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2010 Year-In Review

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2010 Year-In Review EntrepreneurZell Lurie Institute Year-in-Review FALL 2009/WInTER 2010 www.zli.bus.umich.edu FRoM THE ExECUTIVE DIRECToR In THIS ISSUE THoMAS C. KInnEAR With our reputation as a national leader in entre- Wolverine Venture Fund preneurship education firmly established during the Frankel Commercialization Fund past decade, the Samuel Zell and Robert H. Lurie Social Venture Fund Institute for Entrepreneurial Studies has continued to innovate deepening its substantial footprint on Awards & Scholarships the entrepreneurial ecosystem within the Stephen Marcel Gani Internships M. Ross School of Business, across the University Business Plan Competitions of Michigan campus and throughout the state of Entrepreneurial Multidisciplinary Action Projects Michigan. Within these pages many different venues Dare to Dream Student Start-up Grants are represented that serve to enrich the complex TechArb Incubator for Student Start-ups mosaic of new-venture creation and venture-capital Entrepreneur & Venture Club Highlights investment where our students learn and our gradu- ates pursue fulfilling careers. Thank you for your Institute’s 10 Year Anniversary Celebration continued support and participation as we prepare Entreplaooza Entrepreneurship Symposium our students for entrepreneurial success. Michigan Growth Capital Symposium Michigan Private Equity Conference Wolverine Venture Fund: Achieves Record $2 Million Return on HandyLab Acquisition Fund Award Recipients Michael Godwin and Jason Townsend (MBAs ’10) were honored with the David T. Shelby Award for their The acquisition of HandyLab Inc. by Becton Dickinson and Company in outstanding leadership of the Fund, in honor of the WVF’s first alumni manager and co-founder, David Shelby. november 2009, provided a record-setting $2 million return on the fund’s strategic venture capital investments in HandyLab increasing the WVF Student Members fund’s size to $5.2 million. In January 2010 Mobius Microsystems, MBAs ‘10 MBAs ‘11 another company in the fund’s portfolio, was acquired by Integrated Katie Austin Gil Adato Device Technology, Inc. providing yet another return to the fund. Luis Calderon (MBA/MS ’10) Jacob Cohen (JD/MBA ’11) Venkata Srikanth Chakka Joseph Dertouzos HandyLab was added to the WVF portfolio in 2000 when the fund participated in the company’s “Series Carrie Frost (MACC ’10) Renata Gomide A” round. Between 2000 and 2005, WVF invested $350,000 over six rounds and, upon exit, earned Michael Godwin Michael Johnson (MD/MBA ’11) a six-fold, cash-on-cash return. Approximately 100 Ross students participated in the fund’s investment Arie Jongejan (MBA/MS ’10) Erica Kang activities over that time span. overall, HandyLab raised a total of $47 million in seed and early-stage Thomas Leahy (MBA/MS ’10) Ada Kong financing from a pool of investors, including Ann Arbor, Michigan-based EDF Ventures, who helped found Carlos Matos Jack Li (MD/MBA ’11) the company and provided the seed capital, as well as Ardesta and Arboretum Ventures. Alex Melnyk Chad Marchewka Luca Testa Joshua Mellinger The HandyLab acquisition is not the fund’s first “home run.” Students also directed WVF’s investment of Jason Townsend William Pucillo $250,000 over four rounds in IntraLase which became the first firm in the fund’s portfolio to go Matt Turner nirav Shah public. In 2004, the WVF sold its shares in the initial offering, returning over $1 million in proceeds and Aniebiet Udofia Kanishka Thakur Wolverine Venture Fund expanding the overall size of the fund. Elizabeth Uhlhorn (MBA/MS ’10) Paul (Zihao) Wang Wolverine Venture Fund The Wolverine Venture Fund, launched in 1997, is the first student-run venture fund in the United States MBA ‘12 and a signature program of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies. The Pingan He fund is thankful to the venture funds who support participation of the in their deals and to the advisors for their leadership and guidance. Advisory Board Peter Adriaens, PhD, PE, U-M College of Engineering pp.2- Portfolio Investments Investment Partners Peter Bardwick (MBA ’84), Zecco Holdings Inc. 3 Mary L. Campbell (MBA ’79), EDF Ventures Accord Biomaterials April 2008, october 2008 Arboretum Ventures, Sigvion Capital Timothy M. Mayleben (BBA ’94), Arbor Photonics February 2009 RPM Ventures Aastrom Biosciences Jonathan P. Murray (MBA ’88), Delphinus Medical Technologies May 2010 Arboretum Ventures Early Stage Partners Direct Flow Medical March 2005, EDF Ventures, Spray Ventures, Johnson & Timothy B. Petersen (MBA ’98), September 2007, october 2009 Johnson Development, Foundation medical Arboretum Ventures – Partners, Vantage Point, ePlanet Alumni Investment Manager Environmental operating Solutions July 2008 EDF