Friends and Family and Other Seed FundingOctober 18, 2022 | 7:00 pm - 8:30 pm ET | CIC, Cambridge, MA & online
Friends and Family and Other Seed Funding – Getting Started
Lisa Frusztajer, Active Angel Investor
Funding Technology Ventures
Ulrik Nielsen, CEO, Tidal Therapeutics
Angel Funding: Cap Tables, Deal Docs, Use of Funds and Risk Control
Sal Daher CFA, Active Angel Investor
Friends and Family and Other Seed Funding: IP Aspects
Peter Fasse, Principal at Fish & Richardson P.C.
A recording of this webinar is available for ENET members only at https://bostonenet.org/past-webinar-recordings. Learn how to become a member here!
ENET is pleased to present this meeting and online webinar! Attendees will have the option to join us in-person at the Cambridge Innovation Center (CIC) in Kendall Square, Cambridge, MA or online via Zoom. Use the link below to pre-register!
You want to start a company, but even if you forego your own salary, other startup expenses add up. Beyond your own savings, where do you go to get your first funding?
Some studies show that each year between 35-40% of startup ventures receive capital from friends and family. This can include not only your relatives but also neighbors, colleagues from work, social and sports clubs, teachers and classmates, from grade school right through to grad school, and others you’ve met on your life’s journey. Some also call this varied investor group “friends, family, and fools” – because being the first in investors can be so risky to one’s pocket book.
The October 18 ENET meeting will explore this important and often critical source of financing for startup company – do’s and don’ts, tips and lessons learned, how best to prepare if you are now or will soon embark on your own effort to raise friends and family financing.
That night, we will begin with the “ask”. How to approach friends and family on what can be a touchy subject – warming them up, feeling out financial ability and interest in possible investment. We move to using of the simple pitch deck, setting a clear value proposition and rehearsing your elevator pitch. Part of this will include determining your use of proceeds and the amount needed to take you to a series A or other funding. Then you will need to translate that into how much to seek per investor and setting a stage where you can make a presentation and finally creating a cap table for your company.
Moving beyond that initial pitch to investors, you will need to know and our speakers will discuss your plan for what forms investment will take – whether equity, the form of equity, loans, convertible loans and how convertibility would work or gifts and if gifts what might be offered to those who might make a gift. Then you will need to plan out the documentation for investment which would take this includes setting out what you want to do, how you plan to do it and how you will use the money. Documentation would also include protecting yourself again future claims of misrepresentation by setting out challenges you face, risks of loss for investors and competition. As part of your planning, you will want to be sure to nothing that will harm your chances for later angel or VC financing… and we will cover that too.
Other speakers will address special issues involving biotech and life science companies and still other special issues involving intellectual property – both key protections you want to put into place for IP but also opportunities your IP can offer you.
Among our four speakers are active angel investors and serial entrepreneurs including experiences with both tech and life science startup companies they founded. The presentations will then be followed with a fireside chat, with audience and moderator questions for each of the speakers on the panel. There will be also be a half hour of post-meeting networking available to the attendees giving you the chance to meet the speakers and moderator.
In-person Participation (check-in begins at 6:00 PM):
LOCATION: CIC, One Broadway, Cambridge, MA 01803.
TRANSPORTATION: Across the street from Kendall Square T station on the Red Line.
PARKING: Low flat rate parking available after 5pm.
REFRESHMENTS: Pizza will be served.
Zoom links will be sent to all registrants after registration.
COST AND RESERVATIONS: This event is free for ENET members, $5 for CIC members and $10 for non-members. ENET members will also have the opportunity to view a recording of this webinar if you are unable to attend or wish to view it again. Click here to learn how to become a member.
To expedite sign-in for the event, we ask that everyone — members as well as non-members — pre-register. Pre-registration is available until midnight the day before the meeting. If you cannot pre-register, you are welcome to register in person at the door while seats are available.
CIC believes in the entrepreneur. We recognize that invention propels innovation, density spurs collaboration, and a shared purpose drives a thriving community. CIC provides a home from which to work, allowing innovators to easily access resources and create substantive, positive global impact. Request to chat with a workspace expert about CIC’s flexible workspace offering, or try out a complimentary, one-time day of coworking.
