Author: Robert Buderi

Robert Buderi wrote:

Members of the Boston innovation community poured into the Microsoft New England Research and Development Center recently to celebrate the release of Mastering the VC Game, a book by Flybridge Capital Partners general partner Jeff Bussgang that shines a light on the inner workings of venture capital and details what it takes for entrepreneurs to court and pitch venture investors and win financing. Now, we are pleased to announce that we have 25 copies of this essential book for entrepreneurs to give away to the next 25 people who purchase Saver Rate or Startup Special (our discounted price for entrepreneurs and those who work at startups) tickets to XSITE, the Xconomy Summit on Innovation, Technology, and Entrepreneurship. Our all-day innovation extravaganza will take place on June 17 at Babson College in Wellesley, MA. Register and (hopefully) secure your book right here.

What better fit for Jeff’s book than one of New England’s biggest summits on innovation and entrepreneurship. Close to 50 representatives from the New England innovation community and beyond are taking part—from a slew of startup entrepreneurs to public company executives to leading VCs and angel investors. Keynote speakers include Peter Diamandis, chairman and CEO of the X Prize Foundation; Rod Brooks, whose startup Heartland Robotics is out to reinvent how factory workers do their jobs; Alkermes chairman and CEO Richard Pops; and Bob Metcalfe, the Polaris Venture Partners partner and Ethernet inventor who has made a mission of promoting clean, super-abundant next-generation energy technologies.

Other speakers include Steve Hall, managing director of Vulcan Capital, Paul Allen’s venture arm; Eric Giler, CEO of wireless power startup WiTricity; and Adelene Perkins, President and CEO of Infinity Pharmaceuticals. You can find the entire list of confirmed speakers at the XSITE registration page, where you can also take advantage of the Saver Rate. And we will close off the day with the XSITE Xpo, where a dozen new startups will be strutting their stuff, with you, the audience, choosing your favorites.

We look forward to seeing you there. But even if for some reason you can’t make it to XSITE, you should get Jeff’s book. Its full title is: Mastering the VC Game: A Venture Capital Insider Reveals How to Get from Start-up to IPO on Your Terms. Legendary investor Brad Feld of TechStars calls it “the definitive book on how venture capital works.” We really appreciate Jeff making it available for us.

Register now for XSITE for a chance to get it free of charge. See you at the summit!

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Robert Buderi wrote:

The question of how we pay for healthcare has been under the microscope in recent months, but what can we do to radically improve the care itself? Examining how information technology can help with that challenge is the whole point of Xconomy’s Healthcare in Transition forum, which will be held on Monday afternoon at the MIT Media Lab. And we’ve just added two new speakers—and one very cool demo—to the lineup.

There are just a few seats remaining—you can register and see the entire program here. As you’ll see, we have an incredible roster of speakers, kicked off with a keynote talk by Media Lab director Frank Moss and—just added yesterday—a demo by John Moore, a physician who heads the lab’s New Media Medicine initiative (pictured above with Moss for a profile late last year above, as well as one offering a bird’s eye view of the New Media Medicine lab, below). One of the big points of that effort is to use information technologies—including new computer interfaces and social media—to find new ways of treating illness and, ideally, keeping people healthy in the first place.

We added another speaker yesterday as well—Ed Park, CTO of Athenahealth. Park, whose brother Todd is the chief technology officer of the U.S. Department of Health & Human Services, will join an incredible panel moderated by Wired executive editor Thomas Goetz (who authored a book on personalized medicine called The Decision Tree). That panel includes Paul Bleicher, chief medical officer of Humedica and founder of Phase Forward; Daniel Palestrant, founder and CEO of Sermo; American Well CEO Roy Schoenberg; and Joe Kvedar, founder and director of the Center for Connected Health in Boston.

We have rounded out the day with health IT case studies from two public companies, Microsoft (and its Healthcare Innovation Lab) and EMC, and two startups, Newton, MA-based Life Image and Keas, a Bay Area company funded in part by Boston’s Atlas Venture. The program will close with short “bursts” from four pioneering companies out to transform medicine in unique ways—which should provide plenty of fodder for conversation during the networking reception to follow.

Again, we have very few seats left for a very exciting and information afternoon. Register here. We hope to see you there.

