Well, it’s that time of year again. That’s right, VC in the OC is back next Tuesday (May 24th) from 7am to 6pm at the Hyatt in Newport Beach. This year promises to be a major event with over 500 attendees. I’ve heard that the Real Housewives of Orange County will be in attendance, but a) I’m not sure it’s true and b) even if it is, I’m not sure what to make of that fact… I look forward to seeing you there!
One of my investment thesis is that the continued convergence of computing and communications technologies will drive innovation and adoption in the healthcare industry. I’m a big believer in convergence and multidisciplinary science and technology. In fact, you could say that I’m putting my money where my mouth is here.
If you’re similarly interested in such convergence, come to the next Orange County Venture Group event on July 21st to hear about health care information technology from several of the CEO pioneers and entrepreneurs who are surviving and thriving in this challenging market sector. We will swap stories about successes and challenges in customer adoption, and share assessments of opportunities and threats created by government regulations, health reform, and the economy (register at www.ocvg.com).
Oh-and there’s the $38B of U.S. Stimulus funds for “meaningful use” of healthcare IT.
There will be ample time for audience Q and A and we are expecting a PACKED house full of VCs, entrepreneurs, and various service providers.
For all you night-owl entrepreneurs who struggle to make it to our early morning affairs, we’ve heard you and are responding. Register FAST, this will “sell out” ’cause, what’s not to love??? Booze, food, digital media, and Laguna Beach… 3 of my favorite things.
At OCVG’s first evening event of ‘09, learn from some of the quickest minds in Digital Media how they’re challenging the powers that be, raising BIG $$$ from VC’s and creating some of the coolest companies on planet earth.As an added bonus, OCVG will host this mega networking event at [seven-degrees] in Laguna Beach — one of the hottest venues in Orange County.We’ll have lots of munchies and FREE wine & beer.Don’t miss out.Stake your claim and RSVP NOW at www.OCVG.com.Our panelists include:
Dennis Mudd, Founder & CEO, Slacker, Inc. – Slacker creates the perfect personalized radio station for every listener by combining the knowledge of music experts with your preferences..Since inception five years ago, the company has raised $53 million from “A-list” VC’s including Mission, Centennial, Rho, Austin Ventures and Sevin Rosen.Before Slacker, Dennis was CEO at MusicMatch, sold to Yahoo for $160 million in 2004.
Jason Feffer, Founder & CEO, SodaHead.com– SodaHead is the premiere opinion-based social community for user-generated Q&A on today’s hottest topics.Founded only two years ago, the company has raised more than $12 million from savvy investors including Mission Ventures, Mohr Davidow, the Tech Coast Angels and legendary Silicon Valley “über angel” Ron Conway.Before founding SodaHead, Jason was VP Operations at MySpace.
Mark Kern, Founder & CEO, RED 5 Studios Inc.– Red5 is an independent online game developer led by the talent behind Blizzard Entertainment’s Massively Multiplayer Online (MMO) hit, “World of Warcraft.”To help fund their drive to become the leading studio for creative, original MMO games for global markets, the company has raised more than $18 million from top-tier Silicon Valley VC’s Benchmark and Sierra Ventures.
MODERATOR: Bong Koh, Venture Partner, Prism Venture Partners – An expert in starting, growing and selling companies, Bong focuses on digital media and consumer Internet investments at Prism’s Santa Monica office.With $1.25 billion under management, bi-coastal Prism is a leading investor in digital media start-ups. Before joining Prism two years ago, Bong was a VC at Advanced Technology Ventures.Prior to this, Bong was co-founder of Mobilocity, a mobile solutions provider he sold to a joint venture of Qualcomm and global ad agency Omnicom.
If you haven’t already registered for VC in the OC, get to it as tickets have been going fast and we’re on track to sell out (again) this year. For details, and to register, visit VC in the OC. Like last year, I will be moderating a panel and will take any questions thereof in advance. The most common questions will be asked as well as a few “zingers” that I come up with real-time. Please submit your questions to me via email. Unlike last year, we’ve turned our program on its proverbial head and are featuring a panel of successful, local entrepreneurs (i.e., those that have done “it” before) rather than our standard panel of “VC talking heads”. We are also very pleased to welcome back Mark Heesen from the NVCA who will once again provide an illuminating keynote on the state of venture worldwide…nationwide…statewide…and, of course, here in our own backyard.
Special Request — I will be wearing two hats come VC in the OC: 1) President of the Orange County Venture Group; and 2) Guest “VC Blogger” Moderator…so please do yourself a favor and don’t pitch me on any companies until after the event. I’m easy enough to reach so you really shouldn’t feel the need to pitch me at the event. Simply send me an email and we can go from there.
