AZVentureCapital.com to Debut; Site to Offer Arizona Entrepreneurs New Avenue to Reach Investors.PHOENIX--(BUSINESS WIRE)--Dec. 8, 1999-- Four well known figures in the Arizona business community have merged experience and expertise to launch azventurecapital.com, an Internet based resource for Arizona entrepreneurs seeking financing. The site, which is currently in development, will electronically present new technology enterprise to subscribing investors. Quinn Williams, a partner at Snell & Wilmer, and Alan Hald, founder of MicroAge, Inc. announced the formation of azventurecapital.com, the non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. sponsoring the website, which will bring fledgling technology entrepreneurs together with "Angels" or private investors, venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] and corporate investors. Williams and Hald joined forces to develop the website with well known entrepreneurs Jim Garvey, president/chief executive officer and founder of Tempe-based Integrated Information Systems Company (IIS (Internet Information Services) Microsoft's Web server. IIS runs under the server versions of Windows, adding HTTP server capability to the Windows operating system. ) and Jeff Chandler Jeff Chandler may refer to different people:
"Our goal is to provide a web based Coming from a Web server. See Web application. resource for Arizona entrepreneurs seeking funding for all types of equity (venture) capital," said Williams. "Arizona's percentage of venture capital investments as compared to the total amount in venture continues to decline when compared to prior years. We desperately need to reverse this trend if Arizona is to grow a strong base of technology companies for the new millennium." "Time is critical to the fast pace of a start-up venture," said Hald, who is also co-chair of the Governor's Task Force on the New Economy. "It currently takes too long for many worthy new ventures in Arizona to be funded. To be a player in the New Economy, Arizona needs better access to venture capital for our entrepreneurs." The founding group's experience in legal issues, technology, e-business and finance provide key insight into the needs and challenges of developing equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. for new technology ventures. "The technology market is progressing so rapidly, many potentially great companies never get off the ground for lack of capital," said Garvey of IIS. "We see the AZ Venture Capital website as an excellent means of providing entrepreneurs with rapid access to critical resources and support." Nationally, more than $29 billion in venture capital was raised in 1999, bringing to a total of approximately $90 billion the amount of venture funding supporting active business. But according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Chandler, only a tiny fraction of those figures are represented by Arizona companies, despite Arizona's vigorous growth and expanding pool of business and technology talent. He and his partners see the new, non-profit website as a means of giving back to the Arizona business community by providing resource information to other entrepreneurs, and hopefully introducing more equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to Arizona-based companies. "We want to bring more Arizona entrepreneurs into the equity funding arena," said Chandler. "All of us have benefited from the availability of alternative funding sources. This is a way for us to help others and stimulate growth, particularly in the technology industry." The launch for the Internet based website is scheduled for the first quarter of 2000. For more information, contact Jeff Chandler at 602/684-4047. |
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