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UNDERWRITERS AND PARTNERS

Robert Buderi wrote:

Even as the Detroit Red Wings seek to battle back in their NHL playoff series against the Phoenix Coyotes, entrepreneurs and innovators in Michigan are working overtime to help the state meet an economic challenge far more imposing than the Coyotes are on ice. That’s how we see it here at Xconomy, and that’s why it is with special pleasure and excitement that we announce today that Xconomy is bringing its hyperlocal coverage of key innovation clusters to Michigan with the launch of Xconomy Detroit. The Motor City (with our coverage including much of the rest of Michigan and northern Ohio) is now the fourth region in Xconomy’s network, joining Boston, Seattle, and San Diego.

Regular readers of Xconomy will recognize right away that Detroit doesn’t outwardly have the hallmarks of the other innovation clusters we cover, all of which are leaders in key areas of information technology and life sciences, and boast vibrant venture capital and entrepreneurial cultures.

But the innovation story playing out in Michigan is just as important, and in fact, the stakes may be far higher. To compete globally and thrive far into the future, the American auto industry will need to continue to reinvent itself. At the same time, entrepreneurs and government leaders recognize that the region needs a much broader economic base. That has led to a profusion of investments in areas outside (or peripherally related to) the automotive industry, such as biotechnology, biofuels, batteries, medical devices, software, and homeland security.

In each of these areas, scores of creative businesspeople and entrepreneurs are waiting to tell their stories and share their insights. And because we believe in the power of innovation and entrepreneurship to transform regional economies, we want to be on the ground in Detroit to hear what they have to say and watch the progress of their incredibly important efforts.

We have a personal stake as well. Xconomy is in many ways a Michigan and Big Ten publication. Executive editor Rebecca Zacks and chief correspondent Wade Roush are both Michigan natives, as is our business development manager in San Diego, Michele Gerus, who graduated from Wayne State University. National biotech editor Luke Timmerman grew up near Platteville in southwestern Wisconsin and attended the University of Wisconsin (he’s pressing hard for a Wisconsin bureau); and Seattle editor Greg Huang was largely raised in Urbana, IL, and did his undergraduate work at the University of Illinois.

With three highly talented Michiganders on our team, all of whom have left the state, we recognize that we also embody part of the problem: the best and the brightest must be retained in greater numbers if Michigan is going to succeed in transforming its economy. But we think that by better telling the stories of entrepreneurs and innovators—be they at startups or automakers and other public companies, and be they stories of success or failure—we can help cultivate a culture of innovation that …Next Page »

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UNDERWRITERS AND PARTNERS

Robert Buderi wrote:

There was a lot of turmoil in the Bay State last month: tumultuous weather, seasonal lethargy, and school vacations, not to mention the ongoing discussion/celebration/lamentation surrounding newly elected senator Scott Brown, who arrived in Washington to create even more confusion around health care reform. But investors sure kept their focus, as the venture deals kept coming at a reasonably strong pace.

In total, investors put up $203 million across 26 equity deals in what’s perhaps the most dreary month of the year for Bay Staters. The deal figures (not the weather analysis) come thanks to data provided by our partner, private company intelligence platform CB Insights. The Feb funding tally was well down from the $355.2 million and 28 equity deals in January. But it falls flatly in the middle of the pack since we began tracking monthly deals last June. Four months have been higher and four have been lower. And the February totals aren’t too far below September ($228 million, 25 deals), which was the second-best month in terms of dollars invested since our tracking began. With all the VCs fleeing to Maui and similar locales for their spring breaks, for them to say aloha to that much money speaks pretty well for local entrepreneurs.

The largest deal of the month by a wide margin was the $35 million put into Eleven Biotherapeutics (the Series A deal included an unspecified amount of equity and options or warrants). The Cambridge, MA-based company, which emerged from stealth mode last month as it unveiled the deal, is out to engineer proteins tailored for treating autoimmune diseases and blood clotting disorders. It’s headed by interim CEO Mark Levin, a founding partner of Third Rock Ventures of Boston and the former CEO of Millennium Pharmaceuticals. As Luke noted in his story about the funding, Eleven Biotherapeutics also has the distinction of being inspired by the 1984 rock mockumentary “This is Spinal Tap.”

Second behind Eleven was Luminus Devices, a Billerica, MA, maker of bright, efficient LEDs that took a shining to a $19 million Series F deal (bringing the total raised by the eight-year-old company to some $159 million). Luminus was followed by Woburn, MA-based spinal implant developer Intrinsic Therapeutics, which raised $18 million in another undisclosed mix of equity, options, and warrants.

