Venture In The South

Entrepreneurship Ecosystems are critical to the success of startups. As the startup ethos has spread beyond Silicon Valley, more communities are seeing the economic and social value of supporting and promoting local entrepreneurship ecosystems.

Paul interviews Eric Weissmann, director of NEXT, and Bryan Davis, director of The Hill Institute for Innovation and Entrepreneurship at Furman University, about the ecosystem in Upstate South Carolina and how they see their role in supporting startups and promoting exits now and into the future.

For more on building startup communities, check out Startup Communities by  by Brad Feld and Build the Fort by Chris Heivly.

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Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

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https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

In 2023, Early Stage Venture Portfolios experienced a downturn following the robust years of '21 and '22. Media outlets suggest an average decline of around 15% for startup funds in 2023 (though the methodology behind this calculation remains unclear). 

David and Paul delve into the nuances of reporting results, focusing on Exit Portfolio outcomes measured through the Distributions to Paid In capital (DPI), and Return On Investments (ROI). Additionally, they explore reporting methods for Active Portfolios, emphasizing the valuation of ongoing investments and reporting the current Multiple On Invested Capital (MOIC) or ROI. The conversation digs into the complexities of using Internal Rate of Return (IRR) for Active Portfolios, acknowledging its limited significance due to the subjective nature of valuing an active portfolio. 

The discussion concludes with the presentation of the updated 2023 performance figures for both the entire VentureSouth portfolio and David's individual portfolio.

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Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

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Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

E102b Bonus: The Upstate Upstarts List is a new effort to promote innovation and business creation in the seven-county Upstate region of South Carolina. The list aims to highlight the early stage companies doing great things in the region.

Paul discusses the effort with Charlie Banks (in his role as Executive Director of VentureCarolina, a non-profit focused on Entrepreneur & Investor Education) and Dawson Racek, a Venture Analyst at VentureSouth. (recorded 1/16/24)

The Upstate Upstarts List is supported by the Appalachia Regional Commission.  

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

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Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

Carta faced a challenging week as it grappled with customer backlash over utilizing private customer data for a secondary market in private company equity.

David interviews Paul Clark to discuss Carta's impact, while our Cap Tables expert, Matt Dunbar, shares insights on how the recent controversy could influence founders, investors, and Carta's service market.

If you are interested in further reading, try The Pocket Guide to Cap Tables.

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

Follow Paul on X at https://x.com/PalmettoAngel

Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

In this episode, David and Paul explore some highlights of the first 100 podcasts, covering various topics:

1. VitS podcast statistics
   • Key listener locations
   • Standout shows
2. Insights gained from 100 podcasts
   • Reflections on podcasting
   • Understanding our audience
   • Guest experiences
3. Anticipated developments in 2024
   • Enhancing the investor dashboard
   • Exciting topics for the upcoming year
   • Notable guests on the horizon
   • Geographic expansion to Florida, Virginia, and Texas
   • Consideration of a potential newsletter.

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

Follow Paul on X at https://x.com/PalmettoAngel

Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

Venture Events unite founders, operators, and investors, fostering networking opportunities, service connections, and facilitating fundraising efforts. The 40th annual Florida Venture Capital Conference (FVCC) is scheduled to take place from January 31 to February 1, 2024, in Miami. The event will showcase 60 growth-phase companies, drawing an estimated 1,000+ attendees. With over 100 funds and 250 investors in attendance, the conference will bring together more than 500 venture-related firms.

In an exclusive interview, David engages with Kevin Burgoyne, CEO of the Florida Venture Forum, exploring the FVCC narrative and delving into event specifics. Notably, FVCC alumni have successfully secured over $16 billion in funding, representing startups and investors not only in Florida but also across the South and the broader United States. Stay informed by subscribing to the Florida Venture Forum Newsletter. (recorded 1/4/24)

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

Follow Paul on X at https://x.com/PalmettoAngel

Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

David presents upcoming pods, followed by a discussion with Paul on Startup Boards of Directors. The conversation delves into recent Board of Directors drama at OpenAI, exploring the OAI structure and potential improvements. 

