16 April 2015
The Good, The Bad & The Ugly
There are certain things investors are looking for in the financials presented by entrepreneurs in their executive summary or initial investor pitch when they are seeking funding. Although no forecast can be counted on with certainty, investors look for a reasonable business model, expectations of sales growth and cash flow, P&L forecasts, and valid assumptions behind any plan. They also look for red flags: sure signs that the numbers are not to be trusted and that the founding team might need too much help.
Patti Glaza, serves as Managing Director of the First Step fund and Detroit Innovate. She has more than 20 years of experience in the development, implementation and commercialization of advanced technologies. Patti serves as a resource to startups and as an advisor/board member, including: Michigan Venture Capital Association, The Great Lakes Protection Fund, NSF I-Corp, University of Michigan's MTRAC - Advanced Transportation Technologies and Venture Center Council, and The Clean Coalition. Prior to joining Invest Detroit, Patti was with Arsenal Venture Partners, a multi-stage national venture capital firm focused on IT, energy and industrial technologies. She has served as the CEO and executive management of several startups in the nanotech, energy, and healthcare IT sectors. Patti is a graduate of Michigan State University from the James Madison and Honor's Colleges with a Bachelor's in International Relations and Economics and has an MBA from the University of Michigan, Ann Arbor.
Michael Godwin is Managing Director of Resonant Venture Partners. He has worked with venture backed startups in the software, consulting, wireless and online commerce industries since 1996. He currently serves on the board of directors of Accio Energy and Pinoccio. Michael is a former Managing Director of the Wolverine Venture Fund's student advisory board at the University of Michigan. Prior to his role with the Wolverine Venture Fund at the University of Michigan's Ross School of Business, he was a consultant and software engineer with Menlo Innovations, the Independent Online Distribution Alliance and WebCrawler, and Zengine/MCSI. Michael holds an MBA from the University of Michigan and a Bachelor of Music degree from Berklee College of Music, Boston.
Dave Gregorka is a Venture Partner for Baird Capital. He also works as a Mentor-in-Residence at the University of Michigan Office of Technology Transfer and is an active consultant. He serves on the Invest Michigan Board, is an observer on the Molecular Imaging, Inc. Board, and regularly volunteers his serves to startups and others in the entrepreneurial community. Previously, Dave was an operations executive who has been part of successful startup teams for two new companies, Consortium for International Earth Science Information Network and HealthMedia, Inc. He helped to grow both to successful exits. Dave has raised over $20 million in venture capital and grants, and has expertise in new ventures leadership, fund raising, M&A, corporate administration, technology management, financial leadership, client services, and operations management. He holds a BS in Biology-Geology from the University of Rochester, an MS in Water Resources Management from the University of Michigan, and an MBA from the University of Michigan Ross School of Business.
Lee Gorman, Owner, Barton Consulting Services LLC and Management Consulting Consultant Lee Gorman is an executive with over 25 years of experience in strategic, business, and product planning, implementation, marketing and leadership. Ms. Gorman has done extensive work for local non-profits and early-stage companies. She works with Ann Arbor SPARK’s Business Accelerator services, and coaches through organizations including New Enterprise Forum, Great Lakes Entrepreneurs Quest, UM’s Center for Entrepreneurship, the Cleantech Open, and Shifting Gears. Formerly a Chief Engineer and Product Planning Director at Ford Motor Company and Manager, Strategic Planning at Allied Signal Automotive, Ms. Gorman holds an MBA and a BBA from the University of Michigan Ross School of Business and a BSME from Lawrence Technological University.