MentorTech Ventures - MT News

MentorTech invests in AllSeniorHomes.com

Michael Aronson — Sun, 07 Mar 2010 11:05:07 GMT

MentorTech is pleased to announce it's latest investment in Seattle-based AllSeniorHomes.com, (www.allseniorhomes.com) AllSeniorHomes is led by Chris Rodde, a Wharton alum who previously worked for Microsoft and AllStarDirectiories. Chris's former Professor and MentorTech Advisor, Dr. David Reibstein will be joining the Board of Directiors.

The Silicon Alley Insider 50+: Diapers.com ranked #47 World's Most Valuable Internet Startups 2009

Samantha Sim — Mon, 23 Nov 2009 23:08:36 GMT

Diapers.com ranked #47 World's Most Valuable Internet Startups 2009

Estimated value: $200 million
CEO: Marc Lore

Located in Montclair, NJ, Diapers.com sells diapers and other products that new parents need.

"Sometimes great ideas are fairly simple. Who would have guessed there would be a sizable market for the sale of Diapers online? Apparently Diapers.com founders Marc Lore and Vinit Bharara after being frustrated with the brick-and-mortar diaper shopping experience."

The Silicon Alley Insider estimates that the company will earn just under $70 million in revenue this year and apply a 3-times multiple (on the high end for an e-commerce company) to come up with a $200 million valuation.

More information:
About Diapers.com | Silicon Alley Insider

The Silicon Alley Insider 50+: Yodle ranked #37 World's Most Valuable Internet Startups 2009

Samantha Sim — Mon, 23 Nov 2009 22:04:58 GMT

Yodle ranked Number #37 of the World's Most Valuable Internet Startups in 2009.

Estimated Value: $300 million
CEO: Court Cunningham

Based in New York, NY, Yodle is a search engine marketing (SEM) agency for local businesses. Specifically, Yodle specializes in helping local businesses drive customers to their sites and in some cases, build websites for some of its clients. The Silicon Alley Insider estimates $50 million in revenue for Yodle and applies a 6 times multiple to arrive at a $300 million valuation.

More information:
About Yodle | Silicon Alley Insider

Diapers.com: an America's Hottest Brands Case Study

Samantha Sim — Thu, 19 Nov 2009 12:30:35 GMT

Diapers.com: an America's Hottest Brands Case Study

By Jennifer Rooney
Published: November 16, 2009

Blink and you'll miss Diapers.com's name on the side of a nondescript office building in suburban Montclair, N.J. But in a case of form failing content, inside the door hums a business that recently scored $30 million in funding as it continues its astounding growth. Inc. just named it the fastest-growing retailer in the U.S.; the company reported $89.4 million net revenue in 2008 and expects to far surpass that figure this year and next.

Inside its headquarters, Snoogles, Medela Pump In Styles, Huggies, Pampers and other maternity and baby supplies crowd hallways and top desks in an open, converted warehouse-like space reminiscent of late-90s New York-based dot-coms.

But this is 2009, and CEO Marc Lore and Chief Operating Officer Vinit Bharara are noticeably amped about a recent funding announcement. It's one more coup for the co-founders, who in 2005 started the private company as a diaper-delivery service going by the name 1800Diapers. With a few hundred thousand dollars of their own, they bought diapers from BJ's and Costco and lost money on every sale; their gross margin was 4%.

Renamed Diapers.com in 2007, its brand is grounded in what Mssrs. Lore and Bharara consider unmatched customer service, made possible by heavy investment in back-end logistics. Boasting low prices, an ad-free and personalized shopping environment, a no-questions-asked return policy and a 99% in-stock rate, the company can reach two-thirds of the U.S. through overnight delivery, with a 6 p.m. local time cut-off. All 35 customer-service representatives are in-house, available 24 hours a day, seven days a week. "We empower them to take care of the customer at all costs," Mr. Lore said. "We're incredibly metrics-focused, except in the area of customer call times."

The company is also cued into its customers' unique needs. "It's a period of time for folks where it can be mayhem; our whole mission is to provide help during this time in your life," Mr. Bharara said.

Marc Lore, CEO, Diapers.com

"We have a connection and closeness with the customer that no one else can rival," Mr. Bharara added. "We can never breach that trust."

Diapers.com's marketing budget is currently upwards of $10 million; it'll more than double in 2010. An "incredibly lean" marketing team of three handles all initiatives, Lore said. The Ad Store is Diapers.com's agency of record.

Word-of-mouth, which yields 35% of Diapers.com's customers, is the foundation of its brand-building, but it also leverages digital as well as traditional media. "Most internet retailers spend a majority of their marketing budget on traditional forms of internet marketing," Lore said. "We're unique in that only 20% of our buyers come from those forms. The 80% come from partnerships, word-of-mouth and a referral program, and we also do a significant amount of print advertising."

Growth, while fast, has required sacrifice and patience. "We don't make money on the first order. In the beginning, we pay the whole cost," Bharara said. "It's a long-term strategy based on trust that they'll pay you back."

[EyeIC] Software enhances speed, accuracy

Samantha Sim — Sat, 10 Oct 2009 05:58:23 GMT

OCTOBER 2009 / www.optometrytimes.com

See attached PDF here.