Event ScheduleOctober 18, 2022
Sal DaherCFA, Active Angel Investor
Sal is an angel investor helping academic founders bring their biotechnologies to market. He looks for platform technologies that are proprietary and have the potential of enabling strategic players in existing businesses. Sal studied engineering at MIT and Stanford but worked in international finance for decades. Since the early 1990s he has invested in more than seventy technology ventures. He is on the board of Savran Technologies, a biotech specializing in ultra-rare cells.
Peter FassePrincipal at Fish & Richardson P.C.
Peter also has experience in opposing and defending patents in U.S. litigation and post-grant proceedings and before the European Patent Office. Peter has experience in various fields including medical therapeutics, diagnostics, devices, imaging, microfluidic systems, nucleic acid sequence analysis systems and software, molecular biology, complex biomedical systems, optics, machine tools, RNAi and CRISPR therapeutics, dendritic cell- and DNA- based vaccines, liquid biopsy, engineered AAV systems, next generation sequence analysis, nanoparticle and vector-based delivery, cell culturing and bioprocessing, optics, and lasers.
Lisa FrusztajerActive Angel Investor
Lisa is an active early stage investor focusing on companies led by under-represented founders. Lisa got her start in the field as a Pipeline Fellow, an LP with Converge Venture Partners and as a Lead Partner with the Portfolia Enterprise Fund. She also invests independently. Lisa is currently Investor in Residence at The Capital Network (TCN), where she built a mentorship program, works on organizational and fundraising strategy and speaks frequently on the founder journey. Lisa is a certified coach who helps founders overcome obstacles to growing their businesses and becoming effective leaders. Lisa spent most of her career in technology, working in marketing, finance, engineering and project management. She has served on non-profit boards, mainly for educational institutions, and currently chairs the board for a Cape Cod library. Lisa studied Russian Literature, Soviet and Russian Politics, and Finance, and holds degrees from the University of Chicago, London School of Economics and Columbia Business School.
Ulrik B. NielsenPh.D. is a serial life science entrepreneur and company founder
Ulrik was co-founder and CEO of Tidal Therapeutics which was acquired by Sanofi in 2021. He serves on the boards of Alloy, Merrimack, Unikum, and Notch Therapeutics. He was previously co-founder, President and CEO of Torque (now Repertoire Immune Medicines) from 2015 until 2018. Prior to Torque, Ulrik was co-founder and CSO of Merrimack (NASDAQ: MACK) until 2015. Ulrik trained at University of California, San Francisco and MIT, and holds a Ph.D. in molecular biology from the University of Copenhagen.
Robert AdelsonPrincipal, Business and Tax attorney @ Adelson & Associates, LLC. Chair Emeritus @ Boston Entrepreneurs’ Network (ENET)
Rob has been an attorney for over 30 years specialized in business, tax, stock and options, employment, contracts, financing, trademarks and intellectual property. Rob began as an associate at major New York City law firms before returning home to Boston in 1985 where he has since been a partner in small and medium sized firms before joining Engel & Schultz LLP where he was a partner from 2004 to 2019. When the senior partners retired, he moved his law practice to his own firm, effective 1/1/2020. Rob represents entrepreneurs, start-ups and small companies, independent contractors and employees and executives. Rob is a frequent speaker on business law topics and author of numerous articles published in Boston Business Journal, Mass High Tech and other publications, plus more than thirty articles since 2016 on executive employment topics published by CEOWorld magazine. He has been named among the “Top 20 Boston Startup Lawyers” by ChubbyBrain.com, a website that provides tools for entrepreneurs. Rob has been on the ENET Board since 2002, was Vice Chair 2005-2009, and ENET Chairman 2009-2019. He was also a Co-Founder and Board member of the 128 Innovation Capital Group (2004 -2015). In 2016, he received the IEEE USA Professional Achievement award for “extreme dedication to the entrepreneurship community.” He holds degrees from Boston University, B.A., summa cum laude, Northwestern University (Chicago), J.D., Law Review, and New York University, LL.M. in Taxation.