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EXCLUSIVE POST - I live in Charlottesville, Virginia, and therefore can enjoy all the public events that the University of Virginia has to offer. The Venture Summit is one of them and I have been going for the past 2 years.
I love change, innovation, entrepreneurial spirit and listening to really smart people. The Venture Summit has all of that! The brochure that I was given upon registering (it’s free, by the way) says,
“Welcome to the University of Virginia’s Annual Venture Summit, where venture capitalists and alumni from top investment firms across the nation join with innovative researchers, academics and students to share a discourse about the frontiers of fields where the future is shaped”.
The Summit takes place on the UVA Lawn in Old Cabell Hall. Tom Skalak, VP of Research welcomed the audience and the speakers, and the program was underway.
Stephen Dolezalek from VantagePoint Capital Partners and Aneesh Chopra from the Advisory Board Company were on the first panel. I had just seen Aneesh at the MATRC meeting where I interviewed him on mobile health for HealthWorks Collective. He is extremely personable and a great and charismatic speaker. It would not surprise me if he had political aspirations.
Aneesh talked about the need for innovation and the possibility of numerous grants for start-up companies. It is important for small business ideas and ventures to get the money they need because that's how the economy has grown in the past.
"It's important because almost 80 percent of all the net new jobs in America going back 20 years came from companies that were less than five years old," said Aneesh, "A lot of those companies come out of those research groups like the ones here."
Stephan Dolezalek also emphasized that job creation in the US comes mainly from start-ups and therefore it was all-important for the country to acknowledge and support them. As an important side-note (I thought) he said that the value of a start up was computed as follows:
50% CEO
25% Other principal members
25% Technology
I thought it was interesting to note that (according to Mr. Dolezalek) one person was responsible for 50% of the value of a start-up company.
Mark Crowell was the moderator for this panel. Mark is Executive Director of UVA Innovation, a new and important initiative.
“Launched in January 2012, this University-wide initiative:
- Accelerates the adoption of innovative U.Va. technologies in the market by cultivating mutually beneficial relationships with industry and other strategic partners
- Grows the local economy by providing U.Va. entrepreneurs with useful resources, guidance, mentorship and networks to launch innovation-based business ventures
- Facilitates research advances and the dissemination of knowledge by providing U.Va. researchers and their collaborators with the tools to protect and share their innovative discoveries”
Visit the UVA Innovation Webpage; it is quite interesting and comprehensive. You will see how to disclose an invention, license a discovery, find a mentor, request an presentation or find any number of resources or people who can help with an idea, a start-up or a new business venture.
During this panel and as a critical part of the Jumpstart Our Business Startups ( JOBS Act), crowd-funding was discussed. Thanks to the JOBS Act, local investing in job-creating small businesses is now legal. The average investor now has a chance to revive Main Street economies across America. Crowdfunding was applauded for the good that it will do for new businesses and its investors.
Mark Warner, US Senator of Virginia did not make a face-to-face appearance, but was beamed in on a large screen, and spoke on the need to grow the American Economy by stimulating innovation and creating jobs. The Senator emphasized that this was a bipartisan effort and crucial to the well-being of the country. Recently Senator Warner was instrumental in pushing through three provisions in the JOBS Act, which was signed by President Obama on April 5. He is currently working on a follow-up to the JOBS Act, which he hopes will bring even more ideas to fruition.
Warner said that it is important that ideas that start in the US get developed in the US. Right now, that is not the case. Many bright students come here for an education, formulate brilliant ideas and then go home to develop them. There needs to be a “Start-Up Visa”, says the Senator, so that more entrepreneurs will be able to stay in the US and create companies to develop their ideas.
The stage was then set for Venture Capitalists and Start-Ups to interact. Panelists spoke of the Challenges for Traditional Businesses in a Digital World, The Role of Corporate Venture Capital in Life Sciences, and Thought Leadership. A reception and dinner followed the first day’s discussions.
The next day was set aside for Start-Up pitches judged by a panel of top executives, and a Venture Fair where all Summit attendees could mingle and network. Numerous start-up companies set up booths at the fair with hopes for visibility and/or funding prospects.
This Venture Summit is a great way to get Venture Capitalists together with Start-Ups to discuss business and network their way to success. It is also a great way for the public to become informed and stay abreast of new ideas and business innovation.
