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It is hard to believe that it has been 30 years since the New Enterprise Forum was founded back in 1986 with an idea Tom Porter could not ignore. Entrepreneurs needed a community of support and training to help their fledgling companies take flight. As they do today, business professionals volunteered their time and expertise developing a team coaching approach that is still as unique, valuable and relevant to entrepreneur’s growth as it was ‘back in the day.’ New Enterprise Forum has become known as a safe place to learn the fine art of pitching to investors to get that first meeting that will lead to future funding.

So it is with pride and gratitude that this NEF 30-year Book was compiled for your enjoyment. As you look through the pages, we hope you will share in the pride of all of these accomplished entrepreneurs, whether their businesses were successful or not. They had the guts to try. Perhaps, you were a part of their adventure. We hope you will share in our gratitude to all the NEF supporters. We would not be here today if it were not for the hours our members, coaches, boards, investors, stakeholders and partners have generously donated over these many years. To all the entrepreneurs, thank you for allowing NEF to be a part of your journey.

Were you one of our intrepid entrepreneurs? Share your story with us . . . where are you and your company now? How did NEF help facilitate your success? Email social@NewEnterpriseForum.com and we will post your story on our social media networks.

Happy 30th Anniversary NEF!

Please join me in welcoming Vivek V. (Vic) Havele as our newest NEF Board member. In his new NEF role, Vic will be our NEF News Article Director. He brings a wealth of experience and expertise to our organization. Vic is the President of CAEtech International, Inc. provider of engineering & Information Technology Services to the automotive and non-automotive industry. He is Founder & CEO of Rockstar Innovations which is launching a non-profit organization/portal “iendeavor.org” for helping entrepreneurs in successfully launching technology ventures through coaching, mentoring and partnering. Vic is also President of People Forge Technologies which is engaged in developing and implementing PeopleForge Talent Solutions such as StemTalent, SeedTalent, GlobalTalent etc. for diverse market segments. He has served NEF as a business coach helping entrepreneurs be successful. Vic is also currently serving as an I-Corps mentor for a tech startup from University of Michigan and recently mentored two teams in the Lawrence Technological Universities’ I-Corps program. Vic holds a Master of Science degree in Mechanical Engineering from Marquette University, Wisconsin, Business Executive training from Tuck School of Business, New Hampshire and Loyola School of Business, Maryland.

The 6^th Annual Accelerate Michigan Innovation Competition (AMIC) was held in Detroit November 4-5, and New Enterprise Forum salutes all participants for their efforts.  Special congratulations go to $100,000 Prize Winner Genomenon, an NEF coached company presented by our own Board member Steve Schwartz!

Of the 55 semi-finalist teams from around the State, almost one quarter of them had received coaching from NEF Teams:

·         ArborLight                             Beet Analytics                      Civionics                               ContentOro

·         GAPro System                      Genomenon                         LogiCoul Solutions

·         MakerOS                               MyFab5                                  PhaseIQ

·         PicoSpray                              SurClean                               Workit Health

In addition to Genomenon, WorkitHealth qualified as one of the ten finalists.  ArborLight (Alternative Energy), WorkitHealth (Information Technology) and PicoSpray (Advanced Transportation) won top awards in their categories.

 AMIC is not just a business plan competition, but also a great event for networking and connecting with potential investors.  Several of our presenting companies reported getting requests for follow-up meetings from investors.

 New Enterprise Forum is proud of the work it does to help entrepreneurs connect with potential investors, and congratulates this year’s AMIC winners.

Ever wonder how venture capitalists and angel investors decide on whom to invest in? Or how many pitches they see in a year?

The panelists at the September NEF Forum meeting answered those questions and more. So far this year Dave Gregorka of Baird Capital has seen 75-100 pitches and Tom Shehab of Arboretum Ventures 125-150. That’s a lot of pitches. If you are an entrepreneur seeking funding you likely often wonder, how does one pitch prevail over others and what are VC’s looking for?

All panelists agreed on the importance of seeing “due diligence” in the teams they review.  Doug Finch, who is involved with angel investors groups, looks at how good the team is (CEO, etc), the size of the market, and what exit strategy they are aiming for. It’s important the entrepreneur knows the “lay of the land”, stresses Doug Gregorka. Doing the research to understand whom funds what enables entrepreneurs to focus on those VCs and angels who they have the best chance of getting some interest from.

Following a question from the audience about whether $15 million is too much to raise in Michigan, moderator Emily Heintz, Associate Director, Michigan Venture Capital Association, noted that 56% of capital comes from out of state. She added that Michigan does welcome activity from other states. The rise of syndicates that organize to fund a particular venture adds to multi-state funding. Gregorka confirmed, “The midwest is used to syndicating”. It was agreed that $15 million is not too much to raise in Michigan. “If the deal is right we’ll find the money”, Gregorka summed up.

Regarding where the VC money is coming from these days Finch said that lots of “quiet money” is coming from conservative Michigan investors–what is often thought of as old money. And, when deciding who to approach, don’t worry too much about what a VC or angel has invested in in the past.  “A VC might want to balance their portfolio so don’t rely on past investments too much”, adds Gregorka.

To learn more about the investment community two books were recommended. Angel Investing by David S. Rose talks about how to become and angel investor. Venture Deals by Brad Feld and Jason Mendelson deals with the mechanics of negotiating the deal. It’s important to remember that a VC can bring more to the table than just the check.