AO.vse09.Program.final.low

alwayson venture summit east 2009 Program guide

OnAlwaysAlwaysOn-network.comThe Blogozine On Innovation – 05.09

Quenching The Thirst for

Liquidity

SecondMarket’s platform for trading

restricted assets promises to

reinvigorate the venture marketplace.

/Page 28

Barry Silbert, CEO of SecondMarket, 2009 AlwaysOn East 100 Winner

ALSO:

Innovators Get Lean and Green / Page 4

The Return of the Bull / Page 8

Startups Fuel the Future / 0

The 2009 AlwaysOn East Top Private Companies / Page 28

Meet the New Captains of Innovation

The 7th AlwaysOn & STVP Summit at Stanford is a two-and-a-half-day executive gathering that highlights the significant economic, political and commercial trends affecting the global technology industries. The AlwaysOn & STVP Summit at Stanford features the most innovative companies, eminent technologists, influential investors and journalists in keynote presentations, panel debates and private company CEO showcases. The AlwaysOn & STVP Summit at Stanford’s goal is to identify the most promising entrepreneurial opportunities and investments in the global tech industry. At The AlwaysOn & STVP Summit at

Stanford, our editors will also honor the AO Global 250 Top Private Companies. Up to 50 technology CEOs will also pitch their market strategies to a panel of industry experts in our “CEO Showcase.”

Who AttendsSeven hundred technology, media and advertising CEOs, business development officers, media buyers, venture capital and private-equity investors, and leading members of the press and blogging community will attend The AlwaysOn & STVP Summit at Stanford. Thousands of webcast viewers from over 100 countries

will also tune in and interact with the program. Executives attend The AlwaysOn & STVP Summit at Stanford to identify and debate emerging trends, build high-level relationships and create new business opportunities.

July 28th –30th, 2009Stanford University, Palo Alto, CA

Contact Information

Early rEgistration

still availablE!rEgistEr toDay

anD gEt a spEcial Discount.

please Visit

alwaysOn.gOingOn.cOm

for details

&

CO-PRESENT

Sponsorship Information To find out how your company can join our distinguished group of sponsors, contact:

Marc Sternberg President & COO 310-403-3330

[email protected]

Program Information If you have feedback on our program

or would like to suggest speakers or panel topics, contact:

Arden Pennell [email protected]

917.499.8379

TicketsIf you want to order your ticket

by phone or inquire about group rates, contact:

Michelle [email protected]

415.367.9538 ext 103

09

CEO Showcase OpportunityFifty top CEOs will have the opportunity to present their market strategies and business partnering objectives on the main stage at The AlwaysOn & STVP Summit at Stanford. Quali-fying companies are either public or privately held and ideally come from one of the following industry sectors:

SaaS and Enterprise Cloud and Infrastructure Wireless Consumer Internet Digital Media Greentech Enabling Tools and Devices

For detailed information on the AO Global 250 nomination and selection process and the CEO Showcase opportunity please con-tact us.

Stanford Summit Brand Sponsor ProgramSponsors gain brand exposure and communicate their leadership positions to The AlwaysOn & STVP Summit at Stanford live attendees and webcast audience through a powerful combination of video commercials, e-marketing campaigns, print advertising, on-site material distribution and signage, and program exposure. Brand sponsorship is open to technology, service and investment firms, and high-end consumer brands. To find out how your company can join The AlwaysOn & STVP Summit at Stanford’s distinguished group of sponsors, contact:

For more information, visit AlwaysOn.GoingOn.com

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Jerry Yang, Founder, Yahoo! Sergey Brin, Co-founder, GoogleLarry Page, Founder & President, GoogleChad Hurley, Founder, YouTubeEvan Williams, Co-founder, TwitterMarc Benioff, Founder, Salesforce.comNiklas Zennström, founder & CEO of SkypeRon Conway, Founder, SV AngelsBill Gurley, General Partner, Benchmark CapitalSteve Jurvetson, Managing Director, Draper

Fisher JurvetsonMichael Greeley, General Partner, Flybridge

Capital PartnersMatt Murphy, Partner, Kleiner PerkinsGeoff Yang, Redpoint VenturesFrank Quattrone, QatalystWilliam Quigley, Managing Director, Clearstone

Venture PartnersShona Brown, SVP Business Operations,

GoogleColleen Berube, Vice President Enterprise

Applications, Adobe SystemsCormac Conroy, VP Engineering QCT Modem

Technology, QualcommmBob Iannucci, CTO, NokiaDoug Merritt, President of SAP Labs &

Corporate Officer, SAPRuss Daniels, VP and CTO, Cloud Services HPRich Zippel, VP Technology Chief Technologist

Office, Sun MicrosystemsDavid Rivas, VP, Strategy & Business Dev,

Software Platforms, NokiaFrank Addante, CEO Rubicon, ProjectAl Delattre, Global Partner, AccentureJohn Faith, GM & VP, Mobile MySpacePeter-Frans Pauwels, CTO, TomTomMike Montgomery, President, Montgomery &

Co Paul Deninger, Vice Chairman, Jefferies &

CompanyLise Buyer, Principal, Class V GroupKara Swisher, Co-Producer, D: All Things DigitalRipu Malhotra, Fossil Fuel R&D SRI

InternationalKathy Eisenhardt, Professor Management

Science & Engineering, Stanford UniversityTom Byers, Professor, Stanford UniversityAlbert Cheng, EVP Digital Media, ABC

Past Speakers Included:

Todd Teresi, SVP, Publisher Channel, Yahoo!Thomas Lesinski, President, Paramount Digital

EntertainmentLance Tokuda, CEO, RockYouJohn McCain, Presidential Candidate and

Senator (R-Arizona)Quincy Jones III, CEO, QD3 EntertainmentChamillionaire, Grammy Award winning

platinum recording artist

2 | ALWAYSON | VENTURE SUMMIT EAST 2009

Table of Content Venture Summit East 2009 Issue 17 May 2009

FeaturesInnovators Get Lean and Green As Global Silicon Valley reinvents its place in the technology community, smaller, more nimble companies will invariably emerge to dominate the growth-investment market.

Tough Times Inspire Tomorrow’s Success Entrepreneurs continue to embrace the innovation that has been—and will continue to be—the key to our economy’s recovery and success.

The Return of the Bull East Coast companies are out the prove that the innovation economy knows no boundaries and is limited only by the imagination.

Startups Fuel the Future While the economy continues to be a challenge, startups are still the best place for venture money, while company leaders remain bullish on revenue.

Cover Story: The 2009 AlwaysOn East 100 Top Private Companies This year’s list embraces an East Coast startup community that’s alive with vibrant and disruptive technology innovations.

Program guideSpeakersSponsorsAffliate PartnersProgram

Masthead

04

06

08

10

28

12323844

04

/28

TO BECOME A MEMBER OF ThE ALWAYSON NETWORk vISIT WWW.ALWAYSON-NETWORk.COM.

ALWAYSON AlwaysOn Magazine is published four times per year by AlwaysOn Network, LLC, PO Box 620454, Woodside, CA 94062-9813. Basic annual subscription price is $65 dollars (U.S.), Canadian subscription price is $55 (U.S.), Foreign subscription price is $65 (U.S.) POSTMASTER: Please send changes of address to: AlwaysOn, PO Box 620454, Woodside, CA 94062-9813. For editorial inquiries please contact [email protected]. For advertising and partnership inquiries please contact Kathy Osweiler at [email protected] or at 415.751.0170. For subscription inquiries please contact [email protected]. © 2009 AlwaysOn Network LLC. All rights reserved. Reproduction without permission of the publisher is expressly prohibited. To order back issues, please call 415-751-0170, or email [email protected]. Title is protected through a trademark registration in the U.S. Patent Office. ISSN: 1555-5925

COvER PhOTOGRAPhY BY RJ MICkELSON

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The Must-Buy Media for ReachingAffluent Business Leaders.

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the inside team venture summit east 2009The ScribesTony PerkinsMatthew BowmanArden PennellNicole FreemanEllen AnderssonMubarak Zeb KhanJessica Chung

Editorial AdvisorsSatjiv ChahilBill ClearyPaul DeningerTim DraperMichael MoeEd RingJoe Schoendorf

The ArtistsArno Ghelfi, l’atelier starnoOn-Point Video Productions

The ChiefsMarc SternbergClaudio BarrientosRyan BrennerNathan EntrekinGreg GausewitzJosh SchermanNick PanviniJeremy HalpernMichelle HughesKathy OsweilerMichael PinochiNikki Heyder

The GeeksNicole FreemanCarl HughesMatt BowmanMax Luster

SponsorsBridge BankBusiness WireCook AssociatesDraper Fisher JurvetsonEmo LabsFoley HoagForbesGoodwin ProcterJ.P. MorganKPMGLEWISNASDAQ OMXPlanetTranRevolution PartnersRopes & GraySecondMarketShotspotterSilicon Valley Bank

Affiliate SponsorsBoogarListsBoston Entrepreneurs’ Network (ENET)Conference GuruEvolution AdvisorsThe Executive CouncilLarta InstituteMass Information Technology

Exchange (MITX)MassinvestorNew England Clean Energy Council (NECEC)New England Venture Capital

Association (NEVCA)New England Venture Network (NEVN)PolachiStay in MATechAmericaThe Capital Network (TCN)The Tradeshow CoachVenture Investors Association of New

York (VIANY)Women in Technology International (WITI)

the alwayson team and our sponsors cordially welcome you to our second annual venture summit east event.

Over the last year, Wall Street’s meltdown has rippled through the Global Silicon Valley. Company valuations have taken swan dive, and venture firms and their limited partners have been forced to reshuffle their portfolios. Fortunately, it appears that the combination of activist central governments and agile corporate and entrepreneurial managers has helped divert the “five-year nuclear winter” prophesized by many.

The investors and companies represented at Venture Summit East also represent the future. Our culture of flat, merit-driven, globally minded organizations that share ownership and view “cash as king!” must be embraced by all growing and large companies. Large bureaucracies, unions, big debts, and pension funds are all relics of the past.

Today, the expression “innovate or die” is increasingly more relevant across more industries than ever before—which plays directly into our competitive advantages. Companies from Madison Avenue to Hollywood must master the Internet to run their operations more efficiently and better market and sell their products and services.

In addition to running a “leaner” company, it is also the fashion to run a “greener” company. Last year, greentech became the third largest category of venture investing. Entrepreneurs, many of whom come from the Internet space, are opportunistically looking at how we do everything—from packaging and powering to building and transporting—and seeing how it can be done in a way that is kinder to Mother Earth. After much experimentation, many great new green entrepreneurs and companies will invariably emerge from our community.

The Venture Summit’s goal is to identify and debate these and other emerging trends in innova-tion-driven, growth-investment markets. To separate the real opportunities from the frothy ones, we put the most influential entrepreneurial CEOs, institutional investors, venture capitalists, cor-porate buyers, investment bankers, and research analysts on the main stage together to debate the significant economic, political, and technology trends impacting the global growth investor.

We’re also hosting a series of six-minute CEO pitches from companies seeking later-stage capital or potential acquirers. These best-of-breed CEO Showcases are handpicked from the AlwaysOn East Top 100 private company list and other qualified sources.

On behalf of our sponsors and the entire AlwaysOn team, welcome to Boston. We look forward to hosting you in a very innovative way over the next couple of days!

Tony Perkins is the founder and editor of AlwaysOn.

Welcome Letter Venture Summit East 2009 Masthead

Innovators Get Lean and Green

Between every business person’s goals & accomplishments

There is a Bridge. (The smarter way to get from here to there.)

PHONE: 1.866.BRDGBNK WWW.BRIDGEBANK.COM

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innovation is the key to our economy’s successful recovery.

On behalf of J.P. Morgan and AlwaysOn, I would like to welcome you to Venture Summit East 2009. We are honored to welcome such a talented group of entrepreneurs, angels, VCs, private investors, and strategic investors to participate in this extraordinary event. As we con-tinue through this period of heightened economic uncertainty, we believe it is of utmost importance to come together as a community and engage in strategic and open dialogue with the common goal of continuing to fuel the innovation that has been, and will continue to be, the key to the success of our economy.

Despite recent positive developments in the marketplace, including a number of select IPOs, the liquidity crisis that faces the venture capital and entrepreneurial community remains highly prevalent. However, history has shown us that it is during these times that ground-breaking changes are made, and world-leading companies are founded. The opportu-nity for innovative technology and ideas remains as high as ever. It is imperative that we use the unique opportunity presented during the next three days to begin collaboration and con-tinue to find ways to cultivate innovation, secure funding, enhance liquidity, and drive busi-ness in a positive way.

At J.P. Morgan, we have worked hard to distinguish ourselves in our service to clients and communities through this period of unprecedented uncertainty. We look forward to further deepening our relationships across the entrepreneurial and investor communities and helping our clients manage the many challenges we all continue to face every day. Thank you for join-ing us at Venture Summit East. We look forward to working with you during the next three days and in the future.

Michael Millman is the managing director for J.P. Morgan’s Equity Capital Markets division. Michael can be reached at [email protected].

Welcome Letter Venture Summit East 2009

Tough Times Inspire Tomorrow’s Success

alwayson, llCP.o. Box 620454woodside Ca, 94062Alwayson-network.com

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The Return of the Bull

innovation is limited only by the imagination.

After spending the past four months in Boston, I am pleased to say that entrepreneurship and innovation is alive and well and living in Massachusetts. In truth, innovation knows no bound-aries—neither distance nor time—and is limited only by the imagination.

While the pundits on Wall Street and CNBC would have us believe that the sky is falling, value is always being created everywhere in the innovation economy. Those that are smart enough to invest in the next Microsoft or Google today will be handsomely rewarded when the tide turns. Once the waiting game is over and signs of a turnaround in the business cycle become apparent, the stage will be set for the next boom. Liquidity will return, the financial markets will forgive past indiscretions, and the bull will trample the bear yet again.

