Press Releases
January 30,
2001 |
Council for
Entrepreneurial Development |
CED Receives Unique Pledge from Research Triangle Ventures
General Partners and Advisors pledge fund proceeds for CED's Endowment
RTV is the first venture capital fund to pledge a percentage of its profits to CED. RTV's new model pledges five percent of the returns from the General Partners' and Advisors' fund, representing one percent of the overall fund's future profits, to CED's organizational efforts. This pledge, however, does not affect the return of any investor in the fund.
The pledges indicate strong support from past and present CED leadership, including general partners Tim Gupton, current CED chairman, Fred Hutchison, founding president, and Bud Whitmeyer, a member of CED's Capital Connection committee. The Endowment also recorded pledges from the RTV advisors John Crumpler, Dwight Sawin, Clay Thorp, Dan Shea, Kip Frey, Nick Ellis and Steve Walsh.
"CED is and has been critical to the entrepreneurial success of the region, and is truly one of the driving forces for local technology-based start-ups," said Whitmeyer. "We've all enjoyed a close working relationship with CED and look forward to supporting the continued success of CED for a long time to come."
"We are very pleased with our fourth quarter Endowment pledge results," said Monica Doss, CED president. "With the generous support of local investors, we have greatly broadened our base of individuals interested in ensuring the long-term strategic support of the local entrepreneurial community. The programs these funds will support offer a clear benefit for the economic development of the entire region."
The Endowment fund is CED's long-term funding source created to ensure the development of educational and mentoring programs assisting Triangle entrepreneurs in perpetuity. The CED Endowment currently claims a total of 114 pledges from 90 individuals representing 60 companies.
About the CED Endowment: Initiated in May 1999, the CED Endowment consists primarily of pledges of pre-liquid stock from founders of young entrepreneurial companies, and gifts of appreciated stock and cash. Following the standard lockup period upon a company IPO or sale, pledged stock is transferred to CED and proceeds from its sale added to the Endowment's principal. Currently the principal includes proceeds from such Triangle companies as AuctionRover.com, Dataflux Co., Ganymede Software, Inspire Pharmaceuticals, and OpenSite Technologies and a cash donation from Bernard Gray, of Gray Ventures in Atlanta, GA.
About Research Triangle Ventures: Founded in 2000, Research Triangle Ventures is a seed stage venture capital partnership based in Raleigh, North Carolina. Research Triangle Ventures invests in emerging, high growth companies located in the Southeast with primary emphasis on the Research Triangle area of North Carolina.