1. New Ventures …. Improving the Probability of Success and Angel Investing Swiss Venture Leaders June 2008 Jerry Schaufeld

8. Implications of Commercialization Phases… (clue – its always changing)! Swiss Venture Leaders June 2008 Pre-Investment Early Stage Series A Subsequent Investment Friends and family, Grants (SBIR,STTR) Angel, Suppliers, poss. joint ventures Series “A”, Angel re-up, Venture Capital Banks, mezzanine, investment bankers Management Informal Teams Management Org. Structure Committees, Metrics Governance Advisors First Board of Directors, Angel directors BOD w/ Committees and Outsiders, VC Board Larger and more formal

9. Implications by function… Swiss Venture Leaders June 2008 Pre-Investment Early Stage Series A Subsequent Management Informal Teams Management . Structure Committees, Metrics Accounting System Excel Quick books ERM, CRM, MIS Consolidated Accounting People You and me P/T CFO CFO (HBS?) (teams) Treasurer Sales Org none Focused sales by all Teams, Reps Multinational Sales People See above Senior mgt. Sales manager Professionals Operations none All hands Teams Structure, procedures Ops people See above First COO Integrated mfg. Outsourcing Marketing Primitive, assumptions Verification Formal, trade shows Consultants, global Marketing People Advisors Part time CMO Trade shows, literature Professionals Technology Primitive, R & D Baling wire, but working Tooling, rev control Automation, China? Tech People MIT/ WPI types?? Teams Labs, R&D mgt Vice Presidents Admin none Office manager Formal Organization Vice Presidents Admin People See above Small staff (teams) HR, Purchasing Vice Presidents