At Venture Summit East, we celebrate the business of innovation and the entrepreneurial spirit, which is represented in our comprehensive conference program and the publication of our AlwaysOn East 100 list of the most promising, private venture-backed companies on the East Coast. We applaud the maverick VCs, who are betting on these companies to disrupt markets, create jobs, and build value for their investors. In addition, our keynote speakers and panelists will help form a consensus on the state of the venture-backed community today and where it is going tomorrow.

Thank you to all our speakers, sponsors, and attendees who have contributed to making our second annual Venture Summit East program a success.

I look forward to meeting you this week at Venture Summit East!

Marc B. Sternberg is the president and chief operating officer of AlwaysOn.

Welcome Letter Venture Summit East 2009

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Early-stage companies are the best place for new investment through 2010.

Venture Summit East in Boston is an opportunity for ven-ture capitalists, entrepreneurs, industry professionals, bankers, and analysts to gather and discuss the state of the industry. With the upheaval in the economy in the last year, we once again surveyed some key players to gauge their views on the current situation and venture capital’s future prospects.

The responses indicate that the economy will impact the capital marketplace for the foreseeable future. Nearly 87% predict that the economy will negatively impact the ability of startups to acquire capital for the next year. However, 74% of responses indicate that seed or early-stage compa-nies are the best places for new investment through 2010. Ninety percent see additional difficulty in raising funds for VC firms in the next year.

As we all know, IPO activity isn’t immune to the econ-omy, either. More than 70% of those surveyed predict that the IPO market will take a year or more to recover from its historic lows. However, M&A activity will be robust. Ninety-one percent of respondents see M&A activity

2: In the next year, which sector do you think will see the greatest decline in venture investing?

The AlwaysOn and KPMG Survey Venture Summit East 2009

Startups Fuel the Future

1: In the next year, which sector do you think will attract the greatest increase in venture capital investment, despite the current recession?

holding steady or increasing during the remainder of 2009.Not surprisingly, a majority of our respondents expect

2009 to be a down year for investment. More than 60% of respondents foresee a reduction in investment activity nationally and in the northeast U.S. The greentech sector continues to be the big winner, with 62% of respondents expecting increased investment nationally and 73% expecting the same in the northeast.

Despite the outlook on investing, company leaders are still bullish on their own results. Eighty-eight percent expect their company’s revenues to remain flat or increase in the next year, including almost 43% that expect a dou-ble-digit improvement.

Brian Hughes is a partner in the Philadelphia office of KPMG LLP (www.us.kpmg.com) and is the national co-leader of KPMG’s Venture Capital Initiative. Brian can be reached at [email protected].

52%

3%

3%

7%

6%

Cleantech

Internet services

Media and digital entertainment

Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%

Significant adverse impact

Modest adverse impact

No impact

Modest favorable impact

Significant favorable impact

0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%

Significant increase

Moderate increase

No increase, flat

Moderate decrease

Significant decrease

0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%

Increase greater than 10%

Increase less than 10%

Remain the same

Decrease less than 10%

Decrease greater than 10%

0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months

Six to twelve months

Twelve to eighteen months

Longer than eighteen months

Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage

Growth equity(that is, mature companies, less risk, less return)

0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

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39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

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Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

VENTURE SUMMIT EAST 2009 | ALWAYSON | 11

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

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1%-20%

21%-40%

41%-60%

61%-80%

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0 10% 20% 30% 40% 50%

1%

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21%-40%

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0 20% 40% 60% 80% 100%

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0 10% 20% 30% 40% 50%

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Remain the same



0 10% 20% 30% 40% 50%

5%

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27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

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24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

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39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

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1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

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21%-40%

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0 20% 40% 60% 80% 100%

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No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

6: What impact will the continuing economic recession have on the availability of venture financing to start-up companies in the next 12 months?

10: What direction do you expect valuations of venture-backed companies to trend next year compared to this year?

3: How do you expect cleantech investment in the Northeast to trend during the next four quarters?

7: What impact will the credit crisis have on the ability of venture capital firms to raise additional funds from investors in the next 12 months?

4: Venture investment in New England dipped in 2008, down to roughly $3.3 billion from roughly $3.9 billion in 2007. How do you expect total investment to add up in 2009?

5: Nationwide venture investment dipped in 2008, down to roughly $6.1 billion from roughly $7.5 billion in 2007. How do you expect total investment to add up in 2009?

9: Is tightening of credit affecting your company or your customers’ debt/lease financing options?

8: How do you expect your company revenue to change from Q1 2009 to Q4 2009?

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%


52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

&

13: Which stage presents the best investment opportunities in 2009-2010?

14: When do you expect a recovery in the IPO market?

15: What do you expect the merger and acquisition activity to be in Q3 and Q4 of 2009 compared to Q1 and Q2?

12: The number of New England venture-investing deals was down in 2008 versus 2007, to 460 from 496. What direction do you expect the number of financings to trend in the next 12 months?

16: If you are a venture investor, what percentage of your portfolio do you feel is poised for exit?

The AlwaysOn and KPMG Survey Venture Summit East 2009

17: Of that percentage, what percentage do you expect to IPO in 2009?

11: The number of nationwide venture-investing deals declined in 2008 versus 2007, to 3,808 from 3,952, according to the National Venture Capital Association. What direction do you expect the number of financings to trend in the next 12 months?

Survey brought to you by

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

35%

3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

11%

93%1%-20%

21%-40%

41%-60%

0 20% 40% 60% 80% 100%

5%

2%

28%

33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

3%

19%

32%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

26%

4%

27%

24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

25%

22%

20%

34%

14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

18%

52%

3%

3%

7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

17%

47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

2%

27%

50%

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3%

1%-20%

21%-40%

41%-60%

61%-80%

81%-100%

0 10% 20% 30% 40% 50%

1%

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93%1%-20%

21%-40%

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0 20% 40% 60% 80% 100%

5%

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33%

1%



No impact



0 10% 20% 30% 40% 50%

0.4%

38%

43%

16%

7%



Remain the same



0 10% 20% 30% 40% 50%

5%

29%

2%

16%

27%

Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

45%

6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

16%

30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

33%

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32%


Moderate increase

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Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

20%

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24%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

16%

29%

1%

16%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

23%

21%

1%

13%

39%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 40%30%

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14%

Seed

Early stage

Expansion

Late stage


0 10% 20% 40%30%

14%

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52%

3%

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7%

6%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40% 50%

37%

50%

7%



No impact



0 10% 20% 30% 40% 50%

0.3%

6%

47%

43%

5%



No impact



0 10% 20% 30% 40% 50%

0.3%

5%

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47%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50%

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21%-40%

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61%-80%

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0 10% 20% 30% 40% 50%

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93%1%-20%

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0 20% 40% 60% 80% 100%

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No impact



0 10% 20% 30% 40% 50%

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Remain the same



0 10% 20% 30% 40% 50%

5%

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Within six months




Not sure

0 10% 20% 30% 40% 50%

10%

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6%

11%

12%

7%

13%

31%

15%

15%

Cleantech

Internet services


Software

Life sciences

Mobile

Telecom and IT

Infrastructure

0 10% 20% 30% 40%

8%

8%

3%

19%

54%

7%


Moderate increase

No increase, flat

Moderate decrease


0 10% 20% 30% 40% 50% 60%

4%

16%

3%

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30%


Moderate increase

No increase, flat

Moderate decrease


0 5% 10% 15% 20% 25% 35%30%

18%

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0 5% 10% 15% 20% 25% 35%30%

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0 5% 10% 15% 20% 25% 35%30%

16%

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39%


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Moderate decrease


0 10% 20% 40%30%

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0 10% 20% 40%30%

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Seed

Early stage

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Late stage


0 10% 20% 40%30%

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7%

6%

Cleantech

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Life sciences

Mobile

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Infrastructure

0 10% 20% 30% 40% 50%

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0 10% 20% 30% 40% 50%

0.3%

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0 10% 20% 30% 40% 50%

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0 10% 20% 30% 40% 50%

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0 10% 20% 30% 40% 50%

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0 20% 40% 60% 80% 100%

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0 10% 20% 30% 40% 50%

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Remain the same



0 10% 20% 30% 40% 50%

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Within six months




Not sure

0 10% 20% 30% 40% 50%

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Cleantech

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0 10% 20% 30% 40%

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7%


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0 10% 20% 30% 40% 50% 60%

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0 5% 10% 15% 20% 25% 35%30%

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0 5% 10% 15% 20% 25% 35%30%

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0 10% 20% 40%30%

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0 10% 20% 40%30%

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You lead with spiritand vision.We support youwith experience.with experience.Entrepreneurial vision is critical in getting any business venture up and moving. But going it alone can impede your climb to success. That’s where KPMG’s Venture Capital practice can lend a hand.

Our partners and professionals combine years of industry experience with in-depth understanding of today’s regulatory environment. As a result, we can provide the support needed to fulfill your vision. And achieve peak performance. For more information, contact Brian Hughes at [email protected] or Packy Kelly at [email protected].

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© 2009 KPMG LLP, a U.S. limited liability partnership aand a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. 090109

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090109AD_AlwaysOn_mtnclmb.indd 1 1/13/09 12:34:57 PM


Venture Summit East 2009

Speakers

David Beisel joined Venrock in 2007, as a Vice President investing in the Internet and digital media space. He currently serves on the board of Venrock portfolio com-panies Second Rotation and BlogHer and is actively involved with the firm’s investment in AppNexus. Mr. Beisel was previously a Principal at Masthead Venture Partners, where he helped lead an investment in Expo TV and was an integral member of the investment

david BeiselVice President, Venrock

team for Tremor Media, Intercasting, TripConnect, and NewsGator. Prior to joining Masthead, he co-founded Sombasa Media, an e-mail marketing company that was successfully acquired by About.com and subsequently be-came the AboutDirect division of Primedia. In addition, he is the founder and organizer of the Web Innovators Group, a quarterly gathering of the entrepreneurial Web community in Boston.

Woody Benson joined Prism in 2004 and runs the firm’s digital media practice. He also has extensive experience in mobile and transformational business. Mr. Benson is a director for LogMeIn, KickApps, Worldwide Biggies, and Everypoint. Formerly, he was on the board of Maven Networks, acquired by Yahoo!, and M:Metrics, acquired by comScore. Prior to becoming a venture capitalist, Mr. Benson served as Chairman, President, and CEO

Elon S. Boms, Managing Director of LaunchCapital, has led LaunchCapital in making 21 investments across a broad range of industries. Since founding the company in 2008, he has established the LaunchCapital presence across the U.S. Prior to establishing LaunchCapital, Mr. Boms was a consultant at Fidelity Investments, where his work focused on core business unit optimization. He has also worked in corporate finance for Citigroup and

woody BensonGeneral Partner, Prism VentureWorks

elon BomsManaging Director, LaunchCapital

of MCK Communications. MCK Communications went public in 1999 and completed a secondary offer-ing in 2000. Before MCK, he was a senior executive at Shiva Corporation and Lotus Development. Mr. Benson serves on the board of the Massachusetts Network Communications Council, the MIT Enterprise Forum 10-250 Committee, the American Red Cross-Metro West, and the Bentley Private Equity Council.

briefly at Merrill Lynch. He began his career at Georgia Pacific’s Dixie division, where he assumed responsibility for a profit turnaround of a $125 million business unit. Mr. Boms earned his MBA from Yale, where he graduated with distinction in venture capital and a concentration in finance. He completed his BA in economics from George Washington University.

Scott D. Anthony is the President of Innosight, an international consulting firm co-founded by Clayton Christensen. He is a sought-after expert on growth, innovation, and entrepreneurialism for Fortune 500 companies.

scott anthonyPresident, Innosight

Ed Anderson founded North Bridge Venture Partners and has been the firm’s Managing Partner since incep-tion. Prior to starting North Bridge, he was a partner at ABS Ventures, the venture capital affiliate of Alex Brown & Sons. Mr. Anderson’s venture investing is tar-geted at communications and related software markets. Actively working with start-up teams is his primary area of interest. He has been a founding investor of many

ed andersonManaging Partner, North Bridge Venture Partners

of the communications industry’s leading start-up suc-cess stories, including Arrowpoint Communications, Cascade Communications, New Oak Communications, Redstone Networks, Sonus Networks, Spring Tide Networks, Starent Networks, Sycamore Networks, and Wellfleet Communications. Mr. Anderson is a graduate of the University of Denver and Columbia University’s Graduate School of Business Administration.


Greg Brogger is a serial entrepreneur and the Founder and CEO of SharesPost. SharesPost was built to bring the benefits of a modern communications platform to the private equity industry and liquidity to its participants. Prior to SharesPost, he founded BrightHouse, a Santa Monica based incubator and investment vehicle for early-stage companies. Previously, Mr. Brogger co-founded Zag.com, a next-generation online auto-buying platform

greg BroggerFounder and CEO, SharesPost

as well as CarsDirect.com (now called Internet Brands). Prior to that, he was Idealab’s Vice President of Business Development. Mr. Brogger began his career advising ear-ly-stage technology companies as an associate at Wilson Sonsini Goodrich & Rosati. He received his BA from UC Berkeley, a JD from the University of Pennsylvania, and an MBA from the Wharton School.

Scott Cutler is an Executive Vice President of NYSE Euronext, responsible for all the Americas listings busi-ness. He manages the exchange’s relationship with more than 1,700 companies, along with investment banking, private equity, VC, and legal communities to attract new business. He oversees IPOs, structured products, closed-end funds, and the listings business from the American Stock Exchange. He also serves on NYSE Euronext’s

scott CutlerExecutive Vice President, NYSE Euronext

operating committee. Before joining NYSE Euronext, Mr. Cutler was an investment banker focused on technol-ogy. He was a corporate securities lawyer and focused on M&A, IPOs, venture fund formation, and VC represen-tation. He serves on the executive committee of TechNet. Mr. Cutler graduated in economics from Brigham Young University and received a JD from the University of California Hastings College of Law.

