanders, Esq.
Jerry Schaufeld
Shari L.S. Worthington
Michele J. Young, Esq
COMMITTEES
NEWSLETTER
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ELEVATOR PITCH: Norm Brust ..........................508.697.7200
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 3
“Shade Tolerance” a Plus in
Competitive Environments
T
he tremendous and terrible ice storm
of mid-December starkly demon-
strated the value of shade tolerance
as 14-inch oak trees snapped like matchsticks
around my office. The sound was like
someone with a shotgun outside my window,
followed by the crash of branches and ice.
Mother Nature’s drama would have been
more thrilling to experience if power lines
had not snapped and people had not lost cars
and houses.
The cycles of a forest mirror somewhat the
cycles of the competitive life science markets.
When the dominant trees in the forest
canopy are snapped off, the smaller trees
lying under them have the opportunity to
gather that newly available sun and shoot
upwards. These shade-tolerant species have
been carefully marshalling their resources,
preparing for this growth opportunity.
Similarly, market leaders have a period of
time when they dominate while many smaller
companies grow up in their shadow, each
taking a small niche of the market.
Over time, the larger companies may be
weakened a bit, become unable to respond to
threats quickly enough, even devastated by a
change in market conditions. So when the ice
storm snaps off their tops, the small
companies can quickly move in to soak up
the newfound sunlight.
While competition often has a negative
connotation, it really is a good thing, actually
necessary for growth and survival. The larger
trees’ protection provided the smaller trees
with the environment to grow and develop
with fewer challenges. With the market leader
taking responsibility for developing markets,
responding to investor expectations, and
setting customer expectations, the smaller
companies can operate with some degree of
freedom, seeking sunlight (opportunity)
where it may be less obvious.
Competition is very useful for developing
companies; we can learn a good deal by
looking at them.
• Competition shows you where the oppor-
tunities lie. They are selling products and
services today that are helping the customers
increase their productivity, speed discovery
and development, and improve processes.
If you have a better solution you know
exactly where to go with it and who will
buy it. The competition has laid out the
topographic map for you to navigate by.
• Competition prepares you for the pitched
battles over customers. You can develop
your response for when the competition
heats up. When the tip of the spruce tree
bumps into a branch of a taller tree, it
shoots up several leaders to find a pathway
toward the sky. Similarly you can get your
plan B in place by understanding how
competitors operate.
• Competitors will show you how customers
are won. The positioning of their products
spells out their strengths and their strategy
for winning. Red maples are quite prolific
in wet areas, thus, their strategy for success
is clear.
• When the competition falters, you can
move quickly to gain an advantage. When
an opening in the forest canopy occurs, it
is a full tilt growth race to see who will
dominate that space. The most well
nourished, genetically fast growers will win.
Not having the pressure of being at the top
will allow you to prepare your resources for
this opportunity.
When trying to live beneath the big trees,
some don’t make it. But if you are careful
with your resources and execute well on a
sound strategy your chances are good. You
can prosper and eventually reach a dominant
position in the canopy of the market,
by
BY PAUL DANIS, PHD
Founder and Principal,
Eastwoods Consulting
absorbing a large share of the sunlight ($$),
further fueling your growth.
So be grateful for the competition. Remain
shade tolerant until an ice storm weakens the
competition and you are ready to reach for
the canopy.
Paul Danis, PhD is the Founder and Principal
of Eastwoods Consulting, a life science advisory
firm which helps companies connect their
products with the life science marketplace. By
focusing on the most valuable opportunities,
efficiency is increased, and profits grow. He can
be reached at 508-869-2303 or
[email protected].
Join Us!
Join the WPI Venture Forum!
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all events, can join our LinkedIn
®
group or submit an informational
article for this newsletter. Two
annual membership levels
start at $50. Fill out our
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WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 4
W
here do you find the money for
start-up and growth? Jerry
Schaufeld, Professor of
Entrepreneurship at WPI and business
consultant, opened the January 13 meeting
by addressing that question with his broad
and deep knowledge of start-up financing.
He offered meeting participants an extensive
review of the unique role that angel groups
play in the funding spectrum.
