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Five Research Triangle Entrepreneurs Pledge Stock to CED Endowment
"CED has provided the necessary infrastructure to stimulate the growth of emerging companies in the RTP area," Walsh said. "I'm making my pledge because I believe in [Executive Director] Monica Doss' leadership and vision. CED has created an extraordinary mentoring environment where entrepreneurs work with one another and with the community in support of the American Dream."
The Entrepreneurial Stock Endowment Program is a unique philanthropic program that allows entrepreneurs and early stage companies to donate illiquid stock in recognition of the role CED has played in their development and to ensure expansion of CED's services and programs for future entrepreneurs. The endowment fund will provide long term support through which CED can provide resources to Triangle entrepreneurs in perpetuity. The endowment is funded by two different types of gifts: 1) early stage, pre-liquid stock pledges from entrepreneurs which are transferred to cash gifts upon the company's sale or IPO; and 2) donations of cash or of liquid stock that is transferred to a cash donation to CED's endowment fund.
The fund received its first stock donations in Spring 1999. In June 2000, the fund will record its first liquidity event, when a donation of 5,000 shares of stock from the founders of SciQuest.com becomes liquid at the end of the stock's post-IPO six-month lock-up period. In January 2000, CED received its first cash gift from Bernard Gray of Gray Ventures in Atlanta. Gray is currently an investor in several Triangle technology startups. To date, 49 individuals in the entrepreneurial community have either pledged stock or given cash to CED's endowment, which is chaired by SciQuest.com co-founder Peyton Anderson.
"CED has provided the necessary infrastructure to stimulate the growth of emerging companies in the RTP area. DataFlux has been an active member of CED for the past two years and I'm extremely pleased to pledge stock and continue our participation in and support of such a worthwhile organization," commented DataFlux CEO Stephen J. Wiehe.
CED established the endowment to ensure its ability to continue supporting the Research Triangle's growth and development. CED Executive Director, Monica Doss, says, "Given the potential for the Triangle and it's entrepreneurial companies to be international leaders, it's important for CED to continue its mission to support high-growth entrepreneurs - in whatever ways that support is defined -- for years to come," Doss said. "Triangle-area entrepreneurs have specialized needs that must be met in order to grow world-class, market-dominant companies," she continued. "CED has done much to help develop a strong entrepreneurial economy, but as the level of play rises, we need to be able to proactively address new and shifting priorities."
TaskPoint.com founder and CEO, Bill Dears, recognizes that his pledge is a symbol of his company's commitment to a community that fostered his development as an entrepreneur. "The CED endowment fund provides a vehicle for entrepreneurs to invest back into the very organization and community that has supported its success and growth. While we are dedicated as a company to building significant value to our customers, partners, shareholders and our industry, it is also important for us to support the future economic growth of our community."
CED's mentoring and networking programs have helped entrepreneurs since 1984. CED estimates that it has served more than 50,000 participants - entrepreneurs, aspiring entrepreneurs, and individuals who work closely with entrepreneurs to provide funding and other resources -- through its high quality educational, training and mentoring programs for entrepreneurs, many of which have been recognized as national models. In 1999, CED topped 3000 members, representing 1000 entrepreneurial companies and investment and professional service firms, making it the largest entrepreneurial support organization in the United States.
According to Jim McLean, co-founder and CEO of Learning Machines, Inc., an RTP-based startup, his company has already benefited enormously from CED's hands-on mentoring. "Turning a vision into a profitable business can be a difficult and sometimes mysterious process. CED programs.like FastTrac and STREAK have provided invaluable advice on the nuts and bolts of getting a high-growth business off the ground." McLean says that it helps to be able to network with other entrepreneurs, as well, which is an added value to attending CED's programs.
Ted Eiles, co-founder and CTO of Learning Machines, Inc., adds, "Any business in the Internet space needs to stay glued to the leading edge, whether in technology or in business practices. CED programs, forums and conferences, help us to stay tuned to where our peers, our competition, and the market are headed."
About CED
The Council for Entrepreneurial Development, located at the CED Entrepreneurship Center in Research Triangle Park, NC, was formed in 1984 to stimulate the creation and growth of high-impact companies in the greater Research Triangle region. CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs. CED sponsors annual conferences, seminars, workshops and monthly programs on entrepreneurial management and finance. CED also offers the FastTrac entrepreneurial training program, youth programs and other outreach programs.
CED is a private, non-profit organization and is the largest entrepreneurial support organization in the nation with more than 3,000 members representing 1000 entrepreneurial companies, financiers and professional firms.