Dennis R. Costello is a Managing Director of Braemar Energy Ventures II and is a member of the investment committee. He has been an active venture capital invest-ment professional for more than 20 years. Previously, Mr. Costello was with Advent International, where he focused on early-stage to later-stage middle-market com-panies. Prior to that, he served as the Chief Investment Officer for the North American operations of Advent

dennis r. CostelloManaging Director, Braemar Energy Ventures

International. Mr. Costello is also a managing director in Rock Maple Ventures, an early-stage technology venture fund in Boston. He holds an MS degree in business from MIT, where he was an Alfred P. Sloan Fellow. He also holds an MA in economics from Ohio State University and a BA in economics from the State University of New York (SUNY), College at Fredonia.

Jeff Bussgang is a General Partner at Flybridge Capital Partners, whose investment interests and entrepre-neurial experiences are in consumer, Internet com-merce, marketing services, software, and wireless start-ups. He currently represents the firm on the boards of BzzAgent, ClickSquared, digitalArbor, go2 Media, i4cp, InnerWireless, Mall Networks, SimpleTuition, and Transpera and was previously a director at Brontes Technologies (acquired by 3M) and PanGo Networks

Jeff BussgangGeneral Partner, Flybridge Capital Partners

(merged with InnerWireless). Previously, Mr. Bussgang co-founded Upromise (acquired by Sallie Mae), a loyalty marketing and financial services firm that currently man-ages $20 billion in college savings assets. He holds a BA in computer science from Harvard University, where he graduated magna cum laude, and an MBA from Harvard Business School, where he was a Baker Scholar and a Ford Scholar.

Bill Burgess has 25 years of experience in venture capital and corporate finance. Prior to joining ABS Ventures in 2001, he was Managing Director and Global Head of Deutsche Bank Venture Partners. He has also served as Vice Chairman of Global Corporate Finance at Deutsche Bank and Global Co-Head of Industry Groups Investment Banking and Head of Technology Investment Banking at Alex Brown & Sons. Mr. Burgess

Bill BurgessManaging Partner, ABS Ventures

serves as Chairman of the Board of Trustees for the New England Aquarium and Trustee and Treasurer of St. Mark’s School. He is a board member of Adeptra, ClickSquared, and Highroads, and has served on many other boards, including Clearforest (acquired by Reuters) and PowerDsine (acquired by Microsemi). Mr. Burgess received his BA from Dartmouth College and MBA from Harvard Business School.


Speakers Venture Summit East 2009

Bob Davis focuses primarily on digital media and the Internet. Previously, he served as the CEO of Terra Lycos and was also the Founder, President, and CEO of Lycos. Under his leadership, Lycos completed the fast-est IPO in Nasdaq history. Mr. Davis has served on the boards of several public and private companies as well as academic and hospital organizations. He has advised former President Clinton and addressed Congress, the

Bob davis Managing General Partner, Highland Capital Partners

UN, the National Press Corps, and the U.S. Council of Foreign Relations. Mr. Davis’s academic accomplish-ments include a BS from Northeastern University, an MBA from Babson College, and an honorary doctorate from Bentley College and Northeastern University. He has been inducted into the Academy of Distinguished Entrepreneurs and received the Massachusetts Interactive Media Council’s Lifetime Achievement Award.

John Egan, a Partner and Co-Chair of the firm’s Technology Companies Group, focuses on corporate securities, venture capital, growth equity, and technol-ogy enterprises. His practice involves early- and late-stage venture financings, growth equity and leveraged recapitalizations, IPOs, mergers and acquisitions, joint ventures, strategic licensing, and the general representa-tion of public and private emerging-growth companies in industries ranging from enterprise software, networking,

John J. egan iiiPartner, Goodwin Procter

security, and business services to communications, media, and life sciences. He also represents numerous venture capitalists, private equity investors, and investment banks and has extensive experience in intellectual property and licensing issues. Prior to rejoining Goodwin Procter, Mr. Egan was a partner at McDermott Will & Emery, where he was a member of that firm’s corporate department and global head of its Private Equity/Emerging Companies Group.

Timothy C. Draper is the Founder and a Managing Director of Draper Fisher Jurvetson. His original sugges-tion to use viral marketing in Web-based e-mail to geo-metrically spread an Internet product to its market was instrumental to the successes of Hotmail and YahooMail, and has been adopted as a standard marketing technique by hundreds of businesses. On behalf of Draper Fisher Jurvetson, Mr. Draper serves on the boards of Glam,

timothy C. draperFounder and Managing Director, Xchange / Draper Fisher Jurvetson

Tagworld, SocialText, Kyte.tv, Chroma Graphics, Meebo, Increo, and Wigix. Previous successes include: Skype, Overture.com, Baidu, Parametric Technology, Hotmail, PLX Technologies, Preview Travel, Digidesign, and oth-ers. He launched the DFJ Global Network, an interna-tional network of early-stage VC funds. He has a BS in electrical engineering from Stanford University and an MBA from Harvard Business School.

Don Dodge is a veteran of five start-ups including Forte Software, AltaVista, Napster, Bowstreet, and Groove Networks. He is currently Director of Business Development for Microsoft’s Emerging Business Team. The goal is to help VCs and start-ups be successful with Microsoft, and together, provide great products for Microsoft’s customers. Mr. Dodge has been in the

don dodgeDirector of Business Development, Emerging Business Team, Microsoft

software business for more than 25 years. He started his software career with Digital Equipment in the data-base group. He worked with five software start-ups over years: Forte Software, AltaVista, Napster, Bowstreet, and Groove Networks. Now with Microsoft, “the biggest start-up in the world,” he works with VCs and start-ups in the greater Boston area.

Sunil Dhaliwal focuses on investments in IT infrastruc-ture and financial services. He is currently a board mem-ber at Neocleus (observer) and Next Investments. Mr. Dhaliwal has previously served as a director or board ob-server at CipherTrust (acquired by Secure Computing), Netezza, Storigen Systems (acquired by EMC), @stake (acquired by Symantec), and Storability Software (ac-quired by StorageTek). He has also been involved with

sunil dhaliwalGeneral Partner, Battery Ventures

other Battery investments, including Cbeyond, MRU Holdings, and Akara (acquired by Ciena). Prior to Battery, Mr. Dhaliwal worked in the High Technology Group at Alex Brown & Sons, where he worked closely with growth companies in the communications and software industries. He graduated from Georgetown University with a BS in finance and international business.


Jeff Fagnan is a Partner in the technology group at Atlas and focuses on emerging companies in enterprise and Internet infrastructure as well as alternative energy tech-nologies and advanced material science. He works closely with MIT, Harvard University, Boston University, and other innovation engines to commercialize technolo-gies developed in technical labs. Mr. Fagnan led the Atlas investment in DataPower Technologies, which was ac-

Jeff FagnanPartner, Atlas Venture

quired by IBM. He was the founding investor and cur-rently sits on the boards of Atlas portfolio companies AEB, Bit9, Songbird, and Veracode. He also sits on the board of portfolio company SimpleTuition and led the firm’s investments in Keas and Mascoma. Mr. Fagnan received his MBA from the William E. Simon Graduate School of Business at the University of Rochester and a BS from the University of Alaska.

Andrew Goldfarb is Co-Founder and Executive Managing Director of Globespan Capital Partners and is based in the firm’s Boston office. He serves on the boards of Akorri, Covergence, Hatteras Networks, Incipient, Quattro Wireless, and Vericept. He previously led or served on the board for the team’s investments in Aptis Communications (acquired by Nortel Networks), Argon (acquired by Siemens), Cerulean Technology (acquired by Aether), eDocs (acquired by Siebel), Idiom

andrew P. goldfarbCo-Founder and Executive Managing Director, Globespan Capital Partners

Technologies (acquired by SDL), m-Qube (acquired by VeriSign), Net Perceptions, Ocular Networks (ac-quired by Tellabs), Pirus Networks (acquired by Sun Microsystems), Silknet, ShoreTel, and Virtusa.Prior to Globespan, Mr. Goldfarb was Senior Managing Director of JAFCO Ventures, where he established the Boston office in 1997. Previously, he directed Trans National Group’s venture investing.

As a Managing Director at Bain Capital Ventures, Jeff Glass focuses on wireless, digital media, and consum-er marketing technologies. He currently serves on the board of Blip.tv, LinkedIn, TargetSpot, BzzAgent, the Massachusetts Innovation Technology Exchange, and the Mobile Marketing Association. Prior to joining Bain Capital Ventures, he was President and CEO of m-Qube, a Bain Capital portfolio company that was named the fastest-growing business in New England by the Boston

Jeffrey glassManaging Director, Bain Capital Ventures

Business Journal. His company m-Qube was acquired by VeriSign in 2006. Mr. Glass also held positions as Founder and President of Transactive Solutions, Chief Operating Officer of Travelers/NETPlus, and strat-egy consultant with BCG. He received an MBA from Harvard Business School and a BA in economics and po-litical science from Amherst College.

Tom Gabel serves as Managing Director and Head of U.S. Institutional Sales and Head of Capital Markets at Canaccord Adams. He is dedicated to leading the U.S. equities effort through four institutional sales teams and a bi-coastal alternative financing team in coordination with the global distribution platform of the company. Over his 20 year career, Mr. Gabel served as Managing Director and Senior Boston Salesman at First Union/

thomas gabelManaging Director, Canaccord Adams

Wachovia Securities, where he was instrumental in opening and managing the Boston institutional eq-uity office. Previously, he was first Vice President and Managing Director at Dain Rauscher Wessels. He also served as Vice President of Institutional Sales at Prescott Ball & Turben. Mr. Gabel graduated from John Carroll University with a BA in marketing.

Diana H. Frazier is a Co-Founder and Managing Partner of FLAG Capital Management, a $4.4 billion money-management firm founded in 1994. FLAG created the first fund-of-funds designed exclusively for individuals, fami-lies, foundations, and educational endowments, offering the opportunity to invest in a select, balanced group of top-tier VC, private equity, international, and real as-sets funds. Prior to FLAG, she started a family office for

diana H. FrazierCo-Founder and Managing Partner, FLAG Capital Management

a high-tech entrepreneur, where she was responsible for all personal and business relations, including traditional money managers and venture investments, both direct and through funds. Ms. Frazier spent one year with a large hedge fund dealing primarily with high net-worth investors. She has an honors BA in economics from Wellesley College and a master’s degree in management from the Sloan School of Management, MIT.



Michael Greeley is a General Partner at Flybridge Capital Partners focused on information technology, healthcare, and medical technology investments. Among a range of general investment themes, he is currently focused on opportunities involving the convergence of healthcare and IT, technology-enabled business services, and tech-nologies that address the physical security and home-land defense markets. Mr. Greeley currently represents the firm on the boards of BlueTarp Financial, CERTUS

michael greeleyGeneral Partner, Flybridge Capital Partners

Biomedical, MicroCHIPs, PolyRemedy, Predictive Biosciences, Protein Forest, T2 Biosystems, and VidSys, and led the firm’s investment in Magen BioSciences. He currently serves as Chairman of the New England Venture Capital Association, where he served as President from 2005 to 2008. Mr. Greeley received a BA with honors in chemistry from Williams College and an MBA from Harvard Business School.

Brian Hughes is the co-leader of KPMG’s venture capi-tal practice, with overall responsibility for the east coast practice. He has more than 25 years of experience provid-ing auditing and accounting services. His professional experience includes servicing technology and venture-backed companies, and he has worked with more than 20 companies to complete their IPOs. He holds an under-

Brian HughesPartner, KPMG

graduate degree from the University of Pennsylvania and an MBA from the Wharton School. He is a member of the American Institute of Certified Public Accountants and is also a founding member of the New Jersey Technology Council and a long-serving member of its board of directors.

Bob Hower is ATV’s East Coast lead partner for in-vestments in information technology and is primar-ily focused on the Internet, digital media, and software sectors. He is an active board member of Acme Packet, ChannelAdvisor, Packet Design, Nuventix, Sanovi, and [x+1]. Mr. Hower was instrumental in Acme Packet’s 2006 public offering, one of the most successful IPOs in the communications sector this decade. He has extensive

Bob HowerGeneral Partner, Advanced Technology Ventures

operating experience, including serving as Vice President of Sales at LHS Group, where he built the company’s Enhanced Services Division for Europe, the Middle East, and Africa. He was also a member of the senior management team at Priority Call Management. Mr. Hower earned an MBA from the Amos Tuck School at Dartmouth College and a BA, cum laude, from Harvard College.

Jeff Hoffmeister runs Morgan Stanley’s technology investment banking team on the east coast. Prior to transferring back to the U.S. in 2008, he headed Morgan Stanley’s European technology investment banking team and was based in London. Mr. Hoffmeister has worked in Morgan Stanley’s technology investment banking team

Jeff HoffmeisterManaging Director and Head of East Coast Technology Banking, Morgan Stanley

for ten years. Prior to joining Morgan Stanley, he worked at Anheuser-Busch, Raymond James Financial, and PricewaterhouseCoopers in their strategic consulting and audit departments. Mr. Hoffmeister holds an MBA from the University of Virginia and an undergraduate degree in finance and accounting from Georgetown University.

Jean Hammond is an active angel investor usually focus-ing on early-stage high-tech start-ups. She is a co-coordi-nator of the Boston branch of Golden Seeds (focused on investing in women-managed businesses) and a mem-ber of Launchpad and Hub Angels. Ms. Hammond also serves on the boards of the Technology Capital Network and Thompson Island Outward Bound. She is serial entrepreneur with more than 20 years of experience in

Jean HammondCo-Leader, Boston Forum, Golden Seeds

the high-tech industry. Her entrepreneurial activities in-clude managing JAM Technologies and co-founding and managing Quarry Technologies and AXON Networks. Following 3Com’s acquisition of AXON, Ms. Hammond was responsible for 3Com’s WAN strategy. She earned an MS from MIT’s Sloan School of Management and a BS from Boston University.