While angel investors continue to work
with very early start-ups, Schaufeld explained
how angels are increasingly engaged in filling
a gap in financing that now often occurs
between Series A and operational stages of
the growth curve. Angels are banding
together to provide the higher levels of
funding needed to fill this gap while simulta-
neously fulfilling their more traditional
function in the early start-up stage.
Schaufeld stressed the importance of
fundamentals as a start-up begins the search
for financing. Entrepreneurs were encouraged
to develop a strong business plan, along with
a well-articulated value proposition and
several other key elements to attract the
funding they need. Focusing on new
technology is of little value if the entre-
preneur cannot articulate how the technology
will serve a need in the marketplace.
Schaufeld helped to clarify what angels are
looking for to provide financing for a start-up
venture while explaining the changes that
have occurred in the venture capital industry
since the dot-com bust.
Dr. Abbott Weiss, an independent
consultant and a Senior Lecturer at MIT, was
scheduled to lead a discussion on turnaround
funding, but was unable to attend. Schaufeld,
A LOOK AT JANUARY 2009’S MEETING
Fund it! Raising Money through the
Entire Business Life Cycle
who has known Weiss for many years,
stepped in and led the discussion using the
slides Weiss provided.
Schaufeld used examples from his own
involvement with turnaround situations.
Understanding the cash on hand on a daily
basis is something that many entrepreneurs
and CEOs do not pay attention to as much
as they should. Staying in touch with the
financials of the venture can prevent the need
for turnaround funding in the future.
Once it is clear that a company needs
turnaround funding, the first step is for a
team of consultants to determine where
money is tied up, such as in extensive
inventory, and where immediate operational
savings can be made. Once the bleeding has
stopped, through this triage-style process,
then the team can turn its attention to where
turnaround funding can be best utilized to
increase the profitability of the venture. No
one is going to just hand out cash to fund a
turnaround unless there is a clear under-
standing of both the measures being taken to
improve cash flow and the future prospects of
the venture.
A discussion on VC screening and due
diligence was led by Paul Tu, Principal at
by
BY STEPHEN MARINI
Committee members with ribbons help
answer questions.
Sponsors find ample time for networking at
each meeting.
WPI Venture Forum
RADIO SHOW
SATURDAYS, 5-7 PM*
WTAG 580 AM and 94.9 FM or
stream it live at www.wtag.com
• Tune into the WPI Venture Forum radio show
to hear interviews with area business profes-
sionals from a variety of industries.
• Call the show at 508.755.0058 to join
in the live discussion and pose your questions
on entrepreneurship and tech company
management.
• Want to be a radio program guest? Visit
wpiventureforum.org/Programs/radio.html
and click on the Guest Form link at the bottom
of the page.
See the calendar of events (page 7) for
upcoming speakers and topics.
*Sports events or late-breaking news stories may
occasionally pre-empt the regularly scheduled program.
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 5
Money through the
re Business Life Cycle
• To attract and leverage private investment
in Massachusetts companies;
• To foster the application of technological
innovations where Massachusetts com-
panies are, or can be, market leaders; and
• To nurture entrepreneurship among
Massachusetts citizens planting the seeds
for long-term economic development in
the Commonwealth.
The size of MTDC’s initial funding to an
applicant is determined by the capital needs
of the firm and the investment of the co-
investors. Initial investments can range up to
a maximum of $500,000. Most are in the
$250,000 to $500,000 range with MTDC
typically involved in three to five new
ventures each year.
As a case study, Doron Reuveni, who co-
founded uTest in February 2007, reviewed his
company’s recent experience in gaining start-
up and growth financing through MTDC.
Since its inception, uTest has provided
testing and usability services to dozens of
software companies worldwide. Reuveni
CONTINUED ON PAGE 6
Co-moderator Mort Rosenberg (left) fields audience questions for panelists Jerry Schaufeld,
Paul Tu and Doron Reuveni.
Massachusetts Technology Development
Corporation (MTDC), a leading-edge
venture capital firm that invests in the start-
up and expansion of early-stage technology
companies operating in Massachusetts.