Retinal photographs facilitate glaucoma diagnosis with new software

Samantha Sim — Fri, 09 Oct 2009 20:47:37 GMT

Retinal photographs facilitate glaucoma diagnosis with new software

Turns change into motion, allows comparison with historical data

Sep 1, 2009
By: Nancy Groves
Ophthalmology Times

New York—A new software program that automatically aligns digital retinal or optic nerve photographs taken several years apart and alternates them to allow clinicians to look for changes over time may improve the speed and accuracy of glaucoma diagnosis.

The technology (MatchedFlicker, EyeIC), which received FDA 510(k) clearance in July, lets physicians go back in time to see whether the conditions of patients who have been followed for many years are getting worse.

The gold standard for detecting glaucomatous change over time is to c ompare a series of stereo photographs taken several years apart. The new software builds on that standard by facilitating the identification of change over time from photographs, said Nathan Radcliffe, MD, director of glaucoma at Weill Cornell Medical College and New York-Presbyterian Hospital, New York.

"The reason this is a big advantage is because [the software] allows you to continue using most of the assets that photographs have to offer. You can import photographs of the optic nerve taken 10 or 15 years ago and get a wealth of information into a given patient's past," Dr. Radcliffe said. "Because many ophthalmologists have been taking photographs in clinical practice for many years, [the software] allows us to capitalize on that wealth of historical data to manage our patients better today."

The new software evolved from a series of patents that its maker acquired and augmented to develop its product.

"You take two photographs and turn them into a movie that flickers back and forth. What that does is turn change into motion," said Ira Wallace, MD, chief executive officer of EyeIC. "The human visual system is very sensitive to seeing motion, especially if nothing else in the photograph is moving, so the doctor sees the changes between the photographs and needs to make the decision about whether those changes represent disease-associated progression or some other change."

Although there are other means of performing automation flicker, such as putting two slide projectors next to each other or overlapping two digital photographs on a computer screen, the new software takes a more sophisticated approach because it automatically aligns photographs at a subpixel level, Dr. Radcliffe said.

"There's a very high level of alignment, and it allows you to detect changes that would otherwise be undetectable," he added.

For example, it has been reported that progression of peripapillary atrophy is associated with glaucomatous progression, but this association is extremely difficult to determine in side-by-side comparisons because the changes can be very small. Additionally, small changes in blood vessels along the neuroretinal rim of the optic disc can be very specific for glaucomatous progression, but these shifts also are quite small and difficult to see.

Aligning the images

"However, with [the software], since everything else about those two photographs has been aligned, changes in the optic disc blood vessels or peripapillary atrophy can be seen fairly easily," Dr. Radcliffe explained.

Describing the way in which the software works, he said that the algorithm requires that the two photographs have at least 20% of the image in common. Even if the eye has undergone considerable change over the years, due to causes such as progressive cataract or retinal disease, the images typically still can be matched.

In addition, digitized photos from any source can be used with the software.

The software looks for any identifiable features in the photographs, such as the crossing of retinal or choroidal blood vessels or chorioretinal scars, and aligns the images along these features to achieve the best statistical match between the photographs. The physician then can determine the rate at which the two photographs are alternated to perceive the change over time. The software can magnify or rotate the images but applies the same changes to the whole photograph. The color and illumination are not affected by the algorithm.

"The physician needs to be aware that changes in the cardiac cycle or differences in the angle from which the two photographs were taken can cause apparent change, which can be differentiated from true change with experience," Dr. Radcliffe said.

He added that the software allows clinicians to look at a multitude of different features of the optic nerve, such as changes in the neuroretinal rim, the retinal nerve fiber layer, the blood vessels, the appearance of disc hemorrhages, or peripapillary atrophy. Most other imaging technologies enable users to look at one or two of those features but not all of them.

Documentation tools

The software includes documentation tools.

According to Dr. Wallace, a mark made on a suspicious feature in any one of the aligned images automatically shows up in the corresponding area of every photograph so that the change immediately can be seen. The mark then can be annotated and printed or saved to an electronic medical record. The images can also be shared with other clinicians.

Dr. Radcliffe said he has used the software in several research studies to look for glaucomatous change over time and found that the images are quite dramatic.

"When you see glaucomatous progression happening in front of your face, it's quite impressive. I've found it to be a great teaching tool. There's also some thought that this might be useful to show to patients to get them more involved in their disease process and help with compliance," he said.

"Since glaucoma is a disease of change, [the software] has a specific role in detecting glaucoma, although it could be used for other retinal diseases as well," Dr. Radcliffe concluded.

TicketLeap Recognized as one of Philly’s Fastest Growing Companies

Samantha Sim — Mon, 05 Oct 2009 20:43:21 GMT

TicketLeap Recognized as one of Philly’s Fastest Growing Companies

By Lauren Beley, September 18th, 2009 @ 6:11 pm

We’re excited to announce that TicketLeap made the list of the top 150 nominees of the PHILADELPHIA 100, which recognizes the fastest growing, privately held companies in the Greater Philadelphia region.

This nomination is truly meaningful because it emphasizes our continual growth – we are so happy that the TicketLeap family continues to grow and reach more and more milestones as a company.