With two of the top three deals coming in healthcare, it’s not surprising that …Next Page »

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Robert Buderi wrote:

[Updated Feb. 9 with more comments—see below] Xconomy is very sad to note that John Mucci, the co-founder and former CEO and director of SiCortex, the Maynard, MA-based startup that sought to build a new generation of energy-efficient supercomputers, passed away yesterday of a heart attack, according to reports we have received.

Mucci had a long history as a sales executive, and before co-founding SiCortex with Matt Reilly and Jud Leonard around 2003, had been a vice president at Thinking Machines Corporation, where he worked from 1986 to 1994, according to his LinkedIn page. He had also served in several executive positions at Digital Equipment Corp., and had co-founded another startup, TopicalNet (previously known as Continuum Software), according to his bio on the SiCortex site, which is still up although the company announced it was closing its doors last May.

“It is a sad day for all… less competition, unemployed seventy some workers…” Mucci wrote Xconomy in an e-mail at the time SiCortex closed, even though he had been replaced 10 months earlier as CEO. I had not verified the current status of SiCortex at the time of this post.

SiCortex had been funded in part by Polaris Venture Partners. Polaris general partner Bob Metcalfe wrote this in an email tonight: “While working on SiCortex, John and I walked together, he my guide for three years, through the exhibits of the SuperComputing conferences. Everyone there knew and liked John. And I mean everyone.”

Mucci, who had a B.S. from Pennsylvania State University and a master’s degree and a Ph.D. from Carnegie-Mellon University, was reportedly working on a new venture. I could not verify his age by the time of this post.

Update, Feb 9, 2009: SiCortex co-founder Matt Reilly, who says Mucci was 67 years old when he died, writes this: “John was a man of great enthusiasms, but I think the greatest was building connections with and between people. John didn’t build SiCortex, as much as he knitted it together. As a partner, a coworker, a friend, and guide he gave more than I could ever repay.

John was exploring several new opportunities and ventures at the time of his passing. He will be sorely missed.”

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Robert Buderi wrote:

We are barely 24 hours away from the biggest, most definitive East Coast vs. West Coast smackdown since Facebook got away: the Battle of the Tech Bands 3, which will take place Thursday night at the Middle East Nightclub in the heart of Central Square here in Cambridge, MA.

We have five great bands—three winners from previous Boston-only battles and two from our Seattle battle last summer —competing for handsome prize packages donated by Bristol Studios, Nimbit, and Ten Minute Media. And you, the audience, will choose one of the grand prize winners via text message voting. But you may not have known that there is a second grand prize for the bands—for Most Innovative Band. That will be awarded by a hand-picked quintet of guest judges who have graciously agreed to step into the middle of the East-West debate. They represent virtually every stage of the tech entrepreneurship scene: from incubation to startup to helping companies go public. It’s our pleasure to announce them here, in alphabetical order:

Shawn Broderick, Executive Director, TechStars Boston

Bob Cramer, Executive Chairman, Nimbit

Laura Fitton, CEO, oneforty

Jennifer MacLean, CEO, 38 Studios

Giles McNamee, Managing Director, McNamee Lawrence & Co.

These judges are BEYOND reproach. But I’m told by a few that they will listen to what you have to say if you buy them a drink. And even if you are a teetotaler, we all hope to see you there for a night of great music and to raise money for two great causes: Science Club for Girls and Year Up Boston.

Doors open at 7 pm. First band at 7:30 pm. Get your tickets here for just $25, or at the door for $35. Light fare is included and we’ll even buy you a drink or two. (Hurry, there are only a limited number of tickets remaining—and you wouldn’t want to miss out on a chance to win one of our amazing door prizes, which included everything from Rock Band bundles to Xbox 360 games, Roomba robotic vacuum cleaners, a dinner for two at Rialto, a night at Le Meridien ,and more).

Thank you, judges!

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Robert Buderi wrote:

A quick reminder for all you startup entrepreneurs, tech & life sciences veterans, and Xconomy readers: If you aren’t hunkered down to avoid the cold, and you’re up for a free slice or two (or three as one reader warned us), come on over to our Cambridge HQ today at noon for an impromptu pizza party.

We’re at 101 Rogers Street, Suite 402, in the Old Foundry Works building between Third Street and Fourth Streets (map here). When you get to the building, give us a buzz on the intercom, proceed to the elevator in the middle of the building, and head on up to the 4th floor.

And if you think you can come, and get a chance, drop us a line this morning at [email protected], so we can know how many pizzas to order. See you soon!

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Robert Buderi wrote:

The day before Thanksgiving, folks here hit on the idea of bringing those hard-working entrepreneurs who were still in town over to our new headquarters for an almost-spur-of-the-moment Innovators’ Lunch.

