MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday March 20, 2023 at 8:00 AM
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Directors Present
A. Basheer (remote), C. Bouthot (remote), C. Tonucci (remote), H. Fruscio Altsman (remote), J. Griffin (remote), J. Hoch (remote), J. O'Reilly (remote), M. Valanzola (remote), R. Jarquin (remote), W. Asher (remote)
Directors Absent
D. Schultheis, M. James, Y. Hao
Guests Present
C. Hipwood, J. Madison, M. Wilcox (remote), P. Yadav, S. Leis (remote), S. Swider, V. Nijhawan
I. Opening Items
A.
Call the Meeting to Order
B.
Examples of Mission
C.
Highlights
Mr. Hipwood presented some highlights since the previous board meeting.
II. Approvals
A.
Board Minutes
| Roll Call | |
|---|---|
| J. O'Reilly |
Aye
|
| A. Basheer |
Aye
|
| C. Bouthot |
Aye
|
| H. Fruscio Altsman |
Aye
|
| Y. Hao |
Absent
|
| C. Tonucci |
Abstain
|
| D. Schultheis |
Absent
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| J. Griffin |
Aye
|
| M. Valanzola |
Aye
|
| M. James |
Absent
|
| J. Hoch |
Aye
|
B.
Expedited Investment Committee Minutes
| Roll Call | |
|---|---|
| J. O'Reilly |
Abstain
|
| D. Schultheis |
Absent
|
| A. Basheer |
Abstain
|
| C. Tonucci |
Abstain
|
| W. Asher |
Aye
|
| Y. Hao |
Absent
|
| C. Bouthot |
Abstain
|
| M. Valanzola |
Abstain
|
| H. Fruscio Altsman |
Aye
|
| M. James |
Absent
|
| J. Hoch |
Abstain
|
| R. Jarquin |
Aye
|
| J. Griffin |
Aye
|
C.
Pre-Investment Action Sheet: florrent
Mr. Hipwood presented the pre-investment action sheet for florrent. there were not comments or concerns.
D.
Pre-Investment Action Sheet: Atlantic Quantum
Mr. Hipwood presented the pre-investment action sheet for Atlantic Quantum. there were not comments or concerns.
E.
Pre-Investment Action Sheet - Eden Geo
Mr. Hipwood presented the pre-investment action sheet for Eden Geo. there were not comments or concerns.
F.
Pre-Investment Action Sheet - Lambent
Mr. Hipwood presented the updated pre-investment action sheet for Lambent. there were not comments or concerns.
G.
Vote on Pre-Investment Action Sheets
| Roll Call | |
|---|---|
| D. Schultheis |
Absent
|
| J. Griffin |
Aye
|
| M. James |
Absent
|
| A. Basheer |
Aye
|
| Y. Hao |
Absent
|
| J. Hoch |
Aye
|
| W. Asher |
Aye
|
| M. Valanzola |
Aye
|
| C. Tonucci |
Abstain
|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| J. O'Reilly |
Aye
|
| H. Fruscio Altsman |
Aye
|
III. Financial Matters
A.
Investment Limit Adjustment for Inflation
Mr. Hipwood and Mr. Madison explained that every few years, the MassVentures' Board evaluates whether or not to increase investment limits based on inflation. The original statutes call for "“Not more than $1,000,000 shall be invested in the securities of any one enterprise, except that not more than a total of $2,000,000 may be invested in the securities of any one enterprise." Most recently the Board approved increases to $1,772,162 and $3,544,323 in September 2019. Based on an inflation calculator from the BLS, Mr. Hipwood proposed increases to $2,069,850 and $4,139,699 respectively. Discussion ensued.
| Roll Call | |
|---|---|
| A. Basheer |
Aye
|
| Y. Hao |
Absent
|
| M. Valanzola |
Aye
|
| W. Asher |
Aye
|
| C. Tonucci |
Abstain
|
| J. O'Reilly |
Aye
|
| M. James |
Absent
|
| R. Jarquin |
Aye
|
| D. Schultheis |
Absent
|
| J. Griffin |
Aye
|
| C. Bouthot |
Aye
|
| J. Hoch |
Aye
|
| H. Fruscio Altsman |
Abstain
|
B.
Treasurer's Report
Mr. Madison presented the Treasurer's report for month-end January 2023. Discussion ensued.
C.
Approve Treasurer's Report
| Roll Call | |
|---|---|
| J. Hoch |
Aye
|
| J. O'Reilly |
Aye
|
| H. Fruscio Altsman |
Aye
|
| J. Griffin |
Aye
|
| Y. Hao |
Absent
|
| M. Valanzola |
Aye
|
| M. James |
Absent
|
| C. Tonucci |
Abstain
|
| C. Bouthot |
Aye
|
| W. Asher |
Aye
|
| D. Schultheis |
Absent
|
| A. Basheer |
Aye
|
| R. Jarquin |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of companies that were seeking funding from MassVentures and asked the board to declare any conflicts of interest. None were noted.
V. Presidents Report
A.
Discussion on SVB and MassVentures
Mr. Hipwood presented an account of what transpired over the last 10 days since SVB was taken over by the FDIC. Discussion ensued.
B.
Preview - SolaBlock
Ms. Yadev presented an overview of a company on which MassVentures will be conducting deep diligence. Discussion ensued.
C.
Marketing update
Ms. Wilcox presented an overview of marketing activities. Discussion ensued.
Ashley Stolba joined the meeting from Executive Office of Housing and Economic Development.