We’d also like to extend our congratulations to the other nominees, and look forward to celebrating everyone’s success at the main even on October 1^st at the Annenberg Center.

Diapers.com CEO featured in INC 500

Michael Aronson — Wed, 30 Sep 2009 01:57:21 GMT

The Way I Work: Marc Lore of Diapers.com

Meet the man who sells $89 million of diapers each year online

By Marc Lore, as told to Nitasha Tiku | Sep 1, 2009

Michael Lewis

MIDNIGHT OIL: After he has eaten and put the kids to bed, Marc Lore relaxes with some spreadsheets.

Courtesy subject

MORNING GLORY: Lore likes to kayak before work. "When it's quiet," he says, "that's when I can focus."

Michael Lewis

MIDNIGHT OIL: After he has eaten and put the kids to bed, Marc Lore relaxes with some spreadsheets.

Related Content

Marc Lore, the CEO of Diapers.com, has a thing for numbers. How many types of boxes should his warehouses carry? How big are his competitors' operating margins? How long is the lead time from vendors? Lore's obsession has paid off for Diapers.com, which he co-founded with his old friend Vinit Bharara. Last year, the one-stop shop for new parents sold $89 million worth of formula, wipes, baby gear -- and about 200 million diapers -- to 550,000 customers. Lore spends his days on the floor of the company's warehouse office in Montclair, New Jersey. Nights, after his kids are in bed, he holes up in his home office or sits at the kitchen table, poring over more numbers and refining his vision for the company's future.

I usually get up at 6:15 and go running or kayaking at Mountain Lake, near my house. I'm usually back by 7:15, so I have a good hour in the morning to spend with my
kids -- Sierra, who is 9, and Sophia, who is 6 -- before they leave for school. My wife or I will cook; we'll have breakfast together. I see the kids off to their carpool at 8:15 and then leave for work.

I live in Mountain Lakes, New Jersey, but my partner Vinit Bharara lives in New York City. Our office in Montclair is in the middle. The 25 minutes' driving to work, running, kayaking, the time before I fall asleep at night -- when it's quiet -- that's when I can focus. That's where the vision comes from.

I get to the office around 9. Once Vinnie gets in, one of us always says, "You know, I was thinking last night…" We sometimes spend an hour or two debating ideas. We've usually thought about stuff independently overnight, so in the morning, we kind of download. We share an office, and our desks are right next to each other, so we talk there.

Vinnie and I have been friends since we were 10. This is the second company we've started together. We complement each other really well in terms of the way we think: He's stronger verbally, and I'm stronger mathematically. It enables us to see both sidtes of every argument. Neither one of us is really stubborn. Often we'll argue one side, and then by the time the argument is over, we're arguing the other side. I think we often come to an answer that neither one of us would come up with alone.

In a fast-growing company, there's a constant need for brainpower in varying parts of the business at different times. So Vinnie and I tend to pinch-hit in areas where we feel that we're weakest. Since we're constantly focusing on different areas of the business, every day is different.

We don't have a lot of meetings. In meetings, there's really only a couple of people that are getting value out of it -- a telltale sign is when people start checking theirBlackBerrys. We also don't have department areas on the floor. As people join the company, they pick whatever seat they want. Most of the departments -- marketing, merchandising, accounting, technology -- are intermingled. People become friends; they sit next to one another. It breaks up the departmental politics. Vinnie and I only moved into our own office six months ago. Before that, we were sitting in cubicles like everybody else.

We're constantly trying to minimize costs that don't pay dividends. One of the ways we communicate that to the staff is that we're very understanding when things don't get done. You can't say, "I want you to be lean, and I want you to get everything done." We are very clear that "Here are the three key priorities: These need to get done. If these other things don't get done, I understand." We have two people in the supply chain, three people in accounting and finance, three people in marketing. You have to have really great people to make that work.

We'll probably hire 40 people this year to keep up with our growth. As we get bigger, I can't assume new hires know why decisions are getting made. During the day, I make five or six trips to the kitchen at the other end of our office. On my way, I try to talk to people one on one, solicit their questions, and reiterate our strategy as it pertains to them.

All 25 of our customer service folks are in-house. We have a 24/7 operation, and we empower the reps completely to take care of the mom at whatever cost. Really, the fewer rules, the better. The concept is just if Mom calls and there's an issue, do whatever is necessary to make her happy and really wow her. (We got into the habit of referring to all of our customers as "Mom.") If we don't have a product you're looking for, we'll get it from a competitor. The day before yesterday, a mom really needed a car seat for the weekend, and there was no way UPS was going to get there on time, because UPS comes late on that particular day. But UPS comes to the customer service rep's home in the morning. So the rep had it shipped to her house in the morning, and then she drove it over to the mom's house. We're doing 6,000 orders a day, but that stuff still happens all the time.

Our best customers get over-the-top treatment, even when there isn't an issue. If a really good customer calls in, and we see that they've ordered a lot from us and they've referred other moms to us, reps have the power to send them a $100 gift basket just to say thank you. We send them flowers, gift certificates to get a massage. We spend about $1 million a year on this, 10 percent of our marketing budget. I try to take calls myself once a quarter, but this year, I've probably only done it once so far.

