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Entrepreneurs Eye First Look Funds

INVESTING: CalTech, UCLA and USC co-sponsor get-together.

Los Angeles Business Journal Staff

USC Associate Professor Peter Beerel knows how to get his message across to sleep-deprived electrical engineering students and effectively present his research to peers at professional conferences.

But last Wednesday he was a newbie struggling to get his message across to deep-pocketed investors who could bankroll his entrepreneurial dream.

Beerel was among 13 Los Angeles academic entrepreneurs getting a potential big break at the inaugural First Look LA, a sneak-peak investor event co-sponsored by the region’s three largest research universities.

As chief executive of a freshly minted tech start-up, Beerel largely ignored his luncheon salad and concentrated instead on chatting up potential investors at his table. He also was going over in his head key points of his 10-minute pitch for later that afternoon.

“I’ve been involved in start-ups before, but this time it’s my baby,” said Beerel, whose Timeless Design Automation has patented technology that is supposed to enhance processing power and battery life of today’s increasingly multimedia cell phones.

Earlier this year, Beerel’s institution joined with cross-town rival UCLA and CalTech to develop new ways to showcase very early-stage opportunities from their academics. Several dozen venture capitalists and angel investors attended, some of them local but many flying in from as far away as San Francisco, Seattle and Boston.

First Look, which USC hosted this time, is the culmination of a several month effort by Entretech, a Pasadena-based non-profit, to get the three universities to better cooperate in promoting Los Angeles as great place for venture capitalists to invest. The plan is to have one or two of these events a year, with each campus taking a turn as host.

“We have investors coming to our campus weekly, but the idea was why not make it more worth their while by letting them see what’s going on at all three institutions,” said Fred Farina, assistant vice president of CalTech’s Office of Technology Transfer.

Dumbing down

While Los Angeles has become a huge draw for venture capitalists specializing in digital media, engineering and life science entrepreneurs still struggle to gain the investor notice.

“You wouldn’t be able to do a “first look” event like this in Boston,” said Earl Weinstein, a former Boston venture capitalist recruited by UCLA’s Office of Intellectual Property to coordinate its spin-outs. “In markets like Boston and Silicon Valley the community is so intertwined and picked over that everybody knows what everybody else is working on. Here, there are lot more hidden opportunities.”

Beerel’s most important take-away from the coaching he received prior to the event: Cut those Powerpoint slides down to 10 or fewer and don’t cram too much information into the pitch.

“I don’t like to think of it as dumbing it down to my audience,” he said. “I have to emphasize the value of the technology rather than the details of how it works.”


  February 8 - 14, 2010
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