They cover:

1. What is a startup board?
2. Why do startups have boards?
3. Typical board structure and roles.
4. Board chairs.
5. Independent directors.
6. Board Observers.
7. Advisory boards.
8. What goes wrong with boards?
9. Legal challenges boards face?
10. Should you serve on a BoD?
11. What are good resources for Startup Boards?

And for a deeper dive, Brad Feld's book Startup Boards (available here) is the place to go.

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

Follow Paul on X at https://x.com/PalmettoAngel

Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

2023 has proven to be more challenging than rewarding for Venture, marked by a series of disappointments amidst its noteworthy events. This show critically examines and discusses the implications of key occurrences in 2023 that will shape Venture's trajectory into 2024. I am joined by three distinguished experts in the field:

1. Paul Clark, my co-host and Principal at VentureSouth.
2. John Avey, the Director of ATDC, the South's largest and most successful incubator/accelerator.
3. Todd Kirschner, a former West Coast VC turned solo professional Angel Investor now based in Charlotte, NC.

Together, we delve into their perspectives on the following topics:

1. The major Venture stories of 2023: A decline in funding, a decrease in deal numbers, a rise in shutdowns, and the dominance of AI in headlines.
2. The impact of 'Higher for Longer' interest rates on venture capital.
3. The 'State of Capital' in the South, covering valuations, early-stage capital availability, and the prevailing Exit drought.
4. The existing risks and opportunities for founders and investors as they navigate 2024.

Through this comprehensive discussion, we aim to provide insights into the challenges and opportunities that lie ahead for Venture in 2024.

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

Follow Paul on X at https://x.com/PalmettoAngel

Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

Host David Grisell conducted his initial interview with Robert Preville, CEO of APPROVE, in August 2022 (E28), during which Preville introduced his groundbreaking equipment financing marketplace, then known as Kwipped. In the past year, the company underwent a rebranding, adopting the name APPROVE, reflective of their leading revenue-generating offering. APPROVE operates as a finance marketplace for equipment leases and purchases, achieving an impressive revenue growth of approximately 100% year over year.

While still actively managing the equipment leasing marketplace, the APPROVE platform has evolved into their primary product. They now market it to vendors for integration into their own ecommerce sites as a virtual captive finance solution. Compensation is derived through a fixed take rate on each financing, establishing a stable and predictable income stream. Robert's strategic focus involves achieving an annual revenue milestone surpassing $20 million and positioning the company for potential acquisition. Furthermore, they remain open to additional fundraising and further growth as viable avenues for expansion.

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

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Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].

Anti-aging cosmeceuticals represent a competitive yet expansive market. When a new product emerges backed by compelling scientific evidence, it captures attention. Greg Schmergel, CEO of Yuva Bio, shares the narrative of entering the longevity market with a natural product demonstrating efficacy in enhancing cellular mitochondrial function in the skin and scalp, addressing hair loss in both men and women, and reducing skin wrinkling.

The active ingredient, Y100, was discovered through the screening of thousands of biologics using Yuva Bio's proprietary AI screening platform. Rigorous trials conducted by Contract Research Organizations affirmed the safety and effectiveness of the product. Yuva Bio has successfully launched its first product using a licensing model, following an oversubscribed seed equity round. The company has also secured contracts with three well-known brands for the introduction of new hair loss products in early 2024.

In our conversation, we explore Yuva's plans for launching additional products in the future, focusing on delivering extended longevity benefits.

Support the show

Follow David on X at https://x.com/DGRollingSouth

Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/

Follow Paul on X at https://x.com/PalmettoAngel

Connect On LinkedIn with Paul at

https://www.linkedin.com/in/paulclarkprivateequity/

We invite your feedback and suggestions at www.ventureinthesouth.com or email [email protected].