Vinnie and I go to lunch together basically every day. We get sashimi at this sushi place called Aozora in Montclair. We drive over together and spend 45 minutes or an hour talking, usually about things that are more confidential that we may not want to discuss in the office. When we get back, we spend the next half-hour or 45 minutes following up on that discussion.

When we launched the company, our biggest competitors were already at scale. We knew early on that the key would be how fast we could ship stuff, what prices we could sell for, and how many product lines we could carry. Having my second kid and seeing my wife having to keep us in stock with diapers and formula and stuff -- it wasn't easy for her. I thought, If we could make this an easy experience for Mom, offer premium service and speedy delivery, we could extend into the other high-margin baby products.

So before we launched, we built proprietary software from scratch. We built software with computational algorithms to determine what the optimal number of boxes to have in the warehouse is and what the sizes of those boxes should be. Should we stock five different kinds of boxes to ship product in? Twenty kinds? Fifty kinds? And what size should those boxes be? Right now, it's 23 box sizes, given what we sell, in order to minimize the cost of dunnage (those little plastic air-filled bags or peanuts), the cost of corrugated boxes, and the cost of shipping. We rerun the simulation every quarter.

Using the right box probably adds close to 1 margin point. That may not seem like a lot, but the difference between a supersuccessful Internet retailer and a so-so Internet retailer is just a few margin points. Amazon has about a 4 percent operating margin, but they're at this massive scale. Anything less than massive, you have to be more efficient. The year we started, our gross margins were 4.6 percent. Today, they're in the teens.

Still, I think there's a time to be analytical and there's a time to make decisions based on things that can't necessarily be analyzed. How do you analyze the impact of hand-delivering a car seat to a customer who needs it? How do you assess the negative impact to the business of a mom coming to the site and finding the product she wants out of stock? Selection, price, customer service, speed of delivery, in-stock rates, ease of shopping -- when it comes to any of those areas, I put analytics aside and work backward. I say, "Let's work with the most perfect thing we can do, the best possible consumer experience, and then now, analytically, let's try to figure out how to do that as efficiently as possible."

I leave the office around 7 o'clock. These days, I tend to work after the kids go to bed as well. My kids are both involved with sports, and I don't think I've missed one of their games. It's important to fit that stuff in. I think I've struck a pretty good balance, but it's not always easy.

Sometimes I eat dinner with the kids, sometimes not. Often it's close to their bedtime after I eat, so I will read them stories and put them to bed. Afterward, I catch up with my wife, talk about her day. Then, I go in to work. I have like a little mini office off the bedroom.

At home, I'm doing work that doesn't involve other people. Stuff that takes time and silence. I don't really watch TV at all. I much prefer working. We're outsourcing our pay-per-click marketing, and we really weren't happy with the job that was being done, so I worked on that two or three hours a night for about six weeks. I've also been spending a lot of time on competitive analysis. I've gone through the Internet Retailer Top 500 Guide so many times that I can recite just about any stat of any company that's in there.

I go to bed around 11 or 12. That's the one time when you're really doing nothing but thinking. We have a pretty lofty five-year plan, and I visualize the path over and over again. I try to think about what could throw it off, think through each quarter, each year, from here to there -- exactly how we're going to do it and what challenges and pitfalls we're going to face and preparing to deal with them before they happen. I don't know when I actually fall asleep, because when I wake up in the morning, it feels like a continuation of my thought from the previous night.

Diapers.com #231 on Internet Retailer 500

Michael Aronson — Fri, 17 Jul 2009 23:03:05 GMT

Though the name suggests an online retailer dependent on a single product, Diapers.com is getting pretty good at mixing up the merchandise.

So much so that in 2008 Diapers.com doubled the number of SKUs it carries online to more than 3,000 and added a slew of new merchandising categories, including toys, books, clothing, shoes and environmentally safe products sold in a category called Green Baby. With better product diversity and a keen eye on its core customers—parents of newborns to 3-year-olds—web sales increased by 147.2% in 2008 to $89 million from $36 million in 2007. “Our strategy isn’t rocket science: it’s listening and giving the customers what they want,” says Diapers.com CEO Marc Lore.

Diapers.com, No. 231 in the Internet Retailer Top 500 Guide, is growing web sales by literally growing up with the children using its core products. In 2005, Lore and co-founder Vinit Bharara founded Diapers.com as a niche e-commerce site selling name-brand diapers, wipes and formula. The online retailer next expanded into bottles, pacifiers, rash ointments, creams, shampoos and breast pads before adding an even broader assortment in 2008.

“We make it a point to return a response to a customer’s e-mail in under 20 minutes and respond to incoming customer service calls in 30 seconds or less,” Lore says. “That attention to detail has given us a pretty loyal customer base and their interaction with us is a guide to expanding our product mix.”

In 2009, Diapers.com will add more product categories such as car seats and furniture. Diapers.com also recently introduced several new features, including a community where couples with young families and newborns can share photos, exchange messages and start their own special groups. Diapers.com also updated its Baby Center with more content such as daily featured articles and interactive tools such as calculators for baby due dates and maternity and delivery costs, a height predictor, and an immunization scheduler.

