Zach Shulman presents to NYS Economic Development Council
8/29/2011 12:00:00 AM
The Entrepreneurship & Innovation Institute (EII) faculty member outlined the principles of seed and venture capital financing with economic leaders from across New York state
, Johnson senior lecturer of management and a managing partner at Cayuga Venture Fund, spoke at the 2011 "Project Deal Structuring Seminar," on Aug. 17 in Saratoga Springs, NY. Sponsored by the New York State Economic Development Council, the seminar convened directors of economic development organizations from across New York State. Shulman discussed the principles of seed and venture capital financing, presented case studies of projects in which Cayuga Ventures has invested and suggested why some succeeded and others failed.
"The audience was eager to learn about the venture capital funding model," said Shulman who teaches courses at Johnson on venture capital and law for high-growth businesses and is an affiliated faculty member with Johnson's Entrepreneurship and Innovation Institute
(EII). "Whether or not they find ways to attract more venture investing to their regions remains to be seen. The Ithaca region, and specifically Tompkins County Area Development, has done very well in this regard evidenced by our vibrant and growing startup community."
Shulman says that while most economic developers are very experienced at structuring incentive packages for manufacturers that have a long history of revenues (and likely some history of profitability), the deal flow many of them are seeing now includes technology based startups that not only do not have profits, but may not even have revenues. The workshop introduced the audience to the tools and techniques used to fund these types of companies, namely venture capital and encouraged them to find ways of attracting venture capital to their regions.