| Technology Industry Veteran Introduces Hot New Tech Venture |
One of high-tech's highest-flying board members and entrepreneurs, Dennis J. Cagan, brings a new full-service high technology business incubator to life in Santa Barbara on May 25, 2000. The founding management team, comprised of eight experienced professionals, is launching their "Santa Barbara Technology Incubator (SBTi)" in 12,000 square feet of prime Santa Barbara space. The offices have been designed to house the SBTi services staff and the founding teams of several start-up companies in which SBTi is looking to invest.
"SBTi is not a venture fund, it is a private company whose mission is to select and invest in high-tech start-ups. We provide the support services and seed venture capital financing and help them to get started as fast as possible," explains Chairman and CEO Cagan. "The first stop for aspiring entrepreneurs with a business plan or executive summary should be our office."
"Three criteria, beyond office space, distinguish an authentic high-tech incubator," explains local business attorney Joe Nida. "Those are seed capital funding, operational and technological infrastructure, and ongoing guidance from qualified leaders. SBTi has all three, making it the only complete incubator in the tri-county area."
SBTi itself recently closed the largest-known first round of capital investment for a Santa Barbara based company. But money is not the highest priority when building an incubator, the people are. Cagan has served on the Boards of over 30 public and private companies -- including four Santa Barbara companies that have either completed successful IPOs or raised significant private capital in private placements. They are: well known Alias/Wavefront, Software.com, CommissionJunction and SupplySolution, Inc. He has also started over 20 computer software, hardware, services and Internet companies.
Cagan has reached outside and within the local area to attract a top-notch founding team. Other management members include: Jason Spievak (VP Technology and M & A at Broadview Associates), Benn Schreiber (former PulsePoint VP of Engineering), Ron Macleod (former NASDAQ Managing Director), Barbara Whatley (former CFO of QAD and SupplySolution), Christina Walman (UCSB Center for Entrepreneurship and Engineering), and Kevin Mills (Deloitte and Touche).
SBTi's funding and management team's qualifications must now be invested in the best high-tech ventures they can find. They are currently targeting, but not limited to, Internet services and software, computer software and devices, and communications software and devices. But, according to Cagan, "SBTi will only invest in areas where our management team has experience and support resources."
Once funded, companies are expected to require incubation at SBTi from three to nine months. During that time, founders will be freed up to concentrate on developing their technology and their markets. SBTi will handle the rest -- legal, space, recruitment and other necessary but less strategic issues that typically chew up thousands of hours of the founders' precious time.
Beyond all of this, entrepreneurs will also get day-to-day support from the world-class specialists on the SBTi team. Then, at just the right time, they will gain access to the tier one venture capital connections necessary to get their first round of financing -- well prepared and in half the time -- which gives them a greatly improved chance of success with their new business venture.
SBTi is an LLC located at 320 Nopal Street, Santa Barbara, California 93103. For further information or to submit a business plan, please e-mail an executive summary to info@sbtechnology.com or call Jason Spievak at 805-564-8005.