TCVN Forum Provides Entrepreneurs with Roadmap to Where Their Companies Fit Within the Orange County Funding Landscape

Business Wire,  Jan 14, 2004  

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Business Editors

TUSTIN, Calif.--(BUSINESS WIRE)--Jan. 14, 2004

Entrepreneurs will have the opportunity to learn how to successfully navigate the Southern California marketplace to find the right funding from the right source at the first Tech Coast Venture Network event of the year on Thursday, Jan. 22, 2004 from 6 p.m.-9 p.m. at the UCI University Club in Irvine.

"Raising Money: Where does your Company fit within the OC Funding Landscape" will provide entrepreneurs with the insights of top industry professionals on where their companies fit within the regional funding landscape. In addition, panelists will provide both quantitative and anecdotal data on actual funding trends and experiences in 2003 as well as projections for 2004.

Scheduled TCVN Forum speakers are Renee E. Labran, partner, Rustic Canyon Group; Brian Garrett, principal, Palomar Ventures; David Witherow, formerly of VentureOne; and Robert Anderson, Specialty Finance Division, Silicon Valley Bank. The panel moderator is Ivan Gaviria of Manatt, Phelps & Phillips, LLP, the event sponsor.

According to TCVN Chairman Patrick McCormick, Southern California entrepreneurs who seek funding for their enterprise face an often daunting multi-part task. First they must learn what type of investor is the right fit for their stage of development and capital needs. Do they need equity investment or is debt capital more appropriate? Should they be talking to angels, VC's or strategic/corporate investors? Once the field has been narrowed, the entrepreneur must then understand whom he or she should be talking to within that category. For example, which VC's are the "A" round, early-stage players versus the follow-on investors and mezzanine funds? Does Fund X invest in enterprise software, medical devices, neither or both?

As the entrepreneur learns more about these potential partners, he or she needs to learn how to critically evaluate his or her own business as well. Is their enterprise nothing but a business plan and a gleam in the CEO's eye; is it a beta product with five Fortune 1000 customers signed up or is it a revenue generating business that needs expansion capital to get to the next level? How much money is the right amount? Do they understand the long-term difference to the founders between taking $2 million at a $5 million valuation today and taking $500,000 today in order to hit the milestone that allows them to follow with $1.5 million at a $10 million valuation in six months?

Palomar Ventures was launched in 1999 by veteran venture capitalists to focus on early stage information technology companies that demonstrate the potential for exceptional growth and market leadership. The founding principle of Palomar is teamwork; the company works closely with their portfolio companies to assist them in achieving their objectives. The partners at Palomar have contributed their energy, strategic insight, network of corporate relationships and recruiting skills to assist in building nearly 50 public companies.

Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success.

Rustic Canyon Ventures (www.rusticcanyon.com) is a venture capital firm with an investment focus on technology companies located principally on the West Coast. Rustic Canyon Ventures currently manages in excess of $650 million and is the largest venture capital firm based in Southern California. The firm recently formed its second fund and extended its coverage of resources beyond Southern California and Silicon Valley to include the Pacific Northwest.

Ivan Gaviria specializes in legal representation of emerging growth technology companies and the venture capital firms, angel investors and investment banks that finance these companies. His practice includes strategic counseling as well as venture capital and other equity financings, public offerings, mergers and acquisitions, equity compensation matters, and corporate governance.

Manatt, Phelps & Phillips, LLP provides legal and consulting services to domestic and international clients from offices in Los Angeles, Orange County, Palo Alto and Sacramento, Calif.; New York City and Albany, N.Y.; Washington, D.C.; and Mexico City. Its wholly owned subsidiary, Manatt Jones Global Strategies, LLC develops and implements strategies to expand clients' businesses and facilitate their effective competition in global markets. For more information, visit www.manatt.com and www.manattjones.com.

For further information, contact Josh Weil, executive director, Tech Coast Venture Network via e-mail at execdir@tcvn.org, by phone at 714-505-6493, by fax at 714-669-9341 or on the Web at http://www.tcvn.org/. TCVN is located at 195 South C St., Suite 250, Tustin, CA 92780.