MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday June 12, 2023 at 8:00 AM
Location
1075 Main Street, Suite 100
Waltham MA 02451
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Directors Present
A. Basheer (remote), D. Schultheis (remote), J. Griffin (remote), J. Hoch (remote), J. O'Reilly (remote), M. James (remote), M. Valanzola (remote), R. Jarquin (remote), W. Asher, Y. Hao
Directors Absent
C. Bouthot
Ex Officio Members Present
S. Stanton
Non Voting Members Present
S. Stanton
Guests Present
C. Hipwood, J. Madison, 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 provided an overview of some of the highlights since the previous meeting.
II. Approvals
A.
Board Minutes
Roll Call | |
---|---|
J. O'Reilly |
Aye
|
J. Griffin |
Aye
|
C. Bouthot |
Absent
|
J. Hoch |
Aye
|
W. Asher |
Aye
|
D. Schultheis |
Aye
|
M. James |
Abstain
|
M. Valanzola |
Aye
|
Y. Hao |
Aye
|
R. Jarquin |
Aye
|
A. Basheer |
Aye
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison provided an update for March and April 2023. Discussion ensued.
B.
Approve Treasurer's Report
Roll Call | |
---|---|
C. Bouthot |
Absent
|
M. Valanzola |
Aye
|
R. Jarquin |
Aye
|
M. James |
Aye
|
J. Griffin |
Aye
|
A. Basheer |
Aye
|
Y. Hao |
Aye
|
W. Asher |
Aye
|
J. O'Reilly |
Aye
|
J. Hoch |
Aye
|
D. Schultheis |
Aye
|
C.
FY 2024 Budget Discussion
Mr. Hipwood and Mr. Madison presented FY 2023 budget to estimated actual and the FY 2024 budget. Discussion ensued.
D.
Vote to approve FY 2024 Budget
Roll Call | |
---|---|
D. Schultheis |
Aye
|
C. Bouthot |
Absent
|
M. James |
Aye
|
R. Jarquin |
Aye
|
A. Basheer |
Aye
|
M. Valanzola |
Aye
|
J. Griffin |
Aye
|
W. Asher |
Aye
|
J. O'Reilly |
Aye
|
J. Hoch |
Aye
|
Y. Hao |
Aye
|
IV. President's Report
A.
General Update
Mr. Hipwood provided a general update on MassVentures.
B.
MV Capital Update
Mr. Hipwood provided an update on investment and grant programs.
C.
MV Accelerate Update
Mr. Hipwood provided an update on the Commercialization accelerator and podcast.
D.
Other Updates
E.
Strategy Discussion - Fund for Research Spinouts
Mr. Hipwood presented an idea for a fund focused on research spinouts. Discussion ensued.
V. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented the pipeline of new deal opportunities and asked for any conflicts of interest to be declared. Mr. Asher noted that he has a conflict with ImpactBio.
VI. Executive Session
A.
Roll Call Vote to Enter Executive Session
Roll Call | |
---|---|
Y. Hao |
Aye
|
C. Bouthot |
Absent
|
J. O'Reilly |
Aye
|
J. Hoch |
Aye
|
D. Schultheis |
Aye
|
R. Jarquin |
Aye
|
M. James |
Aye
|
J. Griffin |
Aye
|
A. Basheer |
Aye
|
W. Asher |
Aye
|
M. Valanzola |
Aye
|
B.
Discussion - Aclarity Follow-On Investment
Ms. Swider presented a follow-on investment opportunity in Aclarity. Discussion ensued.
C.
Vote - Aclarity Follow-on Investment
Roll Call | |
---|---|
A. Basheer |
Aye
|
R. Jarquin |
Aye
|
M. Valanzola |
Aye
|
J. Hoch |
Aye
|
D. Schultheis |
Aye
|
C. Bouthot |
Absent
|
Y. Hao |
Aye
|
M. James |
Aye
|
J. Griffin |
Aye
|
J. O'Reilly |
Aye
|
W. Asher |
Aye
|
D.
Presentation - Z Polymers
The team from Z Polymers presented an overview of their business and their fundraise. Discussion ensued.
E.
Vote - Z Polymers
Roll Call | |
---|---|
A. Basheer |
Aye
|
J. Griffin |
Aye
|
W. Asher |
Aye
|
Y. Hao |
Aye
|
C. Bouthot |
Absent
|
M. James |
Aye
|
D. Schultheis |
Aye
|
M. Valanzola |
Aye
|
R. Jarquin |
Aye
|
J. O'Reilly |
Aye
|
J. Hoch |
Aye
|
F.
Pipeline Report
G.
Portfolio Update
Mr. Hipwood provided updates on several portfolio companies. Discussion ensued.
H.
Roll Call Vote to Return to Open Session
Roll Call | |
---|---|
R. Jarquin |
Aye
|
M. James |
Aye
|
A. Basheer |
Aye
|
J. Hoch |
Aye
|
J. Griffin |
Aye
|
J. O'Reilly |
Aye
|
C. Bouthot |
Absent
|
Y. Hao |
Aye
|
M. Valanzola |
Aye
|
W. Asher |
Aye
|
D. Schultheis |
Aye
|
VII. Closing Items
A.
Board-Only Session
Mr. Nijhawan, Ms. Swider, Ms. Yadav, Mr. Madison, and Ms. Leis left the meeting. The board held a discussion with Mr. Hipwood about staff and any challenges and opportunities. Discussion ensued.
Mr. Hipwood left the meeting. The Board continued the discussion about staff and if there are any opportunities or issues that need to be addressed. Discussion ensued.
Mr. Hipwood highlighted a few examples of achieving the mission.