Amish Jani, a Founder and Managing Director of FirstMark Capital, focuses on investments in the digital media, Internet, and infrastructure sectors. He also leads FirstMark’s investment strategies for the Indian mar-ketplace. Prior to founding FirstMark Capital, Mr. Jani served as a Partner with Pequot Ventures. Previously, he

amish JaniManaging Director, FirstMark Capital

specialized in M&A in the IT sector with J.P. Morgan and Credit Suisse First Boston. Mr. Jani sits on the boards of Aveksa, Boomi, Conductor, COPAN Systems, IMImobile, Lumos Labs, and Scalent Systems. He holds an MBA and BS from the Wharton School of Business, University of Pennsylvania.

Paul Maeder is a Founder and General Partner of Highland Capital Partners, a $3 billion worldwide ven-ture capital firm. He focuses on cleantech and informa-tion technology investments. Mr. Maeder has more than 32 years of software experience and more than 24 years experience in venture capital. He currently serves on the boards of Avidyne, Bit9, BlueTarp Financial, Imprivata, PerkStreet Financial, Predictive Biosciences, StreamBase

Paul maederGeneral Partner, Highland Capital Partners

Systems, Vertica Systems, and Village Ventures. Mr. Maeder also serves on the executive committee of the board of directors of the National Venture Capital Association as well as the Mechanical and Aerospace Engineering Advisory Committee at Princeton. He received a BSE in AMS from Princeton, an MS in me-chanical engineering from Stanford, and an MBA from the Harvard Business School.

Ham Lord has more than 25 years of experience in the software industry founding and building industry-lead-ing companies. Currently, he is the Managing Director of Launchpad Venture Group. Launchpad is a Boston-based angel group that focuses on seed-stage technology companies. He manages the group’s deal flow, due dili-gence, and investing activities. Mr. Lord is an active angel investor and advisor to early-stage companies. He is a

Hambleton “Ham” lordManaging Director, Launchpad Venture Group

board member for Building Engines and a board observer for EveryScape. Mr. Lord’s senior management experi-ence was in the software industry, most recently as Co-Founder and Vice President of Marketing for Advanced Visual Systems. Previously, he helped launch two compu-tational chemistry companies: MicroChem Technologies and Polygen. Mr. Lord graduated magna cum laude with a degree in computer science from Brown University.

David Lavallee is a Managing Director and Co-Founder of Revolution Partners. Prior to joining Revolution Partners, he headed the East Coast software practice of the CSFB Technology Group and has experience in vir-tually all IT sectors. Mr. Lavallee has executed several innovative financings for technology companies includ-ing Citrix, GartnerGroup, Allaire, Silknet, Manhattan Associates, and VistaPrint. Mr. Lavallee also worked on

david lavalleeCo-Founder and Managing Director, Revolution Partners

numerous mergers and acquisitions in the software in-dustry during his tenure, including a $4.2 billion transac-tion, the third largest software acquisition in history. Mr. Lavallee was formerly the head of Bluevector’s Boston of-fice and head of Bluevector’s software practice. Bluevector was the venture investing arm of marchFIRST. He received an AB from Brown University and a JD, cum laude, from Georgetown University Law Center.

Bill Kerrigan currently serves as an independent direc-tor and adviser to a number of early-stage, subscrip-tion-based companies, including Carbonite, White Sky, identityTruth, and RatePoint. He was Executive Vice President, McAfee, Consumer. During his time at McAfee, online subscription revenue grew to more than $400 million, while the online user base expanded from

Bill KerriganAdviser and Former Executive Vice President, McAfee

less than 2 million to 23 million subscribers. Previous to his time at McAfee, Mr. Kerrigan was CEO, Shaman, an early software-as-a service company, and Senior Vice President, Corporate Software, a global software reseller and software asset management provider. He held vari-ous leadership positions during a nearly 20-year career at IBM.


Aaron Mandell is Co-Founder and Managing Partner of GreatPoint Ventures. He is also Co-Founder and CEO of Oasys Water; a leading developer of engineered osmosis technology for wastewater treatment and seawater de-salination. Mr. Mandell also co-founded and sits on the board of GreatPoint Energy, a technology-driven, natural-resources company producing clean natural gas from coal,

aaron mandellManaging Partner, GreatPoint Ventures

pet coke, biomass, and wastes. He is also Founder and Chairman of the Board of Coskata (a leader in next-gen-eration cellulosic fuels). In 2007, he also joined the board of directors of Altarock, an enhanced geothermal power company he co-founded. Previously, Mr. Mandell co-founded and was CTO of Coatue, a developer of polymer memory chips, which was acquired by AMD in 2004.

Giles McNamee has more than 20 years experience in the investment industry. In early 2002, he and Glover Lawrence founded McNamee Lawrence & Co. in Boston to provide advisory and investment banking services to exciting but overlooked technology companies. Mr. McNamee and Mr. Lawrence announced their first trans-action in June 2002, the $78 million sale of CBS Payroll Services to Intuit. MLC has advised more than 50 clients

giles mcnameePartner, McNamee Lawrence & Co.

and closed more than 30 transactions. Prior to forming McNamee Lawrence, Mr. McNamee was a Managing Director with Hambrecht & Quist, where he was respon-sible for more than $70 billion in transactions including IPOs, follow-on offerings, private placements, and merg-ers and acquisitions. Mr. McNamee earned a BA in his-tory from Yale College.

Chuck McDermott began his cleantech career more than 20 years ago, helping launch the nation’s first indepen-dent bulk electric power trading company, the predeces-sor to Citizens Power. Having directed the successful campaign of Congressman Joseph Kennedy II, he served two terms as his Chief of Staff. He then joined Waste Management, the world’s largest environmental services company as Vice President for Government Affairs. He currently serves on the boards of Advanced Electron

Charles J. “Chuck” mcdermottGeneral Partner, RockPort Capital Partners

Beams, Project FROG, Renaissance Lighting, Soliant Energy, Sustainable Spaces, and Tioga Energy. He is a di-rector and executive committee member of the GridWise Alliance, a member of the Smart Grid Policy Center Advisory Council, a member of the National Renewable Energy Laboratory Capital Advisory Committee, and a member of the Energy Future Coalition Advisory Council.

Raj Marphatia is a Partner in the Private Investment Funds Group, focusing on transactions involving the financial services industry. He is proficient in structur-ing a variety of collective investment vehicles, including hedge funds, VC funds, and leveraged buyout funds. Mr. Marphatia represents both sponsors and investors. On the sponsor side, he represents ArcLight Capital Partners, Covalent Partners, Emerald Hill Capital Partners, Gottex Fund Management Sarl, Monitor Clipper Partners, and

raj marphatiaPartner, Private Investment Funds, Ropes & Gray

Pacific Equity Partners. On the investor side, he repre-sents The California Endowment, Columbia University, J. Paul Getty Trust, Howard Hughes Medical Institute, the Institute for Advanced Study, Kamehameha Schools, Pepperdine University, Robert Wood Johnson Foundation, Stanford University, and the University of Pennsylvania. Mr. Marphatia received his undergraduate degree from Harvard College and his JD from Harvard Law School.

Art Marks received his first e-mail address in 1979 while working at GE Information Systems. He has been in venture capital since 1984 and enjoys working with new technologies and entrepreneurs. His present company responsibilities include Avail Media, BDMetrics, B-Side Entertainment, Register.com, SafeNet, and TidalTV. He is involved in media, Internet marketing and security-re-lated companies. Mr. Marks co-founded Valhalla in 2002.

art marksGeneral Partner, Valhalla Partners

Previously, he was a general partner at NEA, responsible for creating NEA’s technology practice. Prior to venture capital, Mr. Marks held several significant operating posi-tions at General Electric and Baxter Labs. He served as the General Manager of X-Ray products and as Senior VP at GEIS. Mr. Marks has an MBA from HBS and a BSIE from the University of Michigan.


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Lucy McQuilken invests in the consumer Internet sec-tor, including social media, social networking, mobile Web, e-commerce, location-based services, and advertis-ing supported businesses. Prior to joining Intel Capital, she was founder and CEO of Groove Mobile, a leading provider of mobile music services (acquired by NMS Communications). Before that, Ms. McQuilken worked for nine years at Agilent/Hewlett Packard as a key ac-count sales manager, product manager, engineering

lucy mcQuilkenInvestment Director, Intel Capital

manager, and manufacturing manager. She is a board observer at Skyhook Wireless, Transpera, Vostu.com, Punchbowl Software, Veoh Networks, and Eons.com. Ms. McQuilken also invested in and managed exits at Circle Lending (majority owned by Virgin USA) and Openera (acquired by NMS Communications). She holds a BSEE from Duke University and an MBA from Clark University.

Michael Monahan is an audit partner in KPMG’s New York office and is the New York office Mid-Market Industry Leader as well as a member of the KPMG venture capital practice. He is the lead partner for Duff & Phelps, TheStreet.com, and BBC America and BBC Worldwide Americas. During his 19 years in public ac-counting, Mr. Monahan has specialized in IPOs and

michael monahanPartner, KPMG

M&A advisory and was previously selected for a rotation in KPMG’s Department of Professional Practice, where he specialized in SEC matters, revenue recognition, equity-based compensation, and business combinations, and provided training to global clients such as Daimler-Chrysler, Pfizer, and Sanmina.

Michael Moe has more than 20 years of experience and previously co-founded and was CEO of ThinkEquity Partners, a growth-focused investment bank. From Think’s inception in July 2001, the firm grew at 50% CAGR to $70 million in revenue in 2007. ThinkEquity was sold in March 2007, to Panmure Gordon for $64 mil-lion. Prior to that, Mr. Moe was Head of Global Growth

michael moeFormer Chairman and CEO, ThinkEquity Partners

Research at Merrill Lynch, and before that, he was Head of Growth Research and Strategy at Montgomery Securities. He is a member of the New York Society of Security Analysts, the San Francisco Analyst Society, and is a past advisor for the Center for Innovation. He earned his BA in political science and economics at the University of Minnesota.

Michael Millman is a Managing Director and Head of J.P. Morgan’s Technology, Media and Telecom (TMT) Equity Capital Markets Group. He spearheads the firm’s strategic advisory and equity capital raising services for TMT clients globally. Mr. Millman oversees a variety of equity mandates ranging from structuring and executing IPOs and follow-on offerings to specialized capital rais-ing alternatives such as convertibles and private place-

michael millmanManaging Director, Global Head of TMT Equity Capital Markets, J.P. Morgan

ments. His client coverage includes a range of emerg-ing and established companies in the TMT sector, and he has managed many of J.P. Morgan’s most important equity financing mandates. Mr. Millman’s work has led him to develop strategic relationships with the buy-side community, financial sponsors, and venture firms. He holds a BA in economics and statistics and an MBA from Columbia University.

Ted Morgan founded Skyhook Wireless with Michael Shean in 2003 to capitalize on the explosive growth of Wi-Fi use and the emerging demand for location-based services. Prior to founding Skyhook, he was the Vice President of Marketing for edocs, a provider of customer self-service solutions that was sold to Siebel Systems. At edocs, he ran marketing communications, inside sales, product marketing, and product management. Prior to

ted morganFounder and CEO, Skyhook Wireless

edocs, Mr. Morgan was Group Product Manager for Open Market, one of the early leaders in the e-com-merce revolution. Prior to that, he was a product man-ager for Harbinger Net Services in Atlanta. Previously, Mr. Morgan spent four years in the financial services industry. He has an undergraduate degree in mathemat-ics from Georgetown University and an MBA from the University of Chicago.


Amir Nashat is a general partner in Polaris Venture’s Boston office and focuses on investments in the life sci-ences. Prior to joining Polaris, Mr. Nashat completed his PhD as a Hertz Fellow in chemical engineering at MIT with a minor in biology. During his time at MIT, he completed an internship in the London office of Goldman Sachs. Mr. Nashat currently represents Polaris as a director of Athenix, aTyr Pharmaceuticals, Avila

amir nashatGeneral Partner, Polaris Venture Partners

Therapeutics, Bind Biosciences, Fate Therapeutics, Living Proof, Pervasis Therapeutics, Promedior Pharmaceuticals, and Selecta Biosciences. He played an instrumental role in the inception of Living Proof and Pervasis, serving as the founding President of both companies. Mr. Nashat earned both his MS and BS in materials science and me-chanical engineering at UC Berkeley.

Rosalind W. Picard is the Founder and Director of the Affective Computing Research Group at the MIT Media Laboratory, Co-Director of the Things That Think Consortium, and leader of the Autism Communication Technology Initiative at MIT. In April 2009, she co-founded Affectiva with Dr. Rana el Kaliouby to com-mercialize technologies for emotion measurement and communication. Ms. Picard holds a bachelor’s degree

rosalind w. PicardCo-Founder and Director, Affectiva

in electrical engineering with highest honors from the Georgia Institute of Technology, and master’s and doctor-ate degrees, both in electrical engineering and computer science, from MIT. Prior to completing her doctorate at MIT, she was a member of the technical staff at AT&T Bell Laboratories, where she designed VLSI chips for digital signal processing and developed new methods of image compression and analysis.

Alan Patricof is the Managing Director of Greycroft, a venture capital firm focused on the digital media sec-tor. Prior to founding Greycroft, he was the Founder and Chairman of Apax Partners, the U.S. arm of Apax Partners, Worldwide. During the past 40 years, Mr. Patricof has participated in the financing and develop-ment of a large number of public and private compa-nies. Companies that he has been involved with at the

alan J. PatricofManaging Director, Greycroft

initial stages are Apple Computer, America Online, Cadence Systems, Office Depot, FORE Systems, Cellular Communications, and Audible. Mr. Patricof is a Member of the Board of Governors, North American Venture Capital Summit. He holds a BS in finance from Ohio State University and an MBA from the Columbia University Graduate School of Business.

Chris Pasko is a Senior Managing Director in the Corporate and Mergers and Acquisitions Advisory group based in Boston. Since joining Blackstone, he has been involved with a variety of transactions including advis-ing Sapient in its acquisition of Derivatives Consulting Group, DTN in its sale to Telvent, Everbank in its sale of an equity stake to Sageview, and Microsoft in its discus-sions with Yahoo. Prior to joining Blackstone, Mr. Pasko

Chris PaskoSenior Managing Director, Blackstone

was Head of Morgan Stanley’s East Coast Technology Investment Banking Group and its Boston office. Mr. Pasko holds a BA in economics from Williams College, where he was inducted into the Phi Beta Kappa Society, was named a Class of 1960 Scholar in Economics, and won the Jack Larned International Management Prize. Mr. Pasko earned his MBA from Harvard University.

