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PROPEL Intel - November 2009

November 30, 2009

News and Events from PROPEL and the iBIO Entrepreneurship Center:

During October and November 2009, two companies joined PROPEL. Since its launch in June 2007, PROPEL has helped or is helping 51 early stage life sciences companies.

Congratulations to 2009 Innovate Illinois Winner J&J Solutions and the 3 Other Winners
Four Illinois companies were selected as winners of the statewide 2009 Innovate Illinois competition following final presentations by some of the state's brightest entrepreneurs on November 10 at U of Cs Gleacher Center. The top two companies, J&J Solutions and Tula Foods, owner of Better Whey of Life Protein Enhanced Foods, received $30,000 each to help commercialize their product or service. The two runner-ups, Balanced IT Solutions and Universal Die Cast, Inc., each received $10,000. We are very proud of PROPEL company J&J Solutions, representing early stage, and also want to congratulate the other three winners of this competition. To read the full press release, click HERE

2009 BIO International Convention Workshop Series
The iBIO EC along with PROPEL invite you to attend at no cost any of the workshops originally recorded at the 2009 BIO International Convention in Atlanta, GA that are now available through iBIO. Each session has the audio and slide presentations of the speakers and is roughly an hour and a half in length. The workshops are grouped in 23 different tracks: Business Development, Achieving Regulatory Approval, Finance, Technology Transfer/Licensing and many more. Click HERE for a full list of workshops available. Contact Josette Fletcher, iBIO Operations Manager, at 312.422.1111x6 or jfletcher@ibio.org for scheduling.

Business Insights Reports Available from the iBIO EC and PROPEL
The iBIO EC and PROPEL provide our clients with over 175 market research reports from Business Insights at no charge. Titles include Autoimmune Market Outlook to 2012, Pharmaceutical Pricing and Reimbursement and Regulatory Affairs: Paths to Approval. Click HERE for a full list of available reports or contact Josette Fletcher, iBIO Operations Manager, at 312.422.1111x6 or jfletcher@ibio.org for more information.

iBIO Entrepreneurship Center on Illinois eCenter Direct
In addition to some iBIO EC forms now available online (click HERE), iBIO EC conferences are listed on the Illinois Entrepreneurship Networks eCenter Direct web site. Click HERE for the main site, or visit HERE to see all the conferences throughout Illinois for entrepreneurs, early stage companies and small businesses.

Upcoming Events and Other News within the Community:

Internal Negotiations Workshop, December 1
Internal negotiations may be your most difficult ones and also the most important! This 3-hour workshop will teach you key strategies for successful negotiations, including: Identifying and prioritizing licensing objectives and securing internal buy-in; Dealing with stakeholders, decision-makers and alliance management; Organizing the negotiating team; Identifying and resolving internal negotiating issues. This workshop will be led by J. Andrew ("Andy") McGee, Manager, Corporate Business Development, Eli Lilly & Co. and James Vlazny, President, Licensing International, Inc., and Education Chair for the Chicago Chapter of LES (USA & Canada), Inc. The fee is $125 (includes course materials, instruction and networking cocktail reception). To register or for additional information, click HERE.
December 1, 1:30 - 4:30 p.m.
Willis Tower (formerly Sears Tower)
233 South Wacker Dr.
Chicago, IL

ITAs Call to Action: The State of Venture Capital in Illinois, December 3
Regardless of the incredible money flows in Illinois, the state is not always known as a hot-bed of investment activity. Is that a reality or a myth? Is there a disconnect between LPs and GPs, GPs and entrepreneurs? Despite the robust business, financial and academic communities in Illinois, the state dramatically lags other regions in venture investing and new business creation (in tech and other venture-backed industries). Join ITA for a venture capital outlook event that will look at both what the really has gone on and what the future holds. First of its kind where entrepreneurs, venture capitalists and institutional investors will discuss the good, bad and the ugly about the state of venture capital in Illinois.
The panelists include: Lon Chow (a general partner with Apex Venture Partners); Matt Downs (Managing Director of Sandbox Industries); and Matthew McCall (a Partner at New World Ventures and co-founder & Managing Director of Draper Fisher Jurvetson Portage Venture Partners). Cost is $0 for Members and $30 for Non-Members. To register or for more information, click HERE.
December 3, 8:30 - 10 a.m.
ITA TechNexus
Conference Room A/B
200 S. Wacker Dr., 15th Floor
Chicago, IL

