IVCA Feature: The Best Quotes and Perspectives of 2018

December 19, 2018

Happy Holidays and a Grand New Year to the membership of the IVCA. In the new year, the association will continue to feature the best news and outlook from the Venture Capital and Private Equity communities, and its innovators. This includes the Toolkit and Educational Luncheons that the IVCA and their industry partners sponsor throughout the year, plus the profiles and articles that spotlight the VC and PE-related personalities and issues in the bi-weekly IVCA newsletter. In one more look at 2018, here are the best quotes and perspectives from those various events and resources...
“It is unpredictable, in two parts. One is a strong networking effect... for example, if a lot of people are using Bitcoin then is has more utility. The other part is the question, ‘does it have value?’ The time reduction of peer-to-peer payment has value, and the older networked currencies are the key.”
~ Uri Klarman, Founder/CEO of bioXroute Labs, at the “Unraveling Crytocurrencies and Blockchain” IVCA Education Luncheon
“The best way a portfolio company can mitigate risk is to make safety and loss prevention a top priority. Too often, portfolio companies without proper risk management programs cannot keep up with the growth and insurance claims are a result. This impacts not only premiums, but business performance as well.”
~ RBN & Associates, IVCA New Member Profile
“The average cost of a data breach is over $879,000 dollars, and it takes an average of over $955,000 dollars to restore normal business. Why does it cost so much? The length of time to discover a breach has gone up considerably in the last three years, up to 92 days. The point is that it’s more difficult to currently even identify a breach, because controls for detecting them are generally not in place, and money is not allocated towards those controls. When the breach stretches to over 90 days, the costs to restore exponentially rise.”
~ Joe Olesak, Cyber Security Expert/Partner at Plante Moran, at “Uncovering & Addressing Cyber Risks (with Limited Time & Resources)” IVCA Education Luncheon
“Raising capital is a necessary part of being a good entrepreneur. Often, it is referred to as the ‘necessary evil’ of entrepreneurship, but it doesn’t have to be. If you take a partnering approach – in the sense of ‘let’s see if we can put 2+2 and make 5’ – it can be exciting and fun.”
~ Alsop Louie Partners, IVCA New Member Profile
“We need to think about reporting results and returns in the PE industry more broadly to national and local constituencies.There should be more reporting from buyout and Venture GPs regarding the impact on society... job creation, employment growth, taxes paid and more things like that... it’s important to us all. It’s a great and real story, so why are we hiding it?”
~ T. Bondurant “Bon” French, Chairman of the Board Adams Street Partners, in “The State of Private Equity and Venture Markets” speech at 2018 IVCA Spring Luncheon
“Twenty years ago, 90% of global Venture Capital dollars went to U.S. start-ups. Ten years ago that number fell to 81%. Last year, it was 54%. The rest of the world is catching up, especially in providing a better environment for Venture Capital to flourish, by attracting those foreign entrepreneurs.”
~ Bobby Franklin, President & CEO of the National Venture Capital Association, on the national perspective of Venture Capital at the 2018 IVCA Spring Luncheon
“‘Do the right thing, everyday’ may sound a bit corny or just words on a page, but to us it really has a holistic meaning. It guides our actions and decisions with respect to each other, our portfolio companies, executive teams, employees, investors, financing partners, professional service providers…every one of our key constituents.  If we keep that maxim at top of mind, every day, we believe strongly that success will follow.”
~ May River Capital, IVCA New Member Profile
“Different holders and different levels of partnerships... the challenge for VCs is getting deals done, when PE firms are asking what can they get done. If you cannot articulate what you want a investor to solve, you don’t give the investor a chance. Deals are sticky that way, and shareholders also are sometimes negotiating against themselves, and that can be difficult. The risk of nothing getting done is very high. The management can get resentful in that strain.”
~ Dan Connolly, Managing Director of Technology at William Blair, at the “PE and VC Firms Playing in the Sandbox Together” IVCA Education Luncheon
“I’m honored to have this role, and if me being in the role creates a feeling of greater access, opportunity or inclusion in our community, then I’m absolutely thrilled. I have had the great fortune of working in meritocracies where I truly believe my gender did not play a role in my performance. However, there’s no denying that men make up the majority of the tech and entrepreneur demographic.
To bring more women into our community and the tech ecosystem at large... I think we need to start telling more positive stories about women in the industry. If you’re trying to inspire more women to join the tech community, then you have to share the success stories and show them what’s possible.”
~ Betsy Ziegler, Named New CEO of “1871” Tech Incubator in February of 2018
“It’s wonderful to be recognized for the hard work and accomplishments. It was a tremendous period of growth which generated an outsized return for the investors and management team at The Stepping Stones Group. However, what’s more important is that new capital and leadership expertise are attracted to building companies that focus on helping children with special needs and autism.  This will lead to a more efficient labor market as well as gains in productivity and public-awareness about the job opportunities in school-based therapy programs.”
~ Anthony Rintala, President & CEO of The Stepping Stones Group, the IVCA 2018 Private Equity Portfolio Company of the Year
“We strongly believe all the makings for an innovative biotech environment are present in the Chicago area and receiving honors like this help to highlight that potential... to receive the recognition and exposure that is needed in order to drive meaningful business growth. We value the support of the IVCA and its associated firms and we certainly recognize the importance of a long and collaborative relationship.”
~ Dr. Norbert Riedel, President & CEO of Aptinyx, the IVCA 2018 Venture Capital Portfolio Company of the Year
“The IVCA works to educate legislators on the positive economic impact of our industry, and to promote pro-growth public policy in our City & State... providing educational programming and facilitating networking. I am proud to see participation by virtually every firm in our industry, proud to see that membership participation cuts across all career levels and job descriptions at our member firms, and proud that the IVCA has taken action to promote diversity in our industry. If you or your firm is not already involved, you should be.”
~ Walter C. Florence, Managing Partner of the Frontenac Company, Recipient of the 2018 IVCA Fellows Medal Award
“Most of my business philosophies and approaches are derived from my grandfather... Paul Galvin founder of Motorola Inc., and also my father Bob Galvin, who was the second-generation CEO. I am attracted to ideas that most people disregard as not in favor of, or as too risky...  I seek out ideas that find themselves or are positioned as ‘minority opinions.’ Or we create something that when we first describe it, most people respond ‘that will never work.’”
~ Christopher B. Galvin, Recipient of the 2018 IVCA Richard J. Daley Award