Lita Nelsen is the Director of the Technology Licensing Office at MIT, which manages more than 500 new inven-tions per year and negotiates more than 100 licenses, in-cluding 20 new start-ups, per year. She earned BS and MS degrees in chemical engineering from MIT and an MS in management from MIT as a Sloan Fellow and worked in industry in the fields of medical devices and mem-

lita l. nelsenDirector, Technology Licensing Office, MIT

brane separations. Ms. Nelsen was the 1992 President of the Association of University Technology Managers. She was a co-founder of Praxis, a U.K. non-profit company for training technology transfer professionals. This year, the U.K. Government awarded her the honor of Member of the Order of the British Empire (MBE) for her work with technology transfer institutions throughout the U.K.


Bill Schnoor, a partner and co-chair of the firm’s Technology Companies Group and its Clean Technologies Practice, concentrates in the areas of busi-ness and securities law, private equity, and acquisitions. He has more than 25 years of experience in representing start-up, private, and public companies. He has worked with numerous companies from their initial financing through IPOs or acquisitions, and has advised public companies and their boards of directors. Mr. Schnoor

Bill schnoorPartner, Goodwin Procter

works with companies across various industries, includ-ing alternative energy and other clean technologies, e-commerce and other Internet-based businesses, enter-prise software, life sciences, and healthcare information technology. He has also represented private equity clients in connection with their own fund-raising and inter-nal organizational issues as well as in making portfolio investments and with matters affecting their portfolio companies.

William Sahlman is the Dimitri V. d’Arbeloff–Class of 1955 Professor of Business Administration at Harvard Business School. The d’Arbeloff Chair was established to support teaching and research on the entrepreneurial pro-cess. He is also the Senior Associate Dean for External Relations and was co-chair of the Entrepreneurial Management Unit. Previously, he was Senior Associate Dean, Director of Publishing Activities, and Chairman of

william a. sahlmanDimitri V. D’Arbeloff–MBA Class of 1955 Professor of Business AdministrationSenior Associate Dean for External Relations, Harvard Business School

the Board for Harvard Business School Publishing. Prior to that, he was Chairman of the Harvard University Advisory Committee on Shareholder Responsibility. He is a member of the board of directors or board of advisors of several private companies and not-for-profit organiza-tions. Mr. Sahlman received an AB in economics from Princeton University, an MBA from Harvard University, and a PhD in business economics, also from Harvard.

Bijan Sabet has been a General Partner at Spark Capital since its inception in 2005. He has led investments in Boxee, Bug Labs, Buzzwire, OMGPOP, SendMe, the-Platform (acquired by Comcast), Tumblr, and Twitter. Prior to joining Spark, Mr. Sabet was Senior Vice President, Corporate Development, of GameLogic after serving as an Entrepreneur-in-Residence at Charles River Ventures. Previously, he was Vice President, Business

Bijan sabetGeneral Partner, Spark Capital

Development and Product Management, at Moxi Digital, where he was responsible for establishing and manag-ing strategic relationships with cable and satellite opera-tors as well as driving product strategy. In this role, Mr. Sabet was part of the early team that introduced the MoxiMedia Center, a low-cost replacement for a digital cable or satellite set-top box. He holds a BS degree from Boston College.


Barbara Piette joined Knightsbridge Advisers in August 2006. As a 20-year investor in private companies and a former partner in two leading venture capital firms, she continues to build Knightsbridge’s portfolio of invest-ments in the best early-stage venture partnerships. Her association with Knightsbridge dates back 19 years, when, as a General Partner of Charles River Ventures, she was responsible for a successful portfolio of healthcare,

Barbara PietteManaging Principal, Knightsbridge Advisers

technology, and consumer companies and served on the boards of seven companies. Previously, she was a Partner in Schroder Ventures, investing with a life-sciences focus, and serving on the boards of eight companies. Ms. Piette earned a BS summa cum laude from Boston College, graduating first in her class. She received an MBA with honors from Harvard Business School.

Barry E. Silbert is the Founder and CEO of SecondMarket, the largest secondary market dedicated to creating liquidity for illiquid assets, including auction-rate securities, bankruptcy claims, collateralized debt ob-ligations, limited partnership interests, mortgage-backed securities, private company stock, restricted securities in public companies, and whole loans. Prior to found-ing SecondMarket, he was an investment banker at Houlihan Lokey Howard & Zukin, where he focused on

Barry silbertCEO, SecondMarket

financial restructurings, M&A, and corporate financing transactions. Before joining Houlihan Lokey, Mr. Silbert worked at Bear Stearns, Smith Barney, and Rydex Funds. He graduated with honors from Emory University’s Goizueta Business School and holds Series 7, 24, and 63 licenses. Mr. Silbert is also the chairman of Pluris Valuation Advisors, a New York-based valuation firm specializing in illiquid assets.


Michael Skok joined North Bridge Venture Partners in 2002. Prior to this, he was an entrepreneur and CEO in the software business for more than 20 years. Mr. Skok founded, led, and attracted more than $100 million in private equity to his investments in several successful software companies ranging from CAD/CAM, docu-ment management, workflow, imaging and collaboration, security, and analytics, and spanning the minicomputer, workstation, PC, client server, and Internet areas. He

michael skokGeneral Partner, North Bridge Venture Partners

served on many private and public company boards as well as supported various software industry groups such as the Software Publishers Association. He is currently active on the boards of all his recent investments includ-ing Acquia, Active Endpoints, Demandware, Lumigent, MyPerfectGig, rPath, and Unidesk. He is still actively investing in SaaS, virtualization, cloud computing, and open source.


Mark Zanoli’s 15 years of investment banking experience includes M&A, raising public equity through IPOs and secondary offerings, raising private equity for public and private companies, raising high-yield debt, loan, and bank syndications, convertible equity financings, and a variety of derivative financings. As head of the clean technol-ogy investment banking practice, Mr. Zanoli’s clients

mark ZanoliManaging Director, J.P. Morgan

include Uni-Solar, LDK, and Ascent Solar, among others. Within the technology sector, his clients include Cisco, Symantec, Hewlett-Packard, and Apple, among others. Mr. Zanoli is a graduate of UC Santa Barbara.

David Topper joined J.P. Morgan in 2005 and is a Vice Chairman of Investment Banking. His responsibili-ties cover the common stock, derivative markets, and syndicate functions. Prior to joining J.P. Morgan, he spent 22 years at Morgan Stanley, where he was Co-Head, Managing Director, and Chairman of the Equity Commitments Committee from 2001-2005. Prior to that, Mr. Topper was responsible for the Equity Capital

david topperVice Chairman, J.P. Morgan

Markets coverage of the media and telecom sectors. During his time in Equity Capital Markets, he worked on IPOs in the airline, media, telecom, technology, re-tail, and financial services sectors. Mr. Topper holds a BA from Duke University and an MBA from Stanford University.

Ed Sullivan is an audit partner in KPMG’s New England Information, Communications, and Entertainment practice. He has more than 20 years experience provid-ing financial statement audit and audit of internal control services as well as advising clients on a wide range of business and regulatory matters in his role as auditor. Mr. Sullivan specializes in working with both publicly and privately owned companies at all stages of development,

edward a. sullivan Jr.Partner, KPMG

both domestic and multinational. His industry knowl-edge includes software, electronics, communications, me-dia, Internet, and professional services. In addition to his client responsibilities, Mr. Sullivan serves as the Partner-In-Charge of the New England Employee Benefit Plan Audit practice and the Venture Capital practice for the KPMG New England region, responsible for business de-velopment and practice management.

Alan Spoon is a Managing General Partner in Polaris’ Boston office. He joined Polaris in 1996 as an early advi-sor and initial investor. He focuses on investments in information technology, with emphasis on revenue-stage companies, digital media, e-commerce, and distance learning. Mr. Spoon represents Polaris as a director of Art.com, Ice.com, LegalZoom, LRN, Phreesia, and The HealthCentral Network. He was previously on the board

alan spoonManaging General Partner, Polaris Venture Partners

of TechTarget, Matrics, and Cushcraft (wireless anten-nae). His other Polaris investments include Internet Brands, AWS (Weatherbug), and ARPU. Mr. Spoon brought more than 20 years of operating, strategy, and in-vestment experience to Polaris. He earned his SB at MIT, an SM at MIT’s Sloan School of Management, and a JD with honors from Harvard Law School.

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AlwaysOn is excited to present the 2009 AlwaysOn East 100 Top Private Companies. In the face of worldwide market woes, the East Coast’s nose-down, business-minded entrepre-neurs are using new technologies to turn eco-nomic challenges into growth opportunities.

Cloud computing is exploding with startups, bringing new ways to reduce infrastructure costs and boost efficiency. Category winner rPath is building “virtual appliances” that can be used to create and deploy applications. The appliances live in the cloud, while the apps work in any environment: traditional, virtual, or cloud.

Our consumer category winner, ScanBuy, developed a nifty little application that repre-sents big money-making potential to advertisers and mar-keters eager to get their products in front of the vast mobile market. After downloading ScanLife to a camera phone, the app can scan any 2D barcode and link up to the prod-uct’s information on the Web via the user’s smartphone.

In digital media, Buddy Media is developing widget apps for social networking sites like Facebook and MySpace. Armed with a client list that includes Bud Light, Fox News Channel, Reebok, Priceline, Paramount, Chevy, Bacardi, and HBO Comedy Club, the company boasts that its first seven apps were downloaded more than 500,000 times and accessed by millions in just a few days.

Our overall winner SecondMarket is giving secondary market investors a new, robust platform for trading illiquid

assets as well as private company securities. The greentech sector continues to deliver use-ful, sustainable products from solid companies. Category winner Hycrete has developed an additive that not only makes concrete water-proof, it lengthens the life of the world’s most-used building material.

SaaS and enterprise companies are reinvent-ing themselves as the open revolution proceeds apace, and the cloud continues to expand. HubSpot is a marketing software service that helps companies get discovered online and con-verts leads into customers by leveraging search-engine optimization and social media, blog-ging, and intelligent analytics.

Finally, as more and more of the world goes mobile, the wireless category is spawning hardware innovations that push the limits of the device and bring a new era of con-nectibility to the masses. Skyhook Wireless combines GPS, cell-tower, and WiFi technology in mobile phones to enable pinpoint geolocation. Apple is licensing Skyhook’s technology in the iPhone, opening up a whole new market for mobile applications based on precise geo-location.

The AlwaysOn East 100 represents the best of the boom-ing startup community on the East Coast. The list was selected from hundreds of nominations from technology insiders, venture capital gurus, and industry players. We congratulate the winners and look forward to seeing their growing impact on the entire technology economy.

the east Coast startup community is alive with vibrant technology innovations.

The 2009 AlwaysOn East 100 Top Private Companies


CATEgORy

Cloud and Infrastructure RPATH WWW.RPATH.COM

hQ:Raleigh, NCCEO: Billy MarshallFOuNdEd: 2005EMPLOYEES: 45

INvESTORS INCLudE: North Bridge Venture Partners, general Catalyst Partners, Wakefield Group

ACRONIS WWW.ACRONIS.COM

BuSINESS INSTRuMENTS WWW.BuSINESS-INSTRuMENTS.COM

C-NARIO WWW.C-NARIO.COM

CORE SECuRITY WWW.CORESECuRITY.COM

DATAuPIA WWW.DATAuPIA.COM

GLASSHOuSE WWW.GLASSHOuSE.COM

LOGMEIN SECuRE.LOGMEIN.COM

MILABRA WWW.MILABRA.COM

PARATuRE WWW.PARATuRE.COM

VIEWDLE WWW.VIEWDLE.COM

WORKLIGHT MYWORKLIGHT.COM

CATEgORy

Consumer SCANBuYWWW.SCANBuY.COM

hQ:New york, NyCEO: Jonathan BulkeleyFOuNdEd: 2000EMPLOYEES: > 15

INvESTORS INCLudE: Hudson Ventures, Longworth Venture Partners, Masthead Venture Partners

CAFEMOM WWW.CAFEMOM.COM

CITYVOTER CITYVOTER.COM

2009 AlwaysOn East 100CategoryWinner


AlwaysOn East 100

Overall Winner

HQ: New York, NY Ceo: Barry Silbert year Founded: 2004 employees: ca. 100

secondmarket www.secondmarket.com INvESTORS INCLudE: FirstMark Capital, Pequot Ventures

AO TAkE: SecondMarket is an online trading platform that provides a central market where private companies and their employees can sell stock. The company also works with investors on executing private and public illiquid-asset transactions. It serves a wide variety of financial institutions as well as individual investors, and currently claims about 3,000 participants that collectively manage more than $1 trillion in assets available for investment.

The secondary market already provides a way for founders, employees, and VCs to get their money out of a startup. SecondMarket provides a robust platform for buyers and sellers to connect—in return for putting the investors and shareholders together, the company collects 2% fee from each side. The environment is designed to give companies more control over how they sell their stock and to whom.

The delay of many venture-backed exits is bringing business to the secondary market. A delay in exit means VCs can’t get their cash out of the initial investment and either repay investors or look for new opportunities. Additionally, employees at startups who took low salaries in return for equity stakes are looking for a way to realize a return on their “sweat” investments.

Unregistered securities of private companies often disclose meager financial information, so the risk in purchasing them is high. Only a small pool of accredited investors and qualified institutions can trade in unregistered securities. These buyers must be sound enough to invest in high-risk businesses, where little public information is available.

The company runs several markets for illiquid assets, including ones for restricted public equities and bankruptcy claims. Most recently, it created a market for banks to find buyers for troubled assets such as mortgage-backed securities and collateralized debt obligations. SecondMarket took a first round of funding from FirstMark Capital back in 2007. As it looks toward the future, SecondMarket is committed to giving startup companies a platform they can use to communicate with their shareholders and connect with buyers they might not otherwise have discovered.