Drug Development Short Course - From the Bench Through the Clinic: Phase I to NDA, December 7
Join Catalyzing Collaborations second of a 2-part course on First in Human Trials to the NDA
Topics and Speakers:
Industry / Academic Collaboration: John Anderson, Ph.D.; President IIT
Regulatory Expectations, Hurdles and Evaluations of Phase I-III Trials: FDA Representative
- Clinical Trial Design and Implementation: Takeda Global Research Speaker and Robert Laurie Cancer Center Speaker
- Partnering and Companion Diagnostics: Abbott Tracey Colpitts, Ph.D.
- Commercialization Strategies: How we do it and what we expect from our partners: Industry, IP and VC Industry Speakers
- Doing Business with Local CTSAs (Clinical and Translational Science Award institutions): David Johnson, PhD, Associate Director, Center for Translational Innovation Northwestern University
For more information, call 312.567.4487 or click HERE or email info@iitri.org.
December 7, 9 a.m. - 5 p.m.
University Technology Park at IIT
3440 South Dearborn St.
Chicago, IL

United States - Israel Binational Science Foundation Submission Deadline, December 17
The United States - Israel Binational Science Foundation announced the availability of funds for short scientific trips by young American or Israeli scientists to the other country. In 2010, a total of 10 grants will be awarded, each for $4,000. The deadline for the submission of applications is December 17, 2009. Please follow the instructions given on the BSF website, www.bsf.org.il, under Grant Programs/Travel Grants.

Illinois Fed/State E-File Seminars, December 17 and January 7
Plan on attending the free 2009 Illinois Fed/State E-File Seminars and come learn about the latest in electron filing information. Representatives from the IRS Small Business/Self-Employed Stakeholder Liaison office, the IL Department of Revenue Electronic Commerce Division, the Illinois Department of Employment Security, and the Independent Accountants Association of Illinois will be on hand to provide information about the latest tax law and E-Filing program updates, current information on electronic payment options, and more. Attendees who qualify will receive up to four hours CPE credit for attending.
To reserve a spot or for questions or more information, email rev.econnection@Illinois.gov.
December 17 and January 7
James R. Thompson Center
100 W. Randolph St., #2-025
Chicago, IL

The Entrepreneurial Quest GROW Peer Roundtable Loop, January 15
DePauls Coleman Center Peer Roundtables are a place where business owners can:
- Look to their peers - other business owners - for objective points of view that are experience-based
- Receive support from others who have "been there and done that"
- Refresh their perspectives both personally and on their companies
- Learn to transform their fears into aspirations for further success
- Have a sounding board for problem-solving to address business challenges and objectives
For more information about the Coleman Center Peer Roundtables, click HERE.
January 15, February 19 and March 19, 8 a.m. - 11 a.m.
DePaul Center
1 E. Jackson Blvd., Room 8012
Chicago, IL

ITAs Business Intelligence Roundtable, February 9
Roundtable is free of charge. For more information or to register, click HERE.
February 9, 8 a.m.
ITA TechNexus
Conference Room A/B
200 S. Wacker Dr., 15th Floor
Chicago, IL

ITAs Human Resources Roundtable, February 25
Roundtable is free of charge. For more information or to register, click HERE.
February 25, 9 - 11a.m.
ITA TechNexus
Conference Room C
200 S. Wacker Dr., 15th Floor
Chicago, IL

Applications Being Accepted to Present at 11th Annual InvestMidwest, March 24-25
The 11th annual InvestMidwest is scheduled for March 24-25, 2010 and will be hosted by Wells Fargo Advisors in St. Louis, MO. InvestMidwest is now accepting applications for companies to present at the 2010 InvestMidwest. Over 300 attended the 2009 InvestMidwest in Kansas City including 74 venture capital professionals. The event showed 43 companies from throughout the Midwest in the three industry tracks of life sciences, IT/general business and cleantech/alternative energy. The 2010 InvestMidwest will feature these same industry tracks. InvestMidwest encourages high-growth companies (revenue projections of $20 million or higher within five years) from throughout the Midwest to apply. Companies that apply by the early application deadline of November 13 will receive preferential consideration by the selection committees. The final application deadline is January 8, 2010. The selection committees include venture capital investors from throughout the Midwest and legal and financial professionals that specialize in entrepreneurial practice areas. For information regarding the application process click HERE. For a .pdf of detailed information, HERE.
InvestMidwest
St. Louis, MO

