I Applaud Ronald Reagan

By Frank | Filed in EBAN

It was at the beginning of a family vacation in San Diego this week when I got the email: would I be Master of Ceremonies for EBAN‘s (the European Business Angels Network) Awards Gala in Moscow, April 23rd?

I was completely surprised and delighted. Paulo Andrez made the offer. I could instantly remember our recent time together on the Show, and in Warsaw last Spring as well. At a break during last year’s conference he approached and asked what panel I was on; was I speaking? No, I’m just here to enjoy the conference. “I’ll change that!” And the next thing I know I’m kicking off the ceremony, warming up the audience for the biggest awards gala for business angels in Europe. I loved it and this last-minute moment in the spotlight came a year after my MC role in Istanbul. To be invited to Moscow this year — well, it’s as if I were Billy Crystal returning to the Academy Awards.

As the elation wears off I begin thinking of what I’ll say. In Istanbul everyone kept asking what jokes I’d be telling, but I’m more into off-color stories than perky one-liners. At my age I can forget the punchline. At one point during the Istanbul gala I remember Brigitte Bauman, EBAN’s Chair, saying — I could hear her voice above the crowd — “He’s making fun of me!” She hadn’t received the advance copy of my remarks and she wasn’t exactly pleased to be the subject of my barbs at that moment. She must’ve forgotten…

As I continue thinking of what I should say to get this multilingual, multicultural audience all amped-up — I realize it is an almost impossible task; so, my mind drifts to long-ago United States politics, the defunct USSR, and former President Ronald Reagan.

My wife was the first one in the family to have personal stories of dealing with the Reagans — Nancy in particular. Her firm was doing engineering for the ranch and my wife would sometimes be on the receiving end of Mrs. Reagan’s telephone calls.

My story begins one night at LAX many years later. I had met my brother-in-law Lou at his hotel; we would have dinner and drinks before his late night flight home to Boston. It must have been after the drinks-part that we noticed the commotion in the Ballroom — Ronald Reagan was speaking to an enthusiastic audience. I don’t remember the year, but this was after his presidency.

Of course, we wanted in, but security didn’t see any name tags, so there was little discussion about joining the party. Lou and I hung back, we could hear Ronnie through the open doors as many in the audience stepped out to visit the restroom, which was immediately opposite the ballroom entrance.

That’s when I noticed that security was waving everybody returning from the restrooms back in. Would this work for us? It only took a minute to test this plan — into the restroom we go then time our exit with a small crowd returning. The next thing we know we’re in the ballroom with over 1,000 Reagan well-wishers.

I knew from experience that there would likely be empty seats right up at the front; besides, no one would recognize us if we tried to sit at a mostly full table near the back. I led all the way to the front of the room and sat at a mostly empty front-row table, my back to the room.

Now I don’t think I’d ever been to a political gathering like this before, but I’d seen enough campaign speeches on TV to know that a popular politician will have lots of laugh lines, pauses in his remarks that will likely be greeted with applause. I would make sure of this…

Just minutes after we sit, trying to stifle our school-boy giggles — no one notices our mirth because Ronnie’s telling a joke. The minute he pauses to catch his breath I start clapping as loud as I can and in half a heartbeat, the whole room joins me. And so it would go for the remainder of his speech. The man couldn’t take a breath without me leading the audience in applause.

Monkey-business? Maybe just a little, but everyone else must have thought I was a huge fan.

Then comes the moment I’ll never forget.

Is that sounding familiar? Are my ears playing tricks on me?

Ronnie’s winding up the same joke he told just as we sat down — that’s right — it’s the same joke!

Today we know of his eventual dementia, at this moment in time it was probably considered just part of his charm.

I can feel the awkward silence in the room as he continues, but I knew just what to do as he built to his punchline — I leapt out of my chair howling and applauding wildly — I lead the audience in a standing ovation!

His faux pas, his joke redux, became the highlight of the evening.

-=-=-=-=-

Can the man take credit for the break up of the Soviet Union? My memory of history is less than perfect — I seem to remember an arms race that some may credit with bankrupting our former cold war adversary.

I’ll have to get a second opinion while I’m in Moscow…

Join me as I get the story straight, at EBAN’s Congress and Awards Ceremony, April 23-24 in Moscow. Register here.

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Moscow!

