Fund: Innovation Works
Posted by Anonymous on 2007-12-14
am the CEO of a tech startup that is funded by Innovation Works. We have had a very good experience with IW, with our executive-in-resident, Randy Eager, with other executive-in-residents and with Rich Lunak. I know IW has had issues in the past under different leadership but that was then and this is now. My experience has been positive and IW has made us a better company. Randy has been in the trenches of leading a startup and knows what it is like to raise money, deal with technical issues, handle long term sales and deal with university licenses, which is an art in and of itself. Randy helped us find a much needed executive that was familiar with our business, had extensive startup experience and was capable of taking over sales for a yet to be finished product. Frank is a straight shooter who has seen many companies succeed and many fail. He understands what investors are looking for and has help guide our milestones to ensure that we are able to raise money in the near future. Chet Fisher also has extensive experience as an executive and as one who has lead investors. Chet was able to provide critical brain-storming very early in our development to get our products pointed in the right direction. Jim Jen is highly intelligent and has provided insightful comments during our presentations. There are many more at IW that I should mention but I'm out of time and my main point here is that IW has a solid group of people who have experience and are making a positive impact on their companies. We will continue to seek their assistance and guidance.
Would we pitch them again, if we knew that they wouldn't fund us" I would have as I learned a great deal in the process. Bombing a pitch is never fun, but better to do it at IW and get feedback than to do it in front of investors. I have attended numerous meetings at IW and have learned something each time. (Even before we were funded.) On the down side, the IW due diligence process was a significant hassle but it was only after we were told we would get funding. I've been told it is more of a later stage VC-level due diligence and going through it early is trivial compared to not having things in order later.
I highly recommended talking with IW.PRIVATE: Members Only