Getting Initial Money to go from Nothing to Something

Meeting Overview:

Are you trying to launch or grow a startup business?

Do you need money but just can't find it?

Not ready for angels or VC investors? Or already turned down?

You need to build your company and need money to do it -- but how to do that?

This panel tries to answer those questions:

• How to build your company from nothing to something;
• How to do it without VC or angel money;
• How to get non-investor first funding and further cash equivalents; and
• How to cut corners to lower burn rate as you build value in your company.

The panel is comprised of two serial entrepreneurs who are also angel investors and the head of Massachusetts Business Development Center, with an attorney moderator skilled in representation of early stage companies.

The panel will focus on getting initial money from non-traditional sources when VCs and angels won't help and friends and family are tapped out. The panelists will speak from experience to show you how they've used SBIRs and governmental grants, strategic partnering and customer funded development. They will also mention current State and Federal governmental programs and developments in private foundations and universities.

Additionally, the meeting will offer attendees techniques for bartering services as you bootstrap your enterprise -- techniques to get money and value equivalents -- goods and services for nothing or at a reduced cost. The meeting will also offer techniques to reduce your burn rate for survival -- to keep costs to a minimum and for managing your cash to go as far as possible.

Investors want to see something before they invest. Yet it takes money to make your company into something to interest investors. It's a catch-22. This panel offers techniques to show you how to break out of that conundrum -- to take your company from nothing to something, and to do so without VC or angel funding.

Panelists:

Jeff Behrens, MS & MBA
Entrepreneur & Investor, Head of Business Operations of "BI3" - The BiogenIdec Innovation Incubator, BiogenIdec, Inc.
BI3 makes equity investments in discovery-stage biotechnology companies and provides lab space, scientific expertise, and business management to launch these startup companies using an innovative model for drug development investing. Previously Jeff founded an IT managed services company, The Telluride Group, which was successfully sold to mindSHIFT Technologies in late 2003. From 2004 - 2006 Jeff consulted with a number of biotechnology venture capital firms while completing graduate work at MIT and Harvard Medical School. Jeff is also an angel investor and a member of MIT's Venture Mentoring Service. Jeff also volunteers with several community organizations including the Museum of Science and the Harvard Alumni Association and sits on the boards of Finale Restaurants and Marble and Granite, a mid-market importer and distributor of building materials. Jeff was also a member of YEO (Young Entrepreneur's Organization) from 1997 - 2004, and served as President of the Boston Chapter and board member of YEO International.


Donald C. Freeman, Jr., PhD
Angel Investor, Member of Boston Harbor Angels
Don was president/CEO of HydroCision, Inc., a fluidjet-based medical device company, from 1996 to 2002, when he retired, remaining on the board. From 1996 until 2000, he was also Chairman, CEO and a Director of RadioMed Corporation, a developer of medical devices incorporating radioisotopes for inhibition of cellular proliferation. RadioMed was acquired by IBA in 2000. Prior to 1996, Dr. Freeman was a Principal of Grayson and Associates, an investment banking firm specializing in the healthcare field. Previously, he was president/CEO of Intra-Sonix, Inc. and Xenotech Laboratories, both medical device companies. Still earlier, he was President of Davol, Inc., which was acquired by C.R. Bard, after which he served as a Group Vice President of Bard. Before Davol, he was President of Friesen International, a hospital design firm owned by American Medical International. He was Director, New Business Development for Union Carbide Corp., where he was also General Manager of its clinical diagnostics, radiopharmaceuticals and imaging businesses. Dr. Freeman's early career was as a scientist at Union Carbide. He holds an ScB from Brown and a PhD in chemistry from the University of Maryland, and did post-doctoral research in physics at Duke. He is inventor or co-inventor on some 19 US patents. He attended the Harvard Business School Advanced Management Progam and has been a Director of numerous companies, public and private, in the healthcare field. He is currently on the board of PhotoBioChem (Leiden, NL), SemiNex (Mass), Medical Record Bank (Mass), Electrolyzer Corporation (Mass) and Pluromed Corporation (Mass). He holds investments in those companies, in addition to 6 other early-stage ventures.

Margaret Somer, MA
Regional Director, Massachusetts Small Business Development Center at Salem State College (Northeast Region)
Margaret joined the Small Business Development Center (SBDC) at Salem State College in 2005 as its director, after four years as director of the Small Business Development Center and Minority Business Center at UMass Boston. Previously, Margaret worked for 14 years in economic and business development at Massachusetts Community Development Finance Corporation (CDFC). There she served as external affairs officer and later, fund manager of the $10 million Urban Initiative Fund. She has consulted with several economic development groups and for a short time, managed a bi-national trade organization and a technology incubator. Margaret is a board member of the Creative Economy Association of the North Shore (CEANS) and participated on the Bertolon School of Business Advisory Board at Salem State College, the MA Community and Banking Council, the Swampscott Elections Board and the Swampscott Town meeting. She has participated in the development of new business products and programs, community development initiatives, and public affairs and government relations. Margaret has a BA from Boston University and an MA from Tufts University. She completed her thesis at Tufts in 1999 on the turnaround of Ireland's economy, the role of the European Union and the country's emerging small business sector.

Moderator:

Robert Adelson, JD, LLM
Partner at the Boston Law Firm of Engel & Schultz, LLP, has been a corporate and tax attorney since 1977. He began as an associate at major New York law firms Dewey Ballantine and Weil Gotshal & Manges, before returning home to Boston in 1985 where he has since been a partner in small and medium sized firms. Rob's clients are (1) early stage companies, (2) independent consultants, (3) senior executives and key employees, and (4) family businesses. His main practice areas are: business formation and finance; commercial contracts, licensing, alliances; executive employment, stock, options and severance; trademarks, copyrights; M&A. Rob is a frequent speaker and author of articles published by Boston Business Journal, Mass High Tech, Family Business Magazine, Genetic Engineering News, Culpepper Letter and others. A member of the MA and NY bars, Rob is also Vice-Chairman of Boston Entrepreneurs' Network and a 128 Innovation Capital Group board member. He holds degrees from Boston University, B.A., summa cum laude, Phi Beta Kappa, Northwestern University (Chicago), J.D., Law Review, New York University, LL.M. in Taxation.