By Frank | Filed in EBAN

It was Istanbul, during the Iceland volcano that I got my first gig as Master of Ceremonies for the European Business Angel Network’s Awards Gala; that was 2010. Today I got the email inviting me back, this time in Moscow, April 23-24.

I’m thrilled to be invited.

Make plans to join me; register here.

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John Huston

Dave’s back from a trip to Utrecht; John’s sitting in the rain in Cleveland, and between the three of us we have a lively discussion of early-stage boards and a concept John calls, the Premortem.

Dave, long term listeners will remember, is one of Los Angeles’ most active and successful angel investors; he’s made 88 early-stage investments. John is the past-Chairman of the Angel Capital Association and is the hands-on manager of the Ohio TechAngels in Cleveland.

First, John wants to distinguish pre- from post-mortem; he calls it “Tombstone Training” when investors gather at the end of a startup’s short life — to lament and to understand why. The premortem is an imagining of such a fatal outcome for investors — and trying to ask why before it happens such that the unhappy outcome can be avoided.

Dave Berkus

“Sounds a little ghoulish,” I challenge him, “and don’t some accuse you of having a preconceived negative opinion?” John’s got good answers to all the questions. Download his one-pager on the premortem process and follow along.

John and Dave have a lot to say, about what wasn’t said, in the recent James Geshwiler and Brad Feld discussion of boards.

We cap off our time together with a discussion of the Ohio TechAngels’ Exit Road Map; download a copy to share with your angel group.

Show #365: Stream, flash player or iTunes

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Karen Wilson

It’s not easy tracking angel investment data, so says Karen Wilson in her new book written for the OECD, Financing High Growth Firms, The Role of Angel Investors. I’ve seen her present her research at conferences in Warsaw, Ottawa and Cambridge; today she’s assembled all of it into the book.

Would you be surprised to learn that angel investing is larger than venture capital? Probably not surprised that the lack of exits hurts both.

She doesn’t shrink from dispelling myths, such as university-based startups and how they are less successful attracting angel investors. She discusses the entrepreneurial culture of many countries that make up her body of research.

The book would be a great guide for policy makers; they’d avoid many mistakes by listening to Karen.

It’s Part III of a three-part series on Research.

Listen to Karen: Stream, Flash player or iTunes

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Brad Feld

Common AngelsJames Geshwiler recently wrote a 3-part series on Reinventing the Board. As he pieced it together he solicited the input of many, including Brad Feld of the Boulder-based Foundry Group. They’re together here for an update on how to build — or how to reinvent — a successful early-stage board of directors.

With angel groups, it’s often the deal lead and maybe other big investors who get named to the board, but is that the best approach?

Does a startup board need a hierarchical structure with a Chair? Brad thinks:

When you put a chairman or lead director, sort of in the mix at the very early-stage, in a lot of ways you create this very weird dynamic between all the different participants that leads you to a lot of the bad behavior…

James Geshwiler

What does work well? James complains that too many board sessions are focused on the past, like looking in the rear-view mirror, instead of plotting strategies for moving forward. That’s when we get into some reinvention ideas where both Brad and James get rolling.

Boston and Boulder, it’s a great discussion — listen to Hans Severiens Award recipient, James, and one of venture capital’s most prolific bloggers, Brad.

Show #363: Stream, flash player or iTunes

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Paulo Andrez

Think angel investing is only about investing locally?

Portugal’s Paulo Andrez might have you thinking twice…

We’ve crossed paths in Madrid, Istanbul and Warsaw; he’s involved in research for EBAN.

These interviews are often arranged for early mornings, and especially when calling from Los Angeles to Europe, but I miscalculated the time and this call started before dawn, leaving my co-host, San Diego’s David Barach, well, leaving him out for the first part of the interview.

David Barach

Once we all wake up we’re off to the races, with Paulo leading us on a wide ranging discussion of early stage investing in Portugal and all across the continent, including plans for a large fund:

At EBAN we are lobbying the European Investment Fund, and we expect that EIF will launch an initiative of 1 Billion Euros for the period 2014-2020, for Co-Investment Funds in Europe. This will make a revolution in several countries in Europe, because many governments will co-invest along the EIF and BAs, and we believe that the total investment capacity will reach 5 billion euros.

It’s Part II of a three part series on Research. Listen to Paulo: stream

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