In 1978, the Commonwealth enacted a
law creating the MTDC, which was estab-
lished to address the “capital gap” for start-up
and expansion of very early-stage technology
companies (see diagram below).
Through each phase of its existence,
MTDC has pursued the following four basic
objectives:
• To help create primary employment in
Massachusetts;
emphasized that in the very early stages,
investors are often betting on the skills of the
entrepreneur, as much as or more than the
actual idea or technology. Having great
references from CEOs, financiers, and
industry gurus can be a deciding factor in the
earliest stages of the funding process.
Proving to your current and prospective
investors that, as the founder and chief
executive, you are well aware of the cash
position of the venture and the effects of
securing large contracts that are under
negotiation is critical to maintaining the
The Capital Gap: What is it?
Revenue
($ millions)
Achieving
Liquidity Event
Negative
Returns
Start-up
Early Stage
Concept
Years
Typical starting point at
which venture capital
investment takes place
1
25
20
15
10
5
2 3 4 5 6 7
“Capital Gap”
administration with high distinction from the
Babson College Graduate School of Business,
a master’s degree in mechanical engineering
from Boston University, and a bachelor’s
degree in mechanical engineering from the
Middle East Technical University College of
Engineering.
The excitement continues with Andrew
Heafitz, lead engineer for Terrafugia, the
company that is building the revolutionary
“car that flies.”
A graduate of MIT with a BS and MS in
Mechanical Engineering, Heafitz received the
prestigious Lemelson-MIT Student Prize in
2002, a $30,000 award that annually recog-
nizes one member of the MIT community
for outstanding innovations. He brings 18
years’ experience in composite automotive
construction and testing to the Terrafugia
team. Heafitz has designed, built, and raced
light-weight composite solar cars across the
Australian outback.
Come and hear these three gifted people
relate their sales and marketing decisions and
doubts in pursuit of success and achievement.
Bring a colleague to enjoy what will be an
informative, entertaining and motivational
evening.
Market and Sell to Survive
CONTINUED FROM PAGE 1
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 6
Fund it! Raising Capital
CONTINUED FROM PAGE 5
credibility needed to secure additional
financing.
Within a few months of its initial startup,
uTest was providing software companies with
on-demand testing services by a global
community of professional software testers.
uTest assembled the first, exclusive, on-
demand worldwide pool of professional
software testers who deliver a full range of
testing services: functional, usability, load,
and performance testing throughout the
product development lifecycle.
The meeting concluded with the audience
questioning the panel of speakers on the
near-term prospects for VC funding in the
state, the industries most likely to receive
funding, and the possible effects of the
stimulus bill now under discussion in
Washington.
Stephen Marini is Assistant VP of Academic
Affairs & Director of Distance Learning at
Quinsigamond Community College and can be
reached at [email protected].
Spotlight on
Entrepreneurs
INVEN INC.
Dan McFarland
Product: Control systems for wood stove operation.
Automated combustion process reduces pollution and
increases efficiency and safety. Launch of this new
technology planned for 2009. Market size: 450,000
stoves shipped by manufacturers in U.S. annually
Seeking: $250,000 for continued product
development and marketing for launch
Phone: 508.631.4123
Email: [email protected]
Website: www.inveninc.com
LIGA SYSTEMS, INC.
Jim Foley
Product: Accelerated simulation board (five to ten
times faster than existing software) for chip and
system designers. Established team and product with
paying customers and Fortune 500 prospects
Seeking: $2 million “new Series A” for next three
months, $5m for 2009 to meet product development
milestones
Phone: 781.223.8134
Email: [email protected]
Website: www.ligasystems.com
The WPI Venture Forum invites entrepreneurs to
make a one-minute practice elevator pitch at monthly
programs. Content is limited to seeking investors or
potential partners, but not customers. Overhead slide
allowed and one pitch per season, per business idea.