“2008 was a great year but there is very strong price pressure in this category from competitors,” Lore says. “We’ll grow in 2009 by continuing to diversify our product mix and delivering what our core customers want.”

Gov. Rendell invests in MentorTech II as part of PA's Life Science Strategy

Michael Aronson — Fri, 03 Jul 2009 15:10:50 GMT

HARRISBURG, Pa., May 14 /PRNewswire-USNewswire/ -- Pennsylvania is setting the stage for future opportunity and innovation while expanding its reputation as a leader in the life science industry , Governor Edward G. Rendell said today as he announced investments in three venture capital firms that will help stimulate growth in the state's rapidly developing bio-technology sector.

"In Pennsylvania, we realize the life science industry's potential to be an engine for job creation and economic development" "By using our resources, we are equipping local venture capital firms with the support they need to attract companies that will not only create skilled jobs and contribute to our economy, but will have the potential to develop the next big medical innovation.

"Especially during challenging economic times, it's critically important that we continue to invest in our economy to spur private sector investment and put more people to work."

The Commonwealth Financing Authority today approved $5 million in new investments to three firms through the New PA Venture Capital Investment program that provides loans to venture capital firms to invest in growth-stage companies.

These three firms are expected to leverage an additional $15 million in private investments that will be used to support more than 20 early stage Pennsylvania companies.

MentorTech Ventures II, Philadelphia, a fund that invests in companies that come out of the University of Pennsylvania, received $1 million to invest in early stage companies in the technology and life science sector; NewSpring Health Capital, Radnor, received $2 million to invest in biotech, healthcare services and medical devices; and Pittsburgh Life Science Greenhouse Accelerator Fund will receive up to $2 million to invest

MentorTech is the first fund to receive follow-on funding from the CFA based upon the success of their first Fund which invested in PayQuik (acquired by CITI), Diapers.com, Neatreceipts and Gentis.

EyeIC receives FDA approval for Matched Flicker

Shawn LI — Wed, 17 Jun 2009 17:03:21 GMT

Comment

_anonymous — Wed, 29 Apr 2009 16:12:21 GMT

Anyone knows what happened to nutrax.com, since the site does not seem to be online anymore. Thanks for any hint. Cheers

So what’s it really like inside TicketLeap?

Shawn LI — Fri, 06 Mar 2009 21:06:59 GMT

If you’re curious what it’s really like inside TicketLeap, you might enjoy this feature story about TicketLeap in MBA Jungle magazine.

For example, our CEO Chris Stanchak describes his road rage as he rushes to a meeting:

“I’m in my car, driving to Emerald Stage2 Ventures–a VC group–to give them an introductory pitch. I’m in Center City Philly, driving down Lombard Street. It’s a 20-minute drive–but I’ve got 14 minutes to get there. There’s a guy who isn’t turning on a green light! [honk]…”

Fortunately, Chris made it back to the office in one piece!

TicketLeap Secures Series A Venture Capital

Shawn LI — Fri, 06 Mar 2009 20:47:18 GMT

TICKETLEAP SECURES $2 MILLION INVESTMENT

MentorTech Ventures, Ben Franklin Technology Partners invest in online event ticketing company

Philadelphia, PA – July 22, 2008 – TicketLeap.com, which allows anyone, anywhere to easily sell tickets online, announces the closing of a $2 million Series A venture capital round. The additional funds will allow the company to implement several recently-signed business development deals, make important new hires, and continue investments in technology and marketing. The investment group was led by MentorTech Ventures, Ben Franklin Technology Partners of Southeastern Pennsylvania, and others.

“For this step, it was critical that we obtain not just funding, but expertise and relationships to help grow this business to the scale we envision,” said Christopher Stanchak, Founder and CEO of TicketLeap. “MentorTech, which backed successful firms such as NEAT Receipts, Yodle, and Diapers.com, is ideal for the national push, and Ben Franklin Technology Partners has simply the best resources in the Delaware Valley.”

“We evaluate companies like TicketLeap every day, and rarely spot this combination of a large underserved market, a strong business plan to meet that need, and the core management and technology in place to properly execute,” said Michael Aronson, Managing Director of MentorTech.

TicketLeap was founded in 2003, when Christopher Stanchak, a former technology manager, spotted an opportunity in ticketing solutions for smaller events and grassroots activities. He built the original TicketLeap application and business from the ground-up, part-time, with the assistance of family, friends, and the Venture Initiation Program at The Wharton School of the University of Pennsylvania, where he was a student. By 2007, the concept was proven, the business was cash-flow positive, and an angel investment allowed him to focus on expansion full-time.

For More Information

Meg Havern, Corporate Manager

TicketLeap, Inc.

215-525-1300 x103

PR@ticketleap.com

About TicketLeap.com

TicketLeap.com is an online event ticketing solution designed for small to medium sized events and organizers. TicketLeap requires no special hardware, software, or contracts, and is free and simple to setup online. Over 2,500 clients from Florida to Alaska are already using TicketLeap to sell tickets online for their events. Consumers use any major debit or credit card to purchase event tickets in a secure environment, and receive their personalized ticket via email. TicketLeap is ideal for any event or venue manager who wants to reduce administrative burden, improve revenue controls, and enhance customer convenience.

