A Look At October's Meeting

Ten Rules for Entrepreneurial Success

Keynote speaker Andrew Updegrove

Andrew Updegrove, founding partner at leading Boston law firm of Gesmer Updegrove LLP, was the keynote speaker at the WPI Venture Forum's October 11, 2005 meeting. Tapping his vast experience representing startup and emerging companies, Updegrove presented the Entrepreneurs' 10 Deadly Sins." After helping some 1,700 companies move from pre-business plan stage forward since 1987, he called himself "somewhat of an actuary for emerging company success and failure."

Updegrove's presentation was very informative and well-received by the meeting's more than 100 attendees. As he noted, his advice was very simple, but when entrepreneurs fail to follow these rules (and commit these deadly sins), disputes erupt and they end up paying lawyer bills instead of investing in their companies. For example, Updegrove's sixth deadly sin was failing to pay employees, followed by number seven - violating the securities laws. He presented each "sin" as a rule to live by, discussed it at length and offered real-life examples. The presentation was an excellent road map of the common things to avoid and the steps to take when beginning and growing a business.

Following the presentation, the audience engaged Updegrove in a Q&A session addressing specific concerns, including the difficulty in obtaining director and officer insurance with the Sarbanes-Oxley regulations, and more importantly for nonpublic companies, errors and omissions insurance.

Panelists respond to FSI's case presentation. From left, moderator Joe Thomas, FSI's Marketing Director Trey Kellett, CEO Rezwan Sharif, and panelists Christopher J. Simmons, Andrew Updegrove and Jeffrey L. Powell.

Ferrate Solutions, Inc.

CEO Rezwan Sharif presented the case for Ferrate Solutions, Inc. (FSI) extremely well. FSI is an early-stage technology company developing a new water purification technology using potassium ferrate (ferrate). The company addresses the growing challenges faced by water and wastewater treatment facilities everywhere: expensive treatment upgrades, new regulations, difficult-to-treat contaminants, and toxic byproducts resulting from conventional chlorine treatment. FSI is developing the ferrate technology in strategic partnership with Battelle Memorial Institute, a world-renowned technology innovator conducting $3 billion in annual research and development.

WPI students attended the Venture Forum meeting with visiting professor Jerry Schaufeld.

Sharif presented FSI as an attractive opportunity within an enormous market with great need across sectors. He noted FSI has large exit players, is built with a committed and talented multi-disciplinary team, and is presently producing results. Although a startup, it's gaining traction. FSI is seeking financing, but additional capital for product rollout may not be required if full-scale manufacturing is outsourced.

Moderator Joe Thomas

Case Review

Keynote speaker Updegrove served as a panelist reviewing the case with Christopher J. Simmons, Ph.D., founder and president of PolyGenyx, Inc., a Worcester-based biotechnology company and the principal in Simmons International Associates, a management consulting company; and Jeffrey L. Powell, President and CEO of CASTion Corporation, a Worcester-based wastewater treatment technology company.

FSI asked the panelists for guidance on several questions. What followed was an in-depth review of FSI, its perceived plan strengths and weaknesses, and each of the panelist's responses to FSI's questions. The discussion &emdash; with Sharif's reactions &emdash; was vibrant and robust, covering target markets, sales approach, why strategic partners make sense and increasing FSI's financing goals.

What followed was an in-depth review of FSI, its perceived plan strengths and weaknesses, and each of the panelist's responses to FSI's questions. The discussion with Sharif's reactions was vibrant and robust, covering target markets, sales approach, why strategic partners make sense and increasing FSI's financing goals.

Ricky Berger is Chairman of the WPI Venture Forum Program Committee and President of Berkent Legal Services, P.C. He represents investment-grade and near-investment grade technology companies as a business and legal advisor. He can be reached at www.berkent.com.