2009 AlwaysOn East 100

OverallWinner

Barry silbert CEO of SecondMarket

ETSY WWW.ETSY.COM

GAMELOGIC WWW.GAMELOGIC.COM

GAMERDNA WWW.GAMERDNA.COM

KAYAK WWW.KAYAK.COM

LIVE GAMER LIVEGAMER.COM

MODIV MEDIA WWW.MODIVMEDIA.COM

MYYEARBOOK WWW.MYYEARBOOK.COM

OPEN SPORTS WWW.OPENSPORTS.COM

OuTSIDE.IN OuTSIDE.IN

OWNERIQ OWNERIQ.NET

SEARCHANDISE COMMERCE WWW.SEARCHANDISE.NET

SELECTMINDS WWW.SELECTMINDS.COM

THELADDERS WWW.THELADDERS.COM

TIDALTV WWW.TIDALTV.COM

TuRNTO NETWORKS WWW.TuRNTO.COM

WEPLAY WWW.WEPLAY.COM

CATEgORy

Digital Media BuDDY MEDIA WWW.BuDDYMEDIA.COM

hQ:New york, NyCEO: Michael M. LazerowFOuNdEd: 2007EMPLOYEES: ca. 10

INvESTORS INCLudE: Softbank Capital, European Founders Fund, greycroft Partners

ADMELD WWW.ADMELD.COM

APPSSAVVY WWW.APPSSAVVY.COM



The 2009 AlwaysOn East 100 Venture Summit East 2009

BRIGHTLINE ITV WWW.BRIGHTLINEITV.COM

CONDuCTOR WWW.CONDuCTOR.COM

EXELATE WWW.EXELATE.COM

GORILLASPOT WWW.GORILLASPOT.COM

INNOVID WWW.INNOVID.COM

MEDIA6° WWW.MEDIA6DEGREES.COM

MEDIABANK WWW.MBXG.COM

MEDIALETS WWW.MEDIALETS.COM

MINDSET MEDIA WWW.MINDSET-MEDIA.COM

NAMEMEDIA NAMEMEDIA.COM

PEER39 WWW.PEER39.COM

PONTIFLEX WWW.PONTIFLEX.COM

PuLSE 360 WWW.PuLSE360.COM

SPONGECELL SPONGECELL.COM

TREMOR MEDIA WWW.TREMOR.COM

VIBES MEDIA WWW.VIBES.COM

VIBRANT MEDIA WWW.VIBRANTMEDIA.COM

VISIBLE MEASuRES WWW.VISIBLEMEASuRES.COM

VIXIMO WWW. VIXIMO.COM

CATEgORy

Green HYCRETE WWW.HYCRETE.COM

hQ:Carlstadt, NJCEO: David RosenbergFOuNdEd: 2005EMPLOYEES: > 50

INvESTORS INCLudE: NgEN Partners, Rockport Capital Partners, NJTC Venture Fund, Mohr Davidow Ventures

ADVANCED ELECTRON BEAMS WWW.AEB.COM

BPL GLOBAL WWW.BPLGLOBAL.NET

COALTEK WWW.COALTEK.COM

GREENFuEL TECHNOLOGIES WWW.GREENFuELONLINE.COM

IST ENERGY WWW.ISTENERGY.COM

POSEIDON RESOuRCES WWW.POSEIDONRESOuRCES.COM

PREMIuM POWER WWW.PREMIuMPOWER.COM

RECYCLED ENERGY DEVELOPMENT RECYCLED-ENERGY.COM

RENAISSANCE LIGHTING WWW.RENAISSANCELIGHTING.COM

SuNIVA WWW.SuNIVA.COM

ZYMETIS WWW.ZYMETIS.COM

CATEgORy

Saas and Enterprise HuBSPOT WWW.HuBSPOT.COM

hQ:Cambridge, MACEO: Brian HalliganFOuNdEd: 2006EMPLOYEES: 75

INvESTORS INCLudE: Matrix Partners, general Catalyst Partners

AVEKSA WWW.AVEKSA.COM

CATEgORy

Enabling Tools and Devices SECONDMARKET WWW.SECONDMARKET.COM

hQ:New york, NyCEO: Barry SilbertFOuNdEd: 2004EMPLOYEES: ca. 100

INvESTORS INCLudE: FirstMark Capital, Pequot Ventures

ADAPTIVEBLuE WWW.ADAPTIVEBLuE.COM

AMADESA WWW.AMADESA.COM

AVVENTA WWW.AVVENTA.COM

CLEARSPRING TECHNOLOGIES WWW.CLEARSPRING.COM

EMO LABS WWW.EMOLABS.COM

EVERYZING WWW.EVERYZING.COM

INVENTION MACHINE WWW.INVENTION-MACHINE.COM

KALTuRA KALTuRA.COM

LASER LIGHT ENGINES WWW.LASERLIGHTENGINES.COM

LuCIDMEDIA WWW.LuCIDMEDIA.COM

MEDIAuNBOuND WWW.MEDIAuNBOuND.COM

NEWS PATTERNS WWW.NEWSPATTERNS.COM

PIXTRONIX WWW.PIXTRONIX.COM

SAND 9 WWW.SAND9.COM

SICORTEX WWW.SICORTEX.COM

VIDEOIQ WWW.VIDEOIQ.NET

BOOMI WWW.BOOMI.COM

ENDECA WWW.ENDECA.COM

LANDSLIDE WWW.LANDSLIDE.COM

TANGOEWWW.TANGOE.COM

TRuST DIGITALWWW.TRuSTDIGITAL.COM

CATEgORy

Wireless SKYHOOK WIRELESS WWW.SKYHOOKWIRELESS.COM

hQ:Boston, MACEO: Ted MorganFOuNdEd: 2003EMPLOYEES: 30

INvESTORS INCLudE: Common Angels, Bain Capital Ventures, Intel Capital, RRE Ventures

AIRCLIC WIRELESS WWW.AIRCLIC.COM

APPERIAN WWW.APPERIAN.COM

AYLuS NETWORKS WWW.AYLuS.COM

AZuKI SYSTEMS M.AZuKISYSTEMS.COM

CELLuFuN WWW.CELLuFuN.COM

KIRuSA WWW.KIRuSA.COM

MFORMATION TECHNOLOGIES WWW.MFORMATION.COM

MOCOSPACE WWW.MOCOSPACE.COM

QuATTRO WIRELESS WWW.QuATTROWIRELESS.COM

SENSE NETWORKS WWW.SENSENETWORKS.COM




2009 AlwaysOn East 100

OverallWinner

Opportunities are your business. Helping you remove obstacles is ours. To make the most

of your investments, you need legal advice based on a deep understanding of your business.

At Foley Hoag, we offer more than clear and sound counsel: we help you realize every advantage.

Learn more at foleyhoag.com.

Remove obstacles, and yourpath to success is clear.

BOSTON | WASHINGTON | EMERGING ENTERPRISE CENTER | FOLEYHOAG.COM

Driving Business Advantage

Attorney advertising. Prior results do not guarantee a similar outcome.



Event Sponsors

Bridge BankBridge Bank is the professional full-service business bank of choice for small- and middle-market and emerging-technology businesses in Silicon Valley, California, and the Nation. Their unique brand of business banking combines veteran top-tier bankers, a comprehensive menu of superior product and service offerings, and state-of-the-art banking and cash management technology to deliver superior financial solutions to its clients nationwide. Bridge Bank invites you to visit them on the Web at www.bridgebank.com.

Business wireBusiness Wire, a Berkshire Hathaway company, is utilized by tens of thousands of member com-panies and organizations worldwide to functionally enhance and communicate investor relations and public relations content to target audiences. As a recognized disclosure service in the United States, Canada and a dozen European countries, Business Wire facilitates the simultaneous flow of market-moving press releases from corporations to financial markets and their audiences, includ-ing regulatory authorities, media, investors, financial information systems and consumer news ser-vices. Business Wire also handles XBRL tagging, document formatting and regulatory filing into EDGAR, SEDAR, FSA and other systems. Founded in 1961, Business Wire has dual headquarters in San Francisco and New York, with 30 bureaus in cities including Los Angeles, Chicago, Boston, Miami, Paris, Frankfurt, London, Brussels, Tokyo, Toronto and Sydney and reciprocal offices throughout the world. Business Wire’s patented NX data platform supports XML, XHTML and XBRL code that enhances news release interactivity, social media sharing and search engine opti-mization. More information about Business Wire and its services is located on its website at www.BusinessWire.com.

Cook associatesCook Associates is a retained Executive Search and M&A Advisory Services firm. Our core business is creating value at the intersection where talent and opportunity connect, and we are uniquely positioned to help our clients capitalize on the brightest talent and best performing companies in the marketplace. Our client base ranges from multinational corporations like Avid, Kronos, Juniper Networks, Progress Software, Red Hat, and VistaPrint to early-stage companies like Ahura Scientific, Black Duck Software, EnterpriseDB, CafeMom, Gomez, Picis, and Quattro Wireless to private equity and VC firms like Baird Capital, The Blackstone Group, Goldman Sachs, and GTCR. For additional information, please, visit www.cookassociates.com.

draper Fisher JurvetsonDraper Fisher Jurvetson (DFJ) backs extraordinary entrepreneurs anywhere who set out to change the world. DFJ achieves its mission through its DFJ Global Network of Partner Funds managing over $6B on four continents. Since its founding in 1985, DFJ has been proud to back over 500 com-panies across many sectors including such industry changing successes such as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Athenahealth (ATHN), EnerNOC (ENOC), TicketsNow (acquired by TicketMaster), Feedburner (acquired by Google), Interwoven (IWOV), Four11 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID). DFJ is one of the most active Cleantech investors in the world with over 60 investments throughout its global network of funds.


Foley HoagFoley Hoag LLP is a leading national law firm in the areas of dispute resolution, intellectual prop-erty, and corporate transactions for emerging, middle-market, and large-cap companies. With a deep understanding of clients’ strategic priorities, operational imperatives, and marketplace reali-ties, the firm helps companies in the biopharma, high technology, energy technology, financial services and manufacturing sectors gain competitive advantage. The firm’s 225 lawyers located in Boston, Washington, and the Emerging Enterprise Center in Waltham, Massachusetts join with a network of Lex Mundi law firms to provide global support for clients’ largest challenges and op-portunities. For more information visit www.foleyhoag.com.

ForbesForbes.com (www.forbes.com), home page for the world’s business leaders and the No. 1 busi-ness news source in the world, is among the most trusted resources for senior business executives, providing them the real-time reporting, uncompromising commentary, concise analysis, relevant tools and community they need to succeed at work, profit from investing and have fun with the rewards of winning. Throughout the business day Forbes.com publishes more than 4,000 articles, delivering the best of Forbes’ journalism and that of its selected partners with all the immedia-cy, depth and interactivity that the Web allows. Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes.com and affiliated properties—ForbesAutos.com, ForbesTraveler.com, Investopedia.com, RealClearPolitics.com, Clipmarks.com and the Forbes.com Business and Finance Blog Network—together reach 40 million business decision makers each month.

goodwin ProcterGoodwin Procter is one of the nation’s leading law firms, with a team of 900 attorneys serving clients through offices in Boston, Hong Kong, London, Los Angeles, New York, San Diego, San Francisco, Silicon Valley and Washington, D.C. Our Technology Companies Group is a highly focused team of 160 lawyers who provide dedicated representation to over 500 emerging companies and entrepreneurs, 200 venture capital and private equity firms, and many of the leading invest-ment banks in the country. Our areas of industry focus include clean tech, life sciences, software, Internet, IT services, networking, telecommunications and others. www.goodwinprocter.com

J.P. morganAs one of the world’s premier investment banks, J.P. Morgan serves the needs of our clients by offering a world-class platform coupled with straightforward, intelligent advice. We attribute our long-term success to our commitment of always putting clients’ interests first. Whether it’s rais-ing capital to meet growth objectives or identifying strategic business partners, J.P. Morgan offers M&A advisory, capital markets, prime brokerage, restructuring, risk and research platform of unri-valed strength and scale. We were founded more than 200 years ago and have a proud history of, in the words of one of our founders, doing “only first-class business... in a first-class way.”

emo labsConsumers want to enjoy audio everywhere, but without large and complicated speaker systems. They also want thinner and more streamlined TVs, monitors and laptops. As media access and usage has increased dramatically, sound quality has been hurt by attempts to make smaller, thin-ner products. Emo Labs’ revolutionary new speaker technology solves this problem by delivering excellent sound quality without the big box. When embedded in a TV or other display product, EMO speaker systems disappear into the enclosure while improving sound quality and the cus-tomer experience. Emo Labs technology will change the way people look at and listen to speakers.


Event Sponsors Venture Summit East 2009

lewisLEWIS is a global public relations consultancy. Founded in 1995, the agency works with leading and emerging brands in the most demanding industry sectors around the world. Why is LEWIS different? In short: culture, reach and approach. The agency combines a strong media culture with a dedicated service ethic to deliver exactly what journalists and clients want. With a wholly-owned network of offices across the globe, LEWIS combines consistency of culture and approach with local understanding. LEWIS delivers predictable results, tied tightly to client goals, at a pre-dictable cost.

nasdaQ omXThe NASDAQ OMX Group, Inc. is the world’s largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.

PlanettranPlanetTran is a pioneering “eco-livery” service company and the nation’s first transportation service based exclusively on environmentally-friendly hybrid vehicles. Founded in 2003 by Seth Riney, the vision was to build a smarter urban transportation solution that would also serve as a platform to influence senior executives, professionals, and opinion leaders on the importance of environmentally responsible transportation. PlanetTran currently services New England and the San Francisco Bay Area, providing both individuals and organizations with scheduled hybrid car service. Clients may make reservations online at www.planettran.com or they may call 1888 PLNT TRN.

revolution PartnersRevolution Partners, a division of Morgan Keegan & Company, is the nation’s largest middle mar-ket investment bank focused on technology companies. We provide Mergers & Acquisitions and Private Capital Fundraising Advisory Services as well as complete public equity capital markets services. Revolution Partners was founded in 2001 by former senior technology bankers from major Wall Street investment banks. With offices in Boston, New York, Los Angeles, and San Francisco, Revolution applies partner-level experience to the successful execution of advisory and financing transactions for emerging technology companies in industry sectors including software, Internet, business services, telecommunications, wireless, clean tech, digital media, storage, and semicon-ductors. For more information, please visit www.revolutionpartners.com.

