EBAN Archive

Congress Countdown

By Frank | Filed in Angel Investing, EBAN, Photos

Riding the Metro

Out for an authentic Russian dinner: Francisco Banha, Luis Filipe Costa, Jordan Green, me, Kaushal Chokshi and Paulo Andrez

Francisco Banha

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Early Adopters

By Frank | Filed in Angel Investing, EBAN

Jordan Green, Francisco Banha and Paulo Andrez after dinner in Moscow

A few of us have arrived early.

I had dinner with Tom Nastas, an expat who’s been doing venture capital in the region. He asked many good questions then later suggested that the early stage of angel investing locally would benefit from some of these concepts:

  • The long term nature of tech investing due to poor liquidity. For example, my software company took 15 years to exit and many other worthy deals will take just as long.
  • Be prudent. Invest just a sliver of your net worth, say 10%
  • If you just invest in a handful of tech deals, you will lose all your money. Monte Carlo simulations have shown that it takes 25 deals to avoid losing money. How many years will that take you?
  • VCs think: 2-6-2 (2 will fail, 6 tread water and 2 are big successes), but for angels 57% of their deals will fail
  • Don’t ‘only invest in what you know’
  • What can you contribute besides money?
  • Be promiscuous. Hold your nose and write a check.
  • Easy on the due diligence
  • My new diversification perspective: deals that need VC vs. those that don’t

 

Thomas Nastas

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Dan Rosen

Who would you call for help?

I knew right away: Dan Rosen of the Alliance of Angels in Seattle. He runs the Public Policy Committee for the ACA.

Why did I need help?

As you know, I’m on my way to Moscow for the 12th Annual EBAN Congress — I’ll be Master of Ceremonies for their Awards Dinner. Then a surprise email from EBAN’s Chiara de Caro: would I moderate a panel discussion on Crowdfunding? It didn’t take long for me to say yes. Of course, the US is leading in Crowdfunding with the new JOBS Act.

Listen in as Dan gives me a 20 minute Ph.D in Crowdfunding.

Join me and Dan at the NW Regional Angel Summit in Seattle, May 1-2.

And register for the free webinar: Understanding the JOBS Act, 1pm EDT Friday May 4th.

Show #373 Stream, flash player or iTunes

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Moscow Map

By Frank | Filed in EBAN

Keynote speaker

EBAN News Flash: Esther Dyson will be keynote speaker at the 12th EBAN Congress in Moscow. I wonder when they’ll do an equally splashy announcement about their choice for Master of Ceremonies for their Awards Dinner…

Since my Russian language skills are non existant, I won’t be able to ask a cab driver for a lift to my hotel, so I asked Russian National Business Angels Association coordinator, Inna Gudovich for a map. This map details driving directions from the airport to the hotel, then subway directions to the Congress venue at Digital October.


View 12th EBAN Congress in a larger map

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Konstantin Fokin

We met in Warsaw last year when John May introduced us. At the time it seemed like a long way off, but now it’s right around the corner: Konstantin and his Russian Business Angels Association will host the 12th EBAN Congress in Moscow, April 23-25.

Then we met again last week in Austin at the ACA Annual Summit where Konstantin closely observed the content for topics to bring back to Russia.

You’ll learn that after he went to business school and never having worked for anyone besides himself, he goes to work for the government, eventually creating over 100 incubators across the country.

How is entrepreneurship in Russia and how does it differ from the times, not long ago, of the Soviet Union? Konstantin describes how risk-taking is being rewarded again today; listen as he shares his perspectives.

Join me at the EBAN Congress in Moscow, April 23-25.

Show #369 Stream, flash player or iTunes

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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.

Show #366 Stream, flash player or iTunes

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