About MentorTech Ventures

MentorTech Ventures invests in information technology, marketing technology, and medical device companies with a focus on those companies with a connection to the University of Pennsylvania. The firm targets seed- and early-stage investments, but will opportunistically explore later stage investments. MentorTech typically invests in Philadelphia-based companies, but also makes selective investments outside Philadelphia where it co-invests with other venture firms. The firm seeks to lead the first round of investment as well as significant and influential ownership stake in its portfolio companies. MentorTech Ventures is based in Philadelphia, Pennsylvania.

About Ben Franklin Technology Partners of Southeastern Pennsylvania

Celebrating its 25th anniversary, BFTP/SEP is the region’s catalyst for Stimulating Entrepreneurial Potential. Ben Franklin invests in innovative enterprises and creates commercialization pathways that generate wealth through science and technology. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses with the Capital, Knowledge and Networks to compete in the global marketplace. BFTP/SEP has provided more than $130 million to grow more than 1,600 regional enterprises. BFTP/SEP is a founding partner of The Nanotechnology Institute™ (NTI), Mid-Atlantic Nanotechnology Alliance (MANA®), Emerald Stage2 Venture Fund and the Minority Angel Investor Network. BFTP/SEP is part of the Commonwealth of Pennsylvania’s Ben Franklin Technology Partnership.

MOVERS: Cato Laurencin, vice-president for healthaffairs, University of Connecticut Health Center, and dean, University of Connecticut School of Medicine, Farmington.

Shawn LI — Fri, 06 Mar 2009 20:42:21 GMT

Link: [PDF Document]

Cato T. Laurencin, M.D., Ph.D., Founder and Chief Science Officer of Soft Tissue Regeneration, LLC, has been named Dean of the University of Connecticut School of Medicine and Vice President of the University of Connecticut Health Center.

Shawn LI — Fri, 06 Mar 2009 20:37:51 GMT

Link: [HTML] (opens in a new window)

Herndon, Va. – The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is leading an investment round in Soft Tissue Regeneration, LLC (STR), a medical device company based in Earlysville, VA, that develops synthetic scaffolds to encourage tissue regeneration

Shawn LI — Fri, 06 Mar 2009 20:36:30 GMT

Links: [HTML] [Word Document]

Cato T. Laurencin, M.D., Ph.D., University Professor, Professor and Chair of Orthopaedic Surgery and Professor of Biomedical Engineering and Chemical Engineering at the University of Virginia, has been named to the 2007 Scientific American 50 ”SciAm 50” for his groundbreaking technology for regeneration of the anterior cruciate ligament (ACL) using a bioengineered matrix

Shawn LI — Fri, 06 Mar 2009 20:33:28 GMT

Links: [HTML] [Word Document]

Bioconnect Systems to Present First-in-Man Data for Novel Vascular Connector at In3 East Conference on October 19, 2006

Shawn LI — Fri, 06 Mar 2009 20:24:06 GMT

AMBLER, Pa.--(BUSINESS WIRE)-- Bioconnect Systems will present First-in-Man data for its Optiflow™ vascular connector during the In3 conference in Boston on October 19. Bioconnect’s minimally invasive technology enables surgeons to create precisely controlled anastomoses throughout the human body.

According to David Deaton, MD, FACS Associate Professor of Surgery & Chief, Endovascular Surgery, Georgetown Hospital, “The ability to quickly create a precise anastomosis with a defined cross sectional area gives the surgeon unprecedented control over flow characteristics. Similar to a drug eluting stent’s ability to prevent intimal hyperplasia, the Optiflow offers control over local healing, addressing one of the major limitations inherent to hand-sewn anastomoses.”

Bioconnect’s initial product, the Optiflow ™ AV, addresses the need for improved vascular access in about 1.9 million worldwide patients suffering from end stage renal disease (ESRD). The Optiflow enables surgeons to create permanent access in dialysis patients by connecting the artery to the vein (AV fistula) or improving the performance of traditional synthetic grafts.

Vascular access is considered the Achilles’ Heel of hemodialysis, contributing significantly to high mortality rates of 68% at five years. Approximately one-third of access sites fail within the first year despite numerous interventions.

Series A financing of $7 million is being pursued to fund the Company through clinical trials, regulatory approval, and product launch. More information including an on-line demonstration is available at http://www.bioconnectsystems.com/.

Contacts
Bioconnect Systems
Adam Dakin, President & CEO, 215-646-6830
adakin@bioconnectsystems.com
http://www.bioconnectsystems.com/

Bioconnect Systems Raises Seed, Looks For $6M Series A

Shawn LI — Fri, 06 Mar 2009 20:19:50 GMT

Medical device start-up Bioconnect Systems Inc. has raised an undisclosed seed round of financing as it gears up to raise a $6 million Series A, the company told VentureWire.

Adam Dakin, chief executive of Bioconnect, said that MentorTech Ventures, Robin Hood Ventures and angel investors provided the financing in the form of a convertible note.

Dakin declined to give the value for the seed round.

