November 2005
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.
Of the 30 – 40 early stage companies seeking angel funding that submit their business plans to AoA each month, six or seven are selected for review by a screening committee. Of those, the committee invites three or four to present their business plans in person at a luncheon for the AoA membership. On average, 1-2 of these companies receives funding from AoA members. The TA Mentor Network will identify companies that are likely to benefit from a mentoring experience after they have received funding and invite them to participate in order to accelerate the achievement of their business goals.
“The Technology Alliance is ideally suited to launch such a program owing to its ability to bring together leaders from many different sectors,” notes program chair Kris Klein, a TA board member and managing partner of Vitalent Group LLC. “AoA is critically important for supporting entrepreneurship in our region by connecting promising new companies with potential investors. With the new mentor network, the TA intends to go a step further, providing the support and expertise that early stage companies need to reach the next stage of growth.”
Each company that participates in the program will be assigned a lead mentor who will commit to working with the company for up to six months, depending on the company’s needs and objectives. Additional members of the business community having expertise in different areas will be called upon to assist the company in targeting specific issues that may obstruct its ability to fulfill its potential. The goal of the program is to provide companies with the advice, contacts and support that will enable them to ultimately be successful in creating new technologies and jobs and contributing to the economic vitality of the region.
“We want to see more of these small, young companies become medium-sized, established companies,” said Klein. “The mentor network aims to increase the number of company success stories in the greater Seattle region.”
The TA recently welcomed to the staff part-time program manager Diana Williams. As coordinator of the pilot program, she will work with AoA staff and leadership to identify prospective companies, match them to mentors based upon their specific needs, and track their progress.
Diana is a second-year MBA candidate at the University of Washington, where she is a member of Women in Business and the Entrepreneurship Club. She holds a Bachelor of Science in Education in Learning and Organizational Change and a Bachelor of Arts in International Studies/Latin America from Northwestern University. Diana’s previous experience includes positions with Two Degrees Consulting and Accenture.
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!
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.