November 2005
The Turbulence of the Economic Downturn Behind Them, Angels Are Flying High Once Again
A chill is in the air, but the Alliance of Angels is heating up: deal activity in the Pacific Northwest’s premier angel group has steadily increased since 2002.
Since the program’s inception in 1998, AoA members have directly invested over $25 million in more than 80 companies. After investment hit a low point in 2002, which was a reflection of economic conditions at the time, AoA is once again flying high as demonstrated by the steady growth in the number of deals and level of investment since. Eleven deals were completed by the end of October this year, equaling the total for all of 2004. This upward trend in investment activity, coupled with the recent growth in new membership in AoA, is evidence of a remarkable turnaround in Pacific Northwest angel activity.
“Over the past few years, there has been a marked increase in deal flow and level of angel investment directed to early stage technology companies coming through AoA,” said Technology Alliance executive director Susannah Malarkey. “AoA has become a significant supporter of high tech startups in our state, bringing investors and innovators together and funding visionary young companies at a stage where it is difficult to obtain the financial support to take their business plans to the next level.”
“Part of the credit must go to the fellows who handle the day-to-day operation of AoA,” Malarkey continued. “They review hundreds of business plan submissions and meet with prospective companies in preparation for the monthly membership luncheons. Their contribution is critical to the program’s success.”
Two new fellows – one full-time and one part-time – take the reins of the program each September. Ed Hansen, who served in the part-time position for 2004-05, transfers his talents to the full-time Preston Gates & Ellis Fellowship, while AoA is pleased to welcome Erik Hanson as the new part-time Alliance of Angels Fellow.
Erik is an MBA candidate at the University of Washington, where he serves as president of the Entrepreneurship and Innovation Club. He holds a Master of Science in Computer Sciences and Master of Arts in Mathematics from the University of Wisconsin. He is currently owner and manager of Woodinville-based Experience Images, which produces high-quality virtual tours and fine art prints. Hanson’s prior experience includes four years as a software design engineer in the Microsoft Office Development Group and four years as a research software design engineer at Microsoft Research.
“The Alliance of Angels offers a unique opportunity for MBA students to work with new technology companies as they go through the process of submitting business plans and honing their presentations to potential investors,” said Hanson. “A year ago, I did not think it would be possible for me to become so involved in the local entrepreneurial community while in school. I look forward to contributing to the success of the program while learning as much as I can from the investors and entrepreneurs who participate in the AoA.”
The Alliance of Angels is a group of accredited investors and representatives of investment firms active in financing early stage technology companies in the Pacific Northwest. To learn more about AoA, click here.
Highlights from the 2005 Technology Institute
The Technology Alliance gathered leaders from state government, business and research institutions for its fifth biennial Technology Institute in September. The purpose of the two-day retreat is to examine, in depth, policy issues affecting Washington’s technology sector. Focusing on the theme, “Realizing the Promise of Innovation,” 2005 Institute participants explored ways in which Washington can capitalize on its world-class research assets to foster commercialization and new company creation for a thriving technology-based economy in our state.
Spokane STRT: Serving up Science & Technology for Breakfast in Eastern Washington Beginning January 2006
Expanding upon the model of its successful Seattle-based Science & Technology Roundtable program, the Technology Alliance will offer its signature menu of science and technology for breakfast to the eastern side of the state for the first time with the new Spokane STRT. The program, which is being produced in collaboration with the Northwest Association for Biomedical Research, will hold its first breakfast on January 6, 2006.
Click for details and to register online
Breakfast, the Most Important Meal of the Day: The 2005-06 Seattle Season of the Science & Technology Roundtable
Schedule of Speakers:
- December 9, 2005: Bob Moore, Senior Researcher, Microsoft Research
- January 13, 2006: John Bransford, James W. Mifflin University Professor of Education, University of Washington
- February 10, 2006: Patrick Duffy, Director, Malaria Antigen Discovery Program, Seattle Biomedical Research Institute
- March 10, 2006: Andrew Meltzoff, Job & Gertrud Tamaki Endowed Chair, Professor of Psychology and Co-Director, Institute for Learning & Brain Sciences, University of Washington
Click for the entire schedule and a special offer!
Taking It to the Next Level: TA Launches New Pilot Program to Mentor Promising Young Technology Companies
Seeking to leverage the Alliance of Angels process and go one step further in supporting innovative young companies, the Technology Alliance has launched an exciting new pilot project in the Puget Sound region, the TA Mentor Network, designed to connect post-funded companies with mentors to help propel them to the next stage of growth.