KPmgKPMG’s Venture Capital Practice offers a range of services specifically designed to help ventured-backed companies navigate each stage of development from inception to market leader. Our ser-vices are delivered by seasoned professionals who are experienced and dedicated to assisting clients through the myriad challenges faced in founding and growing a new venture. KPMG can assist Venture Capital firms or their portfolio companies in the following areas: Business Plans, Tax Compliance, Revenue Recognition, Tax Planning, IPO, Stock-based Compensation, IT Risk and Controls, Corporate Governance, Internal Controls, Merger and Acquisition, and Globalization.

38 offices worldwide

8 US offices

one approach


Event Sponsors Venture Summit East 2009

secondmarketFounded in 2004, New York-based SecondMarket, Inc. (Member FINRA | MSRB | SIPC) is the largest centralized marketplace for illiquid assets, such as auction-rate securities, bankruptcy claims, collateralized debt obligations, limited partnership interests, mortgage-backed securi-ties, private company stock, restricted securities and blocks in small capitalization companies, and whole loans. SecondMarket’s online trading platform has 3,000 participants, including global financial institutions, hedge funds, private equity firms, mutual funds, corporations, and other institutional and accredited investors that collectively manage $1 trillion in assets available for investment.

silicon valley BankSilicon Valley Bank is the premier commercial bank for companies in the technology, life sci-ence, venture capital/private equity and premium wine industries. SVB provides a comprehen-sive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquar-tered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.

shotspotterShotSpotter, Inc. is the leading developer of mission-essential acoustic surveillance systems. Its flagship product, the ShotSpotter Gunshot Location System (GLS), has pioneered the use of wide-area acoustic surveillance coupled with audio analytics for public safety, homeland security, and military applications. For over a decade, our customers have relied on the ShotSpotter GLS to pro-vide them with acoustic event awareness and accurate actionable intelligence to aid their develop-ment of proactive anti-crime strategies and operations. Currently, the ShotSpotter GLS protects many cities and counties nationwide, consistently producing arrests and weapons confiscations. Information about ShotSpotter can be found at www.shotspotter.com.

ropes & grayOpportunities and challenges face today’s technology companies at each stage of growth, from business plan development to evaluating, negotiating and structuring financial transactions. Similarly, our venture capital clients require strategies for negotiating and structuring their in-vestments. We stay abreast of the evolving investment standards and market terms, and be-come intimately familiar with the economic and business realities of each deal we play a role in. Representing both early stage technology companies and venture capital investors allows us to offer legal insight toward obtaining appropriate terms while cultivating long-term relationships. Learn more about our award-winning teams and worldwide resources at ropesgray.com.

TM

where high tech meets high finance

160 lawyers work with nearly 500 life sciences and tech sector

companies and 200 venture capital and private equity clients

to connect ideas with capital, bring innovative products and

services to market, and create market leaders.

Get connected at www.goodwinprocter.com.

good connections

900 Lawyers | Boston | Hong Kong | London | Los Angeles | New York | San Diego | San Francisco | Silicon Valley | Washington DC


Affiliate PartnersVenture Summit East 2009

BoogarlistsWith a qualified directory of more than 1,800 Venture Capital and Mid-Market/LBO private eq-uity firms, BoogarLists is an excellent place for entrepreneurs to begin their search for investment capital. Whether starting a new company or striving to take an early stage company to the next level, CEO’s and CFO’s will invariably want to seek out new sources of capital or other financial services. Additionally, BoogarLists provides an extensive directory of financial, operations and marketing services, as well as a comprehensive directory of conferences and associations, across the technology, media and communications industries.

Boston entrepreneurs’ network (enet)The Boston Entrepreneurs’ Network (ENET) provides early stage technology-based Entrepreneurs with information and the resources necessary to transform an idea into a success-ful product or service business. Since 1991, ENET has delivered programmed monthly meetings targeted for the entrepreneur on what it takes to start, grow, and get a company to thrive. These monthly meetings, from September through June (along with ENET’s annual July sunset net-working cruise of Boston Harbor), bring together Entrepreneurs, Investors, Management Team Candidates and Service Providers for networking, exchange of ideas and starting technology-based businesses and enterprises in the greater Boston area and New England region

Boston world PartnershipsBoston World Partnerships is a new, non-profit organization, created by Mayor Thomas M. Menino, to raise global awareness of Boston as one of the world’s foremost centers of intellectual capital and innovation, offering tremendous competitive advantages to growth-minded businesses. BWP generates high-quality leads for economic growth. Each high-quality lead represents a spe-cific, actionable opportunity to create jobs, attract a business, strengthen an existing Boston busi-ness, support entrepreneurship, or enhance workforce development. To achieve these goals, BWP is creating a global community of people who have ties to Boston’s economy, similar to an alumni organization. This network will exist around an information-rich website and an array of social media tools, as well as events here and abroad where Boston professionals can come together to share ideas, insights, and other resources.

Conference guruConference Guru reviews thousands of conferences to find great conferences and establishes part-nerships with the organizers that enable us to offer a limited quantity of conference passes at a great price. Sign up for our eblasts to get the inside scoop on all the conferences you need to be at and to receive exclusive Guru Only deals, discounted passes you can’t get anywhere else. You can also check out our conference calendar for a comprehensive list of technology, media, entertain-ment and venture capital conferences around the world. Visit us today at www.conferenceguru.com. Conference Guru—Great Conferences. Great Prices.

P A R T N E R S H I P S


the executive CouncilThe Executive Council is New York’s premier business forum for senior executives, their advisors, and capital markets professionals to network in a highly collaborative and stimulating environ-ment. Through its member base of 3,500 New York metro business leaders, the organization has built a reputation for highly acclaimed conferences, executive education programs, and member-hosted gatherings that focus on critical business and leadership issues at the forefront of corporate America today. www.execcouncil.org

larta instituteLarta Institute is a professional services firm providing commercialization and technology transfer services for governments, companies, and universities around the world. We accelerate the transi-tion of cutting-edge technologies to the marketplace by connecting innovators to investors and industry partners. Our programs leverage our extensive network of relationships and resources. Larta Institute’s mission is to increase economic development through the improved transition of scientific and technological breakthroughs from the laboratory to the marketplace, where they can solve problems, enhance economic opportunities, advance medical care, and better people’s lives. Larta Institute is an independent, private, nonprofit 501(c)(3) corporation registered in the State of California.

mass information technology exchange (mitX)MITX is the leading industry association in the country, bringing together the digital technology, marketing and media community to engage in what is next for the web and how it will impact the marketing and business worlds. With 250 plus member companies, MITX represents over 6,000 technology, marketing and media professionals in New England. www.mitx.org

massinvestorMassinvestor is the leading publisher of Venture Capital Directories. The firm’s national Directory provides authoritative coverage of more than 3,200 investment firms. Additionally, Massinvestor publishes nine regional VC guides for Silicon Valley, New York, Southern California, Massachusetts, Texas, Southeast, Mid-Atlantic, Rocky Mountain and Midwest. More information can be found at www.massinvestor.com.

evolution advisorsEvolution Advisors LLC is a boutique Boston-based investment bank helping seed and growth stage companies with debt and equity financing transactions and growth stage companies with mergers and acquisitions. Evolution Advisors has deep experience working with young companies looking to quickly and successfully execute on a strategic transaction in order to grow and thereby compete and succeed in today’s rapidly shifting marketplace.

connecting people to drive innovation

MASSINVESTORVenture Capital DirectoriesVC


Affiliate Partners Venture Summit East 2009

new england venture Capital association (nevCa)Established and run by venture capital investors in New England, New England Venture Capital Association (NEVCA) is the region’s premier organization for the venture capital industry. NEVCA’s mission is to promote venture capital investing and entrepreneurship in New England. NEVCA represents the interests of venture capital firms with investment initiatives in New England to promote economic growth throughout the region. With more than 700 venture capital professionals from 100 firms, our members collectively manage more than $50 billion in capital.

new england venture network (nevn)Founded in 1999, the New England Venture Network is dedicated to cultivating sustained relation-ships among the top venture capitalists and limited partners in the region and beyond. NEVN is the largest young venture capital network on the east coast. NEVN founded the first social net-work built exclusively for venture capitalists at www.VentureNetwork.VC.

PolachiPolachi (www.polachi.com) provides Access Executive Search services to technology, life sciences, clean tech, venture capital and private equity clients. The firm’s partners and principals, all search industry veterans with decades of experience, understand that leading companies deserve access to the absolute best talent on the planet. While traditional executive search firms limit candidate ac-cess due to “off-limit” protocol, and newer search firms lack the breadth and depth of connections, Polachi’s Access Executive Search model, coupled with unmatched agility, delivers the most accel-erated results. Polachi is a sponsor of the New England Clean Energy Council (NEIC). For more information please call 508-650-9993 or visit www.polachi.com.

stay in maStay in MA is a scholarship program for Massachusetts-based college students funded by Flybridge Capital Partners. The program is focused on fostering entrepreneurship and innova-tion between students and the local business community by providing financial assistance to stu-dents interested in joining or attending the events of technology and business organizations in the region.

new england Clean energy Council (neCeC)The New England Clean Energy Council’s mission is to accelerate New England’s clean energy economy to global leadership by building an active community of stakeholders and a world-class cluster of clean energy companies. The Council represents a diverse set of stakeholders, includ-ing clean energy companies, venture investors, major financial institutions, local universities and colleges, industry associations, area utilities, labor and large commercial end-users. The Council’s ranks include 50 clean energy CEOs, representatives from most of the region’s top 10 law firms, and partners from over a dozen of the region’s top venture capital firms (with a total of over $8 billion under management). Working with its stakeholders, the Council develops and executes a wide array of programs in five key focus areas: Innovation, Growth, Education and Training, Adoption, & Policy. Please visit www.cleanenergycouncil.org for more information.

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women in technology international (witi)WITI is the premiere global organization empowering women in business and technology to at-tain their professional goals and dreams. With a global network of smart, tech-savvy women, WITI has powerful programs and partnerships that provide connections, resources, opportunities and a supportive environment. Since 1989, WITI has delivered value to individuals, small busi-nesses, and corporations. www.witi.com. Build. Empower. Inspire.

Affiliate Partners Venture Summit East 2009

the Capital network (tCn)The Capital Network (TCN) is Boston’s largest non-profit providing education, resources and a community to entrepreneurs seeking early-stage investment. As a hub of entrepreneurship in New England, we help connect entrepreneurs, angel investors, venture capital, enterprise customers, strategic investors, state and federal agencies, educational institutions, students and sponsoring service providers around issues of early stage finance. TCN programming offers a mix of formal and informal skill building sessions combined with deep opportunities to connect with entrepre-neurs, active investors and sponsors. Through large breakfast roundtables, intimate deep-dive topic lunches, and industry special events TCN provides the tools necessary for entrepreneurs to build their fundable business and financiers the opportunity to find their next best investment.

the tradeshow CoachThe Tradeshow Coach develops state-of-the-art workshops, presentations and coaching to help organizations maximize efficiency and profitability from their trade show investment, nationally and internationally. State-of-the-art workshops/seminars, presentations and consultation focus on providing the latest proven techniques to increase confidence and produce results in the challeng-ing and unique trade show environment. Many of these presentations are conducted remotely via teleseminars, and webinars. The Tradeshow Coach also sells information in the form of books, ebooks, and recordings of programs. www.thetradeshowcoach.com

the venture investors association of new york (viany)The Venture Investors Association of New York (VIANY) is an exclusive non-profit industry association open only to senior level professionals from private equity and venture capital firms in the greater New York area. VIANY’s objective is to foster regular communication amongst its members so they remain at the forefront of the latest developments in deals and investing. VIANY hosts a variety of events each year for its members. Some have an educational compo-nent featuring a speaker or panel whose expertise has significant value to our members, and all of VIANY’s events are structured to allow ample time for networking. www.viany.org

techamericaTechAmerica is the leading voice for the U.S. technology industry, which is the driving force be-hind productivity growth and jobs creation in the United States and the foundation of the global innovation economy. Representing approximately 1,500 member companies of all sizes from the public and commercial sectors of the economy, it is the technology industry’s largest advocacy organization and is dedicated to helping members’ top and bottom lines. The association provides companies of all sizes with a robust suite of services including investor conferences, local network-ing and professional development events, active committees tackling industry challenges and op-portunities and member discounts on products and services. TechAmerica is also the industry’s only grassroots-to-global advocacy network, with offices in state capitals around the United States, Washington, DC, Europe (Brussels) and Asia (Beijing). TechAmerica was formed by the merger of AeA (formerly the American Electronics Association), the Cyber Security Industry Alliance (CSIA), the Information Technology Association of America (ITAA) and the Government Electronics & Information Technology Association (GEIA). Learn more at www.aeanet.org or www.itaa.org.