We had so much fun—except when I spilled the Greek salad all over the carpet—that we decided on the spot to do it quasi regularly. With the snow starting to fall here today, let’s make tomorrow that quasi-regular day. Once again, we’re inviting all Xconomy fans who can make it to Third and Rogers around noon tomorrow to stop by our office for some free pizza, soda, and conversation. And (don’t tell Wade) maybe some cupcakes to belatedly celebrate our chief correspondent’s birthday.

We hope you can make it. For those of you who haven’t been here before, Xconomy is at 101 Rogers Street, Suite 402, in the Old Foundry Works building, about three blocks north of the Kendall Square T Stop. (Here’s a map.) When you get to here, give us a buzz on the intercom, proceed to the elevator in the middle of the building, and head on up to the 4th floor.

If you think you can come, just drop us a line today or tomorrow morning at [email protected], so we can know how many pizzas to order.

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Robert Buderi wrote:

Ever since it announced its $5.5 million Series A funding round in January 2008, we have covered the news of Follica, the Boston area startup out to bring a scientific approach to developing novel ways of treating and, perhaps one day even curing, baldness and other hair-follicle disorders. These stories, including news of Follica’s $11 million Series B round in August 2008, and the hiring of a new CEO last spring, have attracted a tremendous readership, and indeed have drawn several thousand comments, as fans and followers of Follica have become some of our most treasured readers.

But to the dismay of many of those readers, who are anxious for the latest from the startup, we have had nothing to report since the hiring of CEO William Ju last May. Several of you have written to me personally to ask if there is any way I might coax more news out of the company.

I have been trying, I assure you, and this week I had a modicum of success. Though I couldn’t get anything on the record from a Follica official, sources at the company confirmed that “we are very excited about the progress and are pushing forward with our programs. Everything is going very well and management, the board, and the Scientific Advisory Board are all extremely encouraged by our scientific progress and results.”

I also learned that the company has made some recent hires to expand its staff, though my sources wouldn’t name names or specify how many people have been hired or what roles they are filling.

Lots of caveats to consider. First, try not to read too much into this. These are very vague comments, of the type many companies make when they don’t have much new to impart, or when they don’t want to raise anyone’s expectations. And remember, the science Follica is pursuing is, as far as we can tell, still extremely experimental. So even with some solid advances, an effective treatment could well be years off.

Still, I hope this helps to some degree. Rest assured, we will keep trying to learn more and will let you know as soon as we do. And if you learn anything, please don’t hesitate to let us know, and we will try to run it down.

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Robert Buderi wrote:

First came the motto, now comes the logo. Back in October, we brought you the news that Kendall Square (via the Kendall Square Association, of which Xconomy is a member) had adopted a motto: The Future Lives Here.

I wrote then that adopting a motto was only fitting, since “there is arguably no other place on Earth with the concentrated innovation power of Kendall Square.” And I quoted Sarah Gallop, co-director of government and community relations for MIT and chair of the KSA’s Marketing and Promotions Working Group, as saying her group was “deep into logo work now. After that is complete, we’ll focus on finishing the KSA website.”

So here (above—you can click on it for a larger view) is the logo, developed in conjunction with Dave Gilman of Cognito, a Concord, MA-based design firm. As Gallop writes, “The new logo is meant to project an image that represents Kendall Square’s core attributes which include the future, technology, density, accessibility, and the ‘bump factor.’ The literal interpretation of the logo is a zoomed out view of the actual boundaries of Kendall Square, and then represented by all of its distinct people in close proximity to one another. The font is Avenir which literally means ‘future,’ in French.”

Deep, huh? I just plain liked it, and when it came time as a KSA member to circle my top choices, this is one of the three I circled (and my favorite). Blue was an important choice for color, the KSA says, because it symbolizes sky and water and is therefore perceived as trustworthy, dependable, and everlasting. According to Gilman, it “can also be seen to represent hope and future.” (Too bad the nearby Charles River is closer to muddy brown than blue.) As for the color in the rest of the logo, he says: “Silver or Grey represents the future and is strongly seen as futuristic. Grey can be associated with elegance, innovation and the future. Blue paired with grey strengthens this association.” (My editor, Wade, points out that “grey” is an archaic/British spelling, so perhaps if we are talking about the future here in Cambridge, the KSA should be calling it “gray.”).

Now, we are on to step three: the website. Gallop says the revamped KSA site will be ready for unveiling in March.

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