Colemans Advisory Boards: Build Accountability, Leverage Connections, and Benefit from Experience, April 12
Advisory boards are priceless. In addition to keeping you focused and helping you build value, advisory boards bring cost-effective expertise into your company and open doors to new business relationships.
In this course, you will learn how to create an effective board, select the right members, and manage them as individuals and as a group. With peer business owners, you will engage in hands-on activities and achieve milestones such as:
- Articulating the boards purpose and role
- Deciding how to compensate members
- Identifying prospective board members
- Running productive board meetings
This course is part of the Business Owner Academy, a curriculum of courses open only to owners of companies generating up to $25 million in annual revenue. Limited seats available. Registration open exclusively to Coleman Center members through Jan. 4 at a special course fee of $1,395. After Jan. 4, any remaining seats will be made available to non-members at a course fee of $1,595. Deposit of $250 due upon registration. Course fee includes materials & refreshments. For more information, click HERE.
Every other Monday, April 12 - June 21 (6 sessions), 6 - 8:30 p.m.
DePaul Center
1 E. Jackson Blvd., Room 8012
Chicago, IL

The Planning Shops Improve Your Elevator Pitch Workshop No Cost Online
In the business world, one question comes up repeatedly: "What do you do?" Thats where your elevator pitch comes in. An elevator pitch is a short, clear description of your company. USA Today asked me to work with an entrepreneur to improve his elevator pitch. Learn how to improve your own elevator pitch in this short video. Learn more about what makes a great elevator pitch here: 6 Components of an A+ Elevator Pitch. Then download this FREE worksheet to craft or improve your own elevator pitch.

The New Rules of Angel Investing
By Kermit Pattison, NYTimes, 10/29/09
Angels still have wings, but they arent flying quite so high. The rules of the game of angel investing have changed in the post-crisis world. The average deal size shrank by 31% in the first half of this year, according to a recent study by the Center for Venture Research at the University of New Hampshire. The study shows that total angel investments fell to $9.1 billion in the first half of 2009, a 27% decline from the same period last year, but the number of companies getting venture investments actually increased by 6%, to 24,500. Angels are still financing deals, but at lower valuations and with more specific milestones. They have grown more picky and less tolerant of risk. What youre seeing now is a real flight to quality, said David S. Rose, chairman of New York Angels. If you are the real deal, you can get funded. Whats the real deal? Angels are looking for companies with more modest capital requirements. They seek companies that bootstrap, beat quicker paths to profitability and have proven management teams. The most striking change is angel investors are way more discerning about where they deploy their capital, said Bruce Cerullo, a Boston-based angel investor who specializes in health care. Now groups like ours are looking for more fully baked ideas that are much closer to revenue generation.
Quick Tips:
- Bootstrap as long as you can. Finding early ways to get revenue.
- Get to break even quickly and remember that VC financing has gotten harder to obtain.
- Be realistic about valuations. Be coachable.
- Practice pitching and be prepared to make your case to dozens or hundreds of angels.
- Look for angels who complement your strengths and can help you with more than money.
Suggested Readings and Resources:
- For an overview of angel investing and a list of resources from Angel Capital Education Foundation, click HERE.
- For What Entrepreneurs Should Know About Angels from the Angel Capital Education Foundation, click HERE.
- For a directory of angel investors from the Angel Capital Education Association, click HERE.
To read the full article, click HERE.

Chicagos Department of Business Affairs and Consumer Protection Small Business Education Workshops
The City of Chicagos Department of Business Affairs and Consumer Protection (BACP) offer workshops each Wednesday and Friday downtown in City Hall Room 805 at no cost and open to anyone, not just residents of Chicago. For a full list of topics and schedule, click HERE and look for the BACP Business Events listings.

SmartBrief on Entrepreneurs, a Daily e-Newsletter
Sign up for your daily briefing on entrepreneurship, free. SmartBrief on Entrepreneurs delivers the latest news entrepreneurs need in their quest to turn good ideas into great business. The editors become your personal research assistants, handpicking, distilling and disseminating the best, most useful entrepreneurship stories from a wide range of sources. For more information, click HERE.

For more information:
Visit http://www.ibiopropel.org
E-mail propel@ibio.org