21 April 2016
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. In this month's forum, we hear from an angel investor, a social impact investor and a pre-seed investor.
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.
Jamie Shea, oversees all aspects of investing at Mission Throttle from deal sourcing to portfolio management. He recently completed a dual master’s degree at the University of Michigan’s Ross School of Business and School of Natural Resources and Environment, graduating with high distinction. While working at the University, Jamie focused on developing new models of sustainable finance and using principles of cognitive psychology to promote environmentally responsible behavior. During his time there he was one of the Directors of the UM Social Venture Fund, the first student led social venture fund in the country, and directed the 2010 Net Impact National Conference. Jamie is also the Co-founder of the Icon Group, a multi-disciplinary hospitality company that designs, develops and operates nightlife, restaurant and event spaces around the country. One of the venues, La Condesa, received a James Beard nomination for best new restaurant in the country and was voted best restaurant in Austin. He received a B.A. in Government and Environmental Policy from Bowdoin College and spent his early career working on public lands policy for the Idaho Conservation League.
Kathy Nagy, brings her entrepreneurial background to the world of angel investing by identifying promising Michigan-based start-ups; providing mentoring support and consulting and, when appropriate, financial investment. Kathy began her foray into Angel investing in 2012 to support her desire to give back to promising entrepreneurs with her unique combination of experience, leadership and passion for navigating the crucial early years for promising start-ups. Her expertise is built on a solid foundation based on her own entrepreneurial endeavors – most notably twelve successful years as founder and CEO of Strategy Network, a highly respected strategic marketing agency serving automotive, financial, insurance and non-profit industry clients – in addition to prior stints on the corporate marketing staff of General Motors as well as serving as Vice President of Marketing for Jackson-Dawson Communications. Kathy currently holds several Board Director and Advisory positions and her consulting practice specializes in business strategy with an emphasis on the critical need for integration across all business functions to achieve long-term success while minimizing risk. She also enjoys providing executive coaching to promising entrepreneurs who demonstrate their own passion to learn and succeed.
Lee Gorman, Owner, Barton Consulting Services. Lee is an executive with over 25 years of experience in strategic, business, and product planning, implementation, marketing and leadership. She has done extensive work for local non-profits and early-stage companies. She works with Ann Arbor SPARK’s Business Accelerator services, and coaches other entrepreneur support organizations to help high tech startups commercialize their technologies. Lee was Formerly a Chief Engineer and Product Planning Director at Ford Motor Company and Manager, Strategic Planning at Allied Signal Automotive. She holds an MBA and a BBA from the University of Michigan Ross School of Business and a BSME from Lawrence Technological University.
Mark your calendar. The meeting opens at 5:00 pm with networking and appetizers. Around 5:45 pm, the program portion of the meeting begins with an introduction from our President including upcoming entrepreneurial events and past NEF Showcase Presenter news. The program continues with our featured Showcase Presenter(s) who are graduates of the NEF coaching process. Depending on the month or otherwise noted, the program includes the engaging NEF Pitch Pit or intriguing topic and panel. The program typically finishes at 7:15 pm with more networking afterwards. Please feel welcome to join us.