For a helpful template and submission criteria,
please visit:
www.wpiventureforum.org/Programs/spotlight.html
WPI VENTURE FORUM NEWSLETTER FEBRUARY 2009 7
Sign up for the FREE
WBJ Daily Report at wbjournal.com
and don’t miss a beat!
www.wbjournal.com
Fresh Business News Daily Fresh Business News Daily
WPI GLOBAL
ENTREPRENEURSHIP MODEL
When University of Applied Sciences
Professor Rico Baldegger wanted to learn
more about global entrepreneurship, he
travelled from Switzerland to Worcester,
visiting the WPI Venture Forum during his
campus stop. As Academic Director,
Baldegger runs Switzerland’s first masters
program in entrepreneurship, a term not fully
understood in Central Europe, he said.
Now in its second year, the masters
program has 25 students who are encouraged
to work part-time while taking three days of
classes, in keeping with the school’s hands-on
learning approach. Together with Thomas
Buehlen of Swissnex, a public-private venture
with the Swiss consulate in Cambridge,
Baldegger is actively seeking opportunities for
their students’ thesis research. For more infor-
mation, contact McRae C. Banks, Manage-
ment Department Head, at 508.831.5218 or
[email protected].
APPLICATIONS OPEN FOR
MLSC GRANTS
Certified life sciences companies may apply
for $15 million in grant funding from the
Massachusetts Life Science Center (MLSC);
applications due by March 6. Due to state
budget woes, the first round of funding is
down from an initial $25 million, as discussed
at the September 2008 WPI Venture Forum
by presenter Susan Windham-Bannister,
PhD, MLSC president and CEO. Once
certified, early-stage companies can apply for
acceleration or innovation grants at
www.masslifesciences.com.
FULL HOUSE AT MBI
In a first for the facility, biotech incubator
Massachusetts Biomedical Initiatives (MBI)
has filled all its lab space, according to the
Worcester Business Journal. WPI Venture Forum
board member Kevin O’Sullivan, president
and CEO of MBI, told the publication that
one office was also converted into a lab.
VEGAWATT POWERS UP
The Five-Minute Pitch Contest’s “Audience
Choice” winner Owl Power Co. announced
in early January that its automated Vegawatt
™
system, which converts waste vegetable oil
into electricity and hot water, has powered
Finz Seafood & Grill in Dedham for more
than a month now.
2009 CALENDAR OF EVENTS
Monthly Programs
FEBRUARY 10 – Market It and Sell It – or Else!
Campus Center Odeum, 5:30-9 pm
MARCH 10 – Right Team at the Right Stage,
Campus Center Odeum, 5:30-9 pm
APRIL 14 – Deciding Your Company’s Future,
Campus Center Odeum, 5:30-9 pm
MAY 12 – War Stories and Lessons Learned,
Campus Center Odeum, 5:30-9 pm
JUNE 9 – Five-Minute Elevator Pitch Contest,
Campus Center Odeum, 5:30-9 pm
Radio Programs
FEBRUARY 7 – Finding Funding in a Strained
Economy, Itamar Chalif, Atlantic Capital
Solutions, 5-7 pm WTAG 580 AM/94.9 FM
FEBRUARY 14 – The Business of Love,
Entrepreneur Paul A. Falzone, Founder, The
Right One and Together Dating, 5-7 pm
WTAG 580 AM/94.9 FM
FEBRUARY 21 – Manufacturing Partnerships,
Andre Porter, Mass. Office of Small Business &
Entrepreneurship, 5-7 pm WTAG 580 AM/
94.9 FM
FEBRUARY 28 – How to Keep the Workplace
Safe, Fred Leland, Law Enforcement Security
Consulting, 5-7 pm WTAG 580 AM/94.9 FM
MARCH 7 – Find and Keep Good People,
Patricia Duarte, Decision Insight, 5-7 pm
WTAG 580 AM/94.9 FM
Networking Events
FEBRUARY 25 – Networking Event at Polar
Beverages, Worcester
EARLY APRIL – Networking Event, MBI at
Gateway Park, Worcester
MID-MAY – Networking Event at Nypro,
Clinton
Support Us!
B
ecome a WPI Venture Forum sponsor or
advertiser. Multiple opportunities for
monthly and/or special event sponsorships,
monthly advertising in Vantage. Call Gina
Betti at 508.831.5075 for more information.
News Briefs
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