Program and Speakers


5:00Pm salon i

Opening Remarks Marc Sternberg, President & COO, AlwaysOn

5:15Pm salon i

Announcing the AlwaysOn East 100 Marc Sternberg, President & COO, AlwaysOnBrian Hughes, Partner, KMPG 5:45Pm salon i

Private Company Keynote: The Liquidity Solution Tim Draper, Managing Director, Draper Fisher

Jurvetson

6:00Pm salon i

Addressing the Private-Company Liquidity CrisisEntrepreneurs discuss creating markets for private stocks, LP interests in VC funds, and VC invest-ments in private cos.Moderator: Michael Moe, co-founder & CEO,

Next Global AdvisorsTim Draper, Founder, XChangeBarry Silbert, Founder & CEO, SecondMarketGreg Brogger, Founder & CEO, SharesPostMona DeFrawi, Founder & CEO, InsideVentureDan Burstein, Managing Partner, Millenium

Technology VenturesHans Swildens, Founder & Principal, Industry

Ventures

8:45am salon i

Keynote: The Economic Crisis & Venture CapitalWilliam Sahlman, Professor of Business

Administration & Sr. Associate Dean for External Relations, Harvard Business School

9:15am salon i

The Fund-of-Fund Perspective What are these investors eyeing now? Moderator: Raj Marphatia, Partner, Private

Investment Funds Group, Ropes & GrayDiana Frazier, Co-founder & Managing Partner,

FLAG Capital Barbara Piette, Managing Principal,

KnightsbridgeJohn Dominguez, Partner, Silicon Valley Bank

Capital Scott Myers, Managing Director, Cogent Partners

9:15am salon ii

Strategic Investment Banking In a Changed World Will boutiques fill the void left by bulge-bracket firms ducking out in the post-Lehman world? Who’s going to profit? Chris Pasko, Sr. Managing Director, Corporate

and M&A Advisory Services, BlackstoneTom Gabel, Head of Equity Capital Markets and

Institutional Sales, Canaccord AdamsGiles McNamee, Partner, McNamee Lawrence &

Co.Cristina Morgan, Vice Chairman, J.P. Morgan

10:00am salon i

Beyond Hype: Top Trends in Computing Software VC investing dipped in ’08 --but some herald open source, SaaS and the cloud as the Next Big Thing. Investors identify where real ROI is. Moderator: Rob Noonan, Partner, KPMGJeff Fagnan, Partner, Atlas Venture Bob Hower, General Partner, ATVMichael Skok, General Partner, North Bridge

Venture PartnersSunil Dhaliwal, General Partner, Battery Ventures

wednesday, may 20 thursday, may 21, 200910:00am salon ii

CEO Showcase Session — Enabling Tools, Applications & ServicesPresentations by CEOs of the hottest companies in this sector, emceed by Ezra Roizen, Contributing Editor, AlwaysOnRichard Cope, CEO, NanoLumensGreg Brogger, CEO, SharesPostJason Carlson, CEO, Emo LabsDuring this session the following industry experts will comment, and thereafter CEOs will be available for 30-minutes of Q&A and demos in the lobby.Claire Rowberry, Vice President, LEWIS PR

10:45am

Break

11:00am salon i

The Green in Green Which greentech sectors have high potential for investors in 2009 and beyond? Moderator: Russ Landon, Managing Director,

Canaccord AdamsChuck McDermott, General Partner, Rockport

Capital PartnersDennis Costello, Managing Director, Braemar

Energy VenturesAaron Mandell, Managing Partner, GreatPoint

VenturesDave Power, Partner, Fidelity Ventures 11:00am salon ii

CEO Showcase Session -- Mobile & WirelessPresentations by CEOs of the hottest companies in this sector, emceed by Ezra Roizen, Contributing Editor, AlwaysOnDan Gilbert, VP Marketing, AvaakMichael Powers, CEO, MpowerplayerAnnette Tonti, CEO, MoFuseDuring this session the following industry experts will comment, and thereafter CEOs will be available for 30-minutes of Q&A and demos in the lobby.Oscar Jazdowski, Head of Sales, Eastern Region,

Silicon Valley Bank

ropesgray.com

Wondering where to invest?

Identifying the best investment opportunities in today’s emerging technology and eco-aware

environment can be complicated. From cleantech to robotics to social networking, we provide

decisive and comprehensive investment guidance. Our Venture Capital, Technology Company and

Private Investment Funds teams work collaboratively to provide cutting-edge strategies that

address virtually any legal demand your company might face. We ensure that nothing is

overlooked and that your interests are protected.

Learn more about our award-winning teams and worldwide resources at ropesgray.com.

© 2009, Ropes & Gray llp

ropesgray.com

Wondering where to invest?

Identifying the best investment opportunities in today’s emerging technology and eco-aware

environment can be complicated. From cleantech to robotics to social networking, we provide

decisive and comprehensive investment guidance. Our Venture Capital, Technology Company and

Private Investment Funds teams work collaboratively to provide cutting-edge strategies that

address virtually any legal demand your company might face. We ensure that nothing is

overlooked and that your interests are protected.

Learn more about our award-winning teams and worldwide resources at ropesgray.com.

© 2009, Ropes & Gray llp


Program Venture Summit East 2009

2:15Pm salon ii

CEO Showcase Session -- SaaS, Enterprise, Cloud & Infrastructure Presentations by CEOs of the hottest companies in this sector, emceed by Ezra Roizen, Contributing Editor, AlwaysOnJames Andrus, CEO, News PatternsDharmesh Shah, Founder & CSA, HubSpotPaul Sonderegger, CSO, EndecaMark Atkins, CEO, Invention MachineDoron Reuveni, CEO, uTestDavid Gardner, CEO, VenuegenDuring this session the following industry experts will comment, and thereafter CEOs will be available for 30-minutes of Q&A and demos in the lobby.Claire Rowberry, Vice President, LEWIS PRJane Braun, Senior Relationship Manager, Silicon

Valley Bank

3:15Pm salon i

Corporate Investors and VCs -- Where’s the Action in 2009 and Beyond?Moderator: Valentin Livada, Professor of

Entrepreneurship, MITLucy McQuilken, Investment Director, Intel

CapitalUrs Cete, Principal & CFO, Bertelsmann Digital

Media InvestmentsLouis Toth, Senior Managing Director, Comcast

Interactive Capital

3:15Pm salon ii

CEO Showcase Session -- Digital Media & Consumer InternetPresentations by CEOs of the hottest companies in this sector, emceed by Ezra Roizen, Contributing Editor, AlwaysOnMike Levy, CEO, OPEN SportsEduardo Hauser, CEO, DailyMeJim Meyer, CEO, Mindset MediaSteve Rosenbaum, CEO, Magnify.netPaul Schaut, CEO, Modiv MediaDr. Sho Long Chen, CEO, Vweb CorpDuring this session the following industry experts will comment, and thereafter CEOs will be available for 30-minutes of Q&A and demos in the lobby.Claire Rowberry, Vice President, LEWIS PRDan Allred, Senior Relationship Manager, Silicon

Valley Bank

4:00Pm salon i

Keynote: How to Rebuild the Tech IPO Market Paul Deninger, Vice Chairman, Jefferies &

Company

11:45am salon i

Report Card: Angel and Early-Stage Investing No matter what the economy, early investing is needed to grow innovation. Where’s the potential in 2009? Moderator: Michael Greeley, General Partner,

Flybridge Capital PartnersJohn Landry, Managing Director, Lead Dog

VenturesElon Boms, Managing Director, LaunchCapitalBijan Sabet, General Partner, Spark CapitalPaul Maeder, General Partner, Highland Capital

Partners

11:45am salon ii

CEO Showcase Session -- GreentechPresentations by CEOs of the hottest companies in this sector, emceed by Ezra Roizen, Contributing Editor, AlwaysOn. During this session the following industry experts will comment, and thereafter CEOs will be available for 30-minutes of Q&A and demos in the lobby.Dave Rodriguez, Head of Cleantech Practice,

Silicon Valley Bank

12:30Pm – 2:00Pm

LunchSponsored by Foley Hoag

1:30Pm salon i

The Venture Capital Hall of FameSages of the VC Industry describe: Have we been here before, and is this time different?Moderator: Bill Schnoor, Partner and Co-Chair,

Technology Companies Group, Goodwin Procter

Art Marks, General Partner, Valhalla PartnersAlan Patricof, Founder & Managing Director,

Greycroft PartnersEd Anderson, Managing Partner, North Bridge

Venture Partners

2:15Pm salon i

Keynote: Venture Capital -- The Only Stimulus That WorksGeorge Gilder

2:30Pm salon i

VC Survey -- What You’re Telling Us Ed Sullivan, Partner, KPMG Larry Cheng, Partner, Fidelity Ventures

thursday, may 21, 20094:00Pm salon ii

The Role of the Independent DirectorModerator: Woody Benson, General Partner,

Prism VentureWorksJohn Landry, Managing Director, Lead Dog

VenturesJohn Egan, Partner and Co-Chair, Technology

Companies Group, Goodwin ProcterPaul Sagan, CEO, AkamaiBill Kerrigan, Adviser & Former EVP, McAfee

4:15Pm salon i

Corporate Buyers -- Where’s the Action in 2009 and Beyond? Moderator: Paul Deninger, Vice Chairman,

Jefferies & CompanyDon Dodge, Director, Business Development,

Microsoft Richard Palmer, SVP, Corporate Development,

Nuance

4:45Pm salon i

CEO Showcase Session James Beldock, CEO, ShotSpotterSeth Riney, CEO, PlanetTran

5:00Pm salon i

VC in DCHow can VCs and entrepreneurs tap into Obama’s stimulus and policy $$? How will changes in tax, pat-ent, and reporting regulation affect investors?Moderator: Elise Zoli, Partner, Goodwin ProcterR.J. Lyman, Partner, Goodwin ProcterNick d’Arbeloff, Executive Director, New

England Clean Energy Council Peter Rothstein, Executive-In-Residence, Flagship

Ventures

5:45Pm salon i

Keynote: State of the Capital Markets David Topper, Vice Chairman of Investment

Banking, J.P. Morgan

6:15Pm salon i

ReceptionSponsored by Goodwin Procter, J.P. Morgan, KPMG & SecondMarket


Program Venture Summit East 2009

10:00am salon ii

Keynote: How Innovators Lead in a DownturnScott Anthony, President, Innosight, an

international consulting firm co-founded with Clayton Christensen

10:15am salon ii

Wisdom From the Last DownturnSeasoned innovation-economy veterans describe how to survive the 2009 downturnModerator: Jeff Leopold, Managing Director,

Technology & Communications, Cook Associates

Ralph Breslauer, CEO, VerticaJaime Ellertson, CEO, GomezGary Greenfield, CEO, AvidSteve Papa, CEO, EndecaAlan Trefler, CEO, PegasystemsMark Cattini, President, Pitney Bowes Markets

Services & Former CEO, MapInfo

10:45am salon i

IPOs: A Recovery? How? When? Why? Moderator: Scott Cutler, EVP, NYSE EuronextJeff Hoffmeister, Head of East Coast Tech

Banking, Morgan Stanley David Lavallee, Managing Director, Revolution

Partners Michael Millman, Managing Director, J.P.

MorganBill Burgess, Managing Partner, ABS Ventures

11:15am salon ii

Brother, Can You Spare 50K? Angel Investing in New England Which sectors hold most promise? Can angels break into capital-intensive greentech and healthtech?Moderator: Gerard O’Connor, Partner, Foley

Hoag LLPHam Lord, Managing Director, Launchpad

Venture GroupJean Hammond, Co-Leader, Boston Forum,

Golden SeedsDavid Verrill, Founder & Managing Director,

Hub Angels Investment GroupRichard Anders, Founder, Mass Medical Angels

11:30am salon i

This Well Never Runs Dry: University IP and Technology TransferModerator: Gabor Garai, Partner and Chair of

Private Equity & Venture Capital Practice and Co-Chair of Life Sciences Team, Foley & Lardner

Lita Nelsen, Director, Office of Technology Licensing, MIT

Ashley Stevens, Executive Director, Office of Technology Transfer, Boston University

Rosalind Picard, Co-founder & Director, Affectiva Amir Nashat, General Partner, Polaris Venture

Partners

12:15Pm salon i

Closing Remarks

Friday, may 22, 20099:00am salon i

Keynote: The Innovation Has Just Begun... Bob Davis, Managing General Partner, Highland

Capital Partners

9:15am salon i

Media and Entertainment: Top Investing Strategies Venture-capital leaders discuss potential in games, media and ad networks, social sites, and other digital drivers Moderator: Mike Monahan, Partner, KPMGBob Davis, General Partner, Highland Capital

PartnersJeffrey Bussgang, General Partner, Flybridge

Capital PartnersDavid Beisel, Vice President, Venrock Amish Jani, Managing Director, FirstMark

Capital Alan Spoon, Managing General Partner, Polaris

Venture Partners

9:15am salon ii

Private Equity to the Rescue How smart money is finding value buying venture-backed companiesModerator: David Lavallee, Managing Director &

Co-founder, Revolution PartnersTony Florence, Partner, NEADaniel O’Keefe, Principal, North Bridge Growth

EquityMichael Kumin, Partner, Great Hill PartnersJames Neary, Managing Director, Warburg Pincus

10:00am salon i

Mobile: Unlimited Horizons From advertising to entertainment content to virtual –and actual – goods, the predictions of mobile’s poten-tial are limitless. But will they come true? Moderator: Mark Lowenstein, Managing

Director, Mobile EcosystemAndy Goldfarb, Executive Managing Director,

Globespan Capital Partners John Simon, Managing Director, General Catalyst

Partners Ted Morgan, CEO, Skyhook Wireless Jeff Glass, Managing Director, Bain Capital

Ventures & former CEO, m-Qube

©2009 Silicon Valley Bank.®

All rights reserved. Mem

ber of FDIC and Federal Reserve System. SVB, SVB>

and SVB>Find a w

ay are all trademarks of SVB Financial Group. Rev. 05-04-09.

The world is banking on innovation. And so are we.

Every day Silicon Valley Bank clients push the boundaries of what was previously thought possible. Their innovations make our lives more efficient, connect people across geographies, make our environment cleaner and safer, eradicate disease and improve the quality of life around the world. In the midst of these turbulent economic times, our innovative clients offer hope. It is innovation that will help drive an economic recovery and it is our clients’ vision for the world that will create a better future. Technology and life science innovation will lead the way. We’re banking on it.

Oscar Jazdowski, Head of Sales, Venture Capital Practice2221 Washington Street, One Newton Executive Newton, Massachusetts 02462 svb.comPhone 617.630.4126 E-mail [email protected]

svb.com

It takes strength anddedication to succeed.J.P. Morgan is a proud sponsor of theVenture Summit East.

© 2009 JPMorgan Chase & Co. All rights reserved.

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