Price for non-OCVG members to attend yesterday’s “Whiz Kids Get Rich” panel: $60
Cost to fill my tank so I could drive to the event: $60
Value of the breakfast served at the Pacific Club: $30
Hearing Dmitry Shapiro (CEO, Veoh) ask Peter Pham (CEO, Billshrink), Jason Feffer (CEO, SodaHead), Kerry Shih (CSO, Communicado), Jon Carder (CEO, MojoPages) and David Min (Principal, Steamboat Ventures) whether they wore boxers, briefs, or boxer-briefs only to hear Kerry respond “none of the above”… to an audience of mostly baby-boomers: Priceless!!!
A big thanks to Dmitry, Peter, Jason, Kerry, Jon, and David for a great panel yesterday. See ya around.
I’ve been spending a fair amount of my time these days working through exit scenarios and mechanisms for a couple of reasons so I thought I’d write a quick blurb on my thoughts. First, for the uninitiated, most (if not all) VCs invest for one simple reason: “The Exit”. “The Exit” is the euphemism given to the event wherein the investors are able to sell their shares of a particular company for money and, if done correctly, a lot of it (a.k.a. a liquidity event). While it is certainly nice to think that we are creating companies of great value that are changing the world and creating new jobs, the reality is that those are merely a means to an end. Simply put, we are in business to make money…period. Second, to the extent humans acquire knowledge of a subject matter through authority (i.e., experts, school, state, church, etc.) and/or experience, there is an upcoming opportunity to obtain such insight. The Orange County Venture Group (”OCVG”) is holding an event 7-9am on April 15th at the Westin South Coast Plaza that is essentially a case study on the Entropic [NASD: ENTR] IPO that is worth checking out. You can learn more about the event and register to attend here. Finally, it never ceases to amaze me just how much all capital markets (public AND private) seem to be driven by two simple emotions: Greed and Fear. Never is this fact more apparent than in the middle of an exit. Hope to see you on the 15th.
Hey all you OCVG’ers, mark your calendars for January 24th… The Orange County Venture Group is kicking off the new year with a VC Outlook 2008 at The Island Hotel in Newport Beach. Stay tuned for details.
Well, it’s that time of year again. Please mark your calendars for December 11th and visit OCVG to register to attend OCVG’s Annual Holiday Party. This year, we’re going to Disneyland!!! You can go on-line to register to attend and to get discounted tickets to the park so bring your family and come learn who was naughty and nice this year. The party is from 5:30pm to 7:30pm and you can see the details at OCVG. I look forward to seeing you all there!
I attended this morning’s Orange County Venture Group program: “That was fun — let’s do it again!” Serial Entrepreneurs Share Their Secrets of Success and thought I’d share my observations from the event. However, before I do, I want to recognize Jim, Scott, Al, and Ryan again for serving on the panel and for making it such a great session — thanks again, guys. Now, back to our irregularly scheduled programming…
We had Jim Armstrong (Clearstone Venture Partners) moderate a panel of seasoned, successful, serial entrepreneurs (I know, a rarity in these parts compared to Silicon Valley) that included Scott Painter (Zag, CarsDirect, Build-To-Order), Al Eisaian (Integrien, LowerMyBills, USWeb/CKS), and Ryan Steelberg (dMark, AdForce, 2CAN Media). Collectively, they have raised hundreds of millions of dollars and have had a number of successful exits totaling over $1B! As each panelist articulated his relevant background and how he got to where he is today, a few things stuck out: 1) they all know what they’re good at and what they’re not good at; 2) they have consistently surrounded themselves with great people; and 3) they’re always selling… What do I mean?
First, they each independently acknowledged that while they were good at taking a company from “0 to 1″, they weren’t / aren’t necessarily good at taking companies from “1 to 1,000″. As prolific inventor Kazuhiko Nishi puts it, “There are two types of creativity: the creativity of making zero to one, and the creativity of making one to 1,000.” The panelists realize that most founding CEOs don’t remain CEOs from inception to liquidity and have “mastered” taking companies from the inception point to the hand-off point to those CEOs able to scale the business after traction has been established. In general, the two activities are distinct, require different skill sets, and are geared to solving different problem sets.
Second, the panelists have consistently surrounded themselves with great people. They have sought out and hired folks capable of augmenting their skills and even manning the ship when they were away. I guess it just continues to prove the old adage, “‘A’ people hire other ‘A’ people.”
Finally, I asked the panel at what point they realized they had shifted from “sales mode” to “buy mode” in terms of raising capital for their various endeavors and they’re answer was telling — they’re always selling. The fact that these guys have been very successful, have investors constantly approaching them to fund their next endeavors, and yet still feel compelled to sell themselves and their visions says a lot about why they have been so successful in my opinion (see my previous post). Until next time, happy venturing.