The seed money will tide the company over until it raises the Series A. Dakin said that it plans to kick off fundraising for that round in early June.

Based in Ambler, Pa., Bioconnect launched with the assets of an undisclosed defunct device company working on coronary and heart bypass technology. Launching the new company in April, Dakin said that the company will use the technology, although for a different purpose: vascular access in dialysis patients.

Dakin said that the company is keeping most of the details of its technology under wraps.

Along with the IP that Bioconnect acquired in its launch, Dakin said that the company obtained considerable clinical research for the device. "We like to think of ourselves as a Series C company raising a Series A," he said. "We are actually very far along - we have proof-of-concept in man, we have four issued patents."

Dakin said that he hopes that Bioconnect's device ultimately will receive 510(k) clearance by the Food and Drug Administration, although the company has not set a firm deadline for submitting its request to the regulators. "That's not yet determined," he said.

Dakin was a former CEO of vascular closure device maker X-Site Medical LLC.

Reach Bioconnect at 215-646-6830
http://www.bioconnectsystems.com/

Gentis, Inc. announces the closing of its $10 million Series A Preferred Financing and the first clinical use of its proprietary DiscCell Spinal Nucleus Augmentation Material

Shawn LI — Fri, 06 Mar 2009 20:13:35 GMT

Philadelphia, PA, June 19, 2007: Gentis Inc., the developer of the DiscCellTM in-situ polymerizing spinal nucleus augmentation technology, today announced the closing of its first institutional financing. The $10 million round, co-led by Pappas Ventures (Durham, NC) and Easton Capital (New York, NY), also included significant funding from Ivy Capital Partners (Montvale, NJ) and Matignon Technologies (Paris, France). Gentis will use the funds to complete the remaining pre-clinical testing and the pilot clinical study required to file an IDE for a pivotal trial with the FDA in 2008.
"Gentis progress over the past year and their successful first in human implants in May demonstrated to the investor group the dedication of the Gentis team, the quality of their relationships in the spine market and the potential superiority of the DiscCell material over other technologies being investigated in the exciting and expanding market of spinal nucleus augmentation," commented Arthur Klausner, Partner at Pappas Ventures. "The Gentis team continues to demonstrate the merits of its differentiated DiscCell technology, which should lead to a dynamic pivotal trial in the US in the near future," added Frank Garcia, Partner at Easton Capital Partners. Joining Mr. Klausner and Mr. Garcia on the Gentis Board will be Robert Pangia, Partner at Ivy Capital.
"The Gentis team welcomes the new members of the Board and looks forward to utilizing the expertise of all the investors as we move the DiscCell further into the clinic and prepare for the US pivotal trial," stated David W. Anderson, Gentis President and CEO. "The unique skills and resources of the investors will enhance our internal resources and build upon a sound base to achieve significant milestones over the coming months," continued Mr. Anderson.
Gentis anticipates a submission for CE mark in 2008.

Gentis, Inc. Welcomes David W. Anderson as President and CEO

Shawn LI — Wed, 04 Mar 2009 15:13:00 GMT

Nov 1, 2004: David Anderson joined the Company as President and CEO in November 2004. Mr. Anderson joins Gentis from Sterilox Technologies, Inc., a high technology disinfection company that he had led since 2000. In the five years that Mr. Anderson was CEO at Sterilox, he grew sales from less than $400,000 to almost $20 million and successfully obtained FDA approvals for three products and EPA approvals for several more. Prior to Sterilox, Mr. Anderson was the CEO of Bionx Implants, a high technology developer and manufacturer of resorbable orthopaedic devices. During his tenure at Bionx, Mr. Anderson lead the efforts that resulted in FDA clearances for over 60 products and sales growth from zero to over $20 million. Mr. Anderson also successfully raised $15 million in venture funding for Bionx and led its IPO in 1997.
Mr. Anderson has also served as: CEO of Kensey Nash (Advanced technology in Cardiology); a venture capitalist who constructed the early basis for Integra LifeSciences and a founder of Osteotech, one of the first high technology orthopaedic companies. Mr. Anderson began his healthcare career with Schering Plough after graduating from Cornell with a B.S. in Chemical Engineering.

Gentis, Inc. Welcomes David W. Anderson as President and CEO

Shawn LI — Tue, 03 Mar 2009 20:58:34 GMT

Forbes - A Business Owner’s Guide To Local Advertising

Shawn LI — Tue, 03 Mar 2009 20:30:34 GMT

Forget the Yellow Pages. Try these nifty online services instead.

Many small businesses rely heavily on the love of local customers, and the Internet continues to make reaching them easier and cheaper than ever.

For entrepreneurs who would rather not shell out (or simply can't afford) as much as $1,000 for an old-fashioned ad in the Yellow Pages, there are now a host of flexible, affordable alternatives for wrangling the locals--and even calculating the return on those marketing efforts.

"In the current economic climate, business owners have a real desire for accountability," says Court Cunningham, chief executive of Yodle, a Manhattan-based marketing and advertising company that specializes in local advertising for small businesses in major cities across the country.

Launched in late 2004, Yodle orchestrates advertising for its customers online, where three-quarters of Americans go to find information about local businesses, according to the company's own research. That's a problem, says Cunningham, as many small businesses still don't have Web sites--or if they do, they're not terribly sophisticated.