Ventures, Angel Investors Mina Patel Sooch, Apjohn Ventures Fund HandyLab Inc. August 2000, november 2001, EDF Ventures, Arboretum Ventures, Ardesta, Donald Walker, Arbor Partners June 2002, May 2004, December 2005 Pfizer Ventures Steven D. Weinstein (MBA ’98), IntelePeer January 2008 EDF Ventures, Kennet Venture Partners, IVA Fund, Novartis Venture Fund Vogen Fund, Black Steel Investments Marc Weiser (MBA ’00), RPM Ventures Intelligent Clearing network May 2010 Early Stage Partners Faculty/Staff Lycera Corporation July 2008 EDF Ventures, Angel Investors Richard (Erik) Gordon, JD, Faculty Advisor Mobius Microsystems April 2004, november 2007 Waypoint Ventures, Angel Funds, Menlo Ventures, Thomas C. Kinnear, PhD, Faculty Advisor Foundation Ventures Carolyn M. Maguire, Administrator nanoBio March 2006, november 2008 Angel Funds, Perseus LLC nanocerox, Inc. november 2005, December Angel Funds 2006, May 2008 Quantum Learning Technologies (Kabongo) April RPM Ventures 2008 Rhevision Technology March 2006 EDF Ventures, In-Q-Tel Ventures SilverPop Systems August 2000 Draper Fisher Jurvetson Cover: Wolverine Venture Fund celebrates HandyLab acquisition Top: Celebrating the Handylab acquisition, november 2009. Bottom: Wolverine Venture Fund student and advisory board members, Fall 2009. Frankel Commercialization Fund: Social Venture Fund: Trailblazing Program Puts Social Student Run Pre-Seed Fund Invests in Two Firms Enterprise at the Heart of Entrepreneurial Education The Frankel Commercialization Fund, the country’s first student-led Launched in September 2009, the Fund is the first student-managed pre-seed investment fund, announced two new investments this year in venture capital fund in the U.S. to invest in mission-driven, social-enterprise Accio Energy and Ambiq Micro. To date, the fund has invested close to start-ups. The Social Venture Fund is the third fund in the Zell Lurie $400,000 in five companies. Institute’s family of student-led funds. The other two funds are the Wolverine Venture Fund, which invests in early-stage, emerging growth companies, The Frankel Fund was established in 2005 to identify and accelerate the commercialization of ideas and the Frankel Commercialization Fund, which provides pre-seed capital generated within the University community and the surrounding area. The team adopts a hands-on to identify and accelerate the commercialization of ideas generated within approach to investing that leverages the talents and resources available at the Stephen M. Ross School of the University of Michigan community. Business at the University of Michigan to make a real impact for the entrepreneur and the University. The Frankel Fund is organized into student teams that function as independently financed venture capital Building upon the Ross School’s leadership position in integrating social and environmental responsibility companies providing very early-stage company investing, often known as “seed or pre-seed” investing. into business education, the Social Venture Fund has been initially funded by a class gift from the Ross Each student team reports to a board of directors comprised of venture capitalists, entrepreneurs, industry School of Business MBA Class of 2010 and will be managed by Gautam Kaul, Professor of Finance. experts and CEos who provide additional mentoring and learning opportunities for the Ross School students. Ultimately, the fund will provide early-stage investments of up to $200,000 to for-profit organizations that can deliver “double bottom line” return — a combination of standard profit measurement and measurement of social impact — in industries ranging from financial services and healthcare to food and nutrition and Investments urban revitalization. Fourteen Ross School of Business MBA students manage the fund, which is supported Accio Energy is an Ann Arbor-based developer of an innovative wind energy system. (June 2009) by Kaul and a four-member student advisory board. Ambiq Micro is an Ann Arbor-based developer of next generation energy-efficient microprocessors that Student Founders Faculty Frankel Commercialization Fund have the potential to substantially extend the battery life of wireless devices. (August 2010) Luis Calderon (MBA/MS ‘10) Gautam Kaul, Managing Director Social Venture Fund Gilad Meiri (MBA ‘10) Arbor Photonics is an Ann Arbor-based developer of optical fiber technology that enables high-power Eric Rosenthal (MBA ‘10) fiber lasers to be used in a variety of new materials-processing applications in the automotive, electronics Michael Yifrah (MBA ‘10) and aerospace industries. (november 2007) Inaugural Student Members BeholzTech Inc. is a Flint, Michigan-based company that effectively coats polyolefin plastics, making Anita Bhat (MBA ’11) pp.4- them easier to modify and adhere to other materials. (May
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