Yodle builds Web sites, improves search engine optimization (to help small businesses climb in the search rankings) and lists companies on 15 online directories. Next year, the company plans to expand its directory placement to 50 directories.

Yodle's payment plan works like a calling card. After a $447 initial fee, business owners set aside anywhere from $900 to $5,000 per month in an account to be drawn down as the clicks accumulate.

Yodle also tracks the clicks so customers can estimate a reasonable return on investment. According to Cunningham, Yodle's customers average $7 in revenue for every dollar spent on advertising through Yodle.

"I used to sit around and wait for the phone to ring," says Jeff Whittington, owner of About Grout, a tile-laying business based in Kirkland, Wash. Whittington used to spend between $300 and $700 per month on Yellow Pages ads, without much success. After signing up with Yodle last August, "now I'm busy all the time," he says.

If you think Yodle is out of your price range, there are plenty of even more affordable, Web- and phone-based, local advertising services out there. Google (nasdaq: GOOG - news - people ) and Yahoo! (nasdaq: YHOO - news - people ) offer them, as do a host of smaller players.

Take 1-800-FREE411. Instead if paying $1.50 to a mobile service provider for each directory-assistance call, customers dial 1-800-Free411 (1-800-373-3411) and connect directly to the business of their choice. Callers can specify the name of a business, or just canvass a category in that location (say, "Melanie's Chocolate Shop in Manhattan," or just "candy store, Manhattan.") The catch: Customers must endure a brief advertisement for a 1-800-Free411 advertiser in the chosen category and location.

The model--common among the new crop of local ad providers--is performance-based. Businesses join the database free of charge but pay for each call received through the service. Each lead generated by that opening ad costs the participating company between $2 and $7 per call, depending on the type of business.

Yelp is another option. It lists the names, addresses and phone numbers for companies across the U.S. for free online; small business owners can also add information about products, services and special offers. Customers then rate the businesses from zero to five stars. If a company merits a 3.5 or higher, it receives an invitation from Yelp to participate in a premium service program, in which it has the privilege of paying for placement in the top of the search stack on Yelp's site. Premium service costs between $150 and $1,000 per month, depending on the type of business and amount of advertising you buy.

Local.com (nasdaq: LOCM - news - people ) also lists businesses by name, address and phone number. It has syndication agreements with search engines like Google and Yahoo, and it also partners with other directories like Superpages.com and Yelp to exchange information and customer reviews.

For a fee, companies can enhance their listings with more in-depth descriptions of products and services, as well as receive premium placement in Local.com's search function. Better yet, Local.com confers with local Better Business Bureaus to ensure that businesses are in good standing. Premium service runs between $50 and $200 per month, depending on the number of search categories and locations. For instance, you might pay the base fee to appear in a search for "chocolatier, Manhattan," but more for the broader "candy shop, New York City."

Ask.com's sponsored advertising program is more like placing an ad in a newspaper than in a phone book. Choose a title--"Buy shoes today!"--including a short description of what you are selling and a link to your Web site. The best keywords go to the highest bidders.

Ask.com also tracks the leads that come from its site, so you know what you're paying for. Companies can run their ads for as long as they like (turning them off and on at will) and change keywords on the fly--all in real time. Ask.com also syndicates the ads throughout other sites in its network.

The base rate for any ad is 5 cents per click; the higher the demand for selected keywords, the more you pay per click. The network average is about 20 cents per click. In an economic climate where every sale is precious, that's not too dear a price to pay.

By Melanie Lindner

30 under 30: The young and the restless in DM

Shawn LI — Tue, 03 Mar 2009 20:29:07 GMT

DMNews gathered the best and brightest ‘whiz-kids' in the industry to present its first-ever “30 under 30” list -- thirty finalists that were judged on their proven ability to lead teams, initiate change and growth, drive measurable results for companies or clients and deliver fresh insight into the marketing challenges in the direct, database and interactive marketing industry. Topping the list? Jeff Arbour, SVP, North America, the Hyperfactory.

Nathaniel Stevens, founder, Yodle, 25

In 2004, when Nathaniel Stevens was attending Wharton Business School at the University of Pennsylvania, he noticed an opportunity for a lead generation business in local online marketing. While working as a summer intern at his father's auto dealership in Connecticut, he realized that buying search keywords didn't necessarily translate into inbound phone calls. Eventually, he dropped out of Wharton to explore this gap.

Stevens came up with a system to use a unique bidding algorithm to calculate customers' online search behavior to hone a company's online advertising campaigns. The resulting company was Yodle, which uses the technology to drive new leads by phone to local small businesses through unique, and therefore trackable, phone numbers.

Headquartered in New York, Yodle now has offices in Boston, Atlanta and Charlotte, and has a presence in 25 major cities. In the first quarter of 2008, Yodle posted a 700% year-over-year growth rate and the firm now has more than 1,000 clients.

“Nathaniel is a natural-born innovator, and we are all very proud of this well-deserved honor,” said Mike DeLuca, SVP of sales and marketing for Yodle, “It's amazing how far Yodle has come – from an idea he had in 2004.”