MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday September 11, 2023 at 8:00 AM
Location
1075 Main Street, Suite 100
Waltham MA 02451
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Directors Present
C. Bouthot (remote), D. Schultheis (remote), J. O'Reilly (remote), M. James (remote), R. Jarquin (remote), W. Asher, Y. Hao
Directors Absent
A. Basheer, J. Griffin, J. Hoch, M. Valanzola
Directors who arrived after the meeting opened
R. Jarquin
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 provide an overview of highlights from the last month.
II. Approvals
A.
Board Minutes
Roll Call | |
---|---|
A. Basheer |
Absent
|
J. Griffin |
Absent
|
R. Jarquin |
Absent
|
J. O'Reilly |
Aye
|
M. James |
Abstain
|
J. Hoch |
Absent
|
W. Asher |
Aye
|
C. Bouthot |
Aye
|
Y. Hao |
Abstain
|
D. Schultheis |
Aye
|
M. Valanzola |
Absent
|
B.
Pre-Investment Action Sheet - Emvelon
Roll Call | |
---|---|
W. Asher |
Aye
|
R. Jarquin |
Absent
|
A. Basheer |
Absent
|
Y. Hao |
Aye
|
M. James |
Aye
|
J. Hoch |
Absent
|
J. O'Reilly |
Aye
|
C. Bouthot |
Aye
|
D. Schultheis |
Aye
|
M. Valanzola |
Absent
|
J. Griffin |
Absent
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the treasurer's report through June 30, 2023. Discussion ensued.
B.
Approve Treasurer's Report
Roll Call | |
---|---|
J. O'Reilly |
Aye
|
D. Schultheis |
Aye
|
C. Bouthot |
Aye
|
J. Griffin |
Absent
|
M. James |
Aye
|
J. Hoch |
Absent
|
W. Asher |
Aye
|
A. Basheer |
Absent
|
R. Jarquin |
Aye
|
M. Valanzola |
Absent
|
Y. Hao |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented the list of new companies that MassVentures has added to the opportunity pipeline and asked for board members to declare any conflicts of interests. None were noted.
V. Executive Session
A.
Roll Call Vote to Enter Executive Session
Roll Call | |
---|---|
W. Asher |
Aye
|
C. Bouthot |
Aye
|
R. Jarquin |
Aye
|
D. Schultheis |
Aye
|
Y. Hao |
Aye
|
J. O'Reilly |
Aye
|
M. James |
Aye
|
J. Hoch |
Absent
|
J. Griffin |
Absent
|
M. Valanzola |
Absent
|
A. Basheer |
Absent
|
B.
Presentation - Feon Energy
Feon Energy joined via zoom to present an overview of their company for potential investment. Discussion ensued.
C.
Vote - Feon Energy
Roll Call | |
---|---|
J. Hoch |
Absent
|
C. Bouthot |
Aye
|
M. James |
Aye
|
M. Valanzola |
Absent
|
A. Basheer |
Absent
|
D. Schultheis |
Aye
|
Y. Hao |
Aye
|
R. Jarquin |
Aye
|
J. Griffin |
Absent
|
W. Asher |
Aye
|
J. O'Reilly |
Aye
|
D.
Discuss Versatope RLF
Mr. Hipwood provided an overview of the EDA's RLF program along with an opportunity to provide a loan to Versatope as part of that program. Discussion ensued.
E.
Vote - Versatope RLF
Roll Call | |
---|---|
M. Valanzola |
Absent
|
J. O'Reilly |
Aye
|
Y. Hao |
Aye
|
R. Jarquin |
Aye
|
C. Bouthot |
Aye
|
M. James |
Aye
|
J. Hoch |
Absent
|
A. Basheer |
Absent
|
J. Griffin |
Absent
|
W. Asher |
Aye
|
D. Schultheis |
Aye
|
F.
Preview - Envision Endoscopy
Mr. Nijhawan previewed Envision Endoscopy for potential due diligence. Discussion ensued.
G.
Preview - Ernest Pharma
Ms. Yadav previewed Ernest Pharma for potential due diligence. Discussion ensued.
H.
Pipeline Report
Mr. Hipwood provided an update on the pipeline.
I.
Portfolio Update
MassVentures' staff gave an update on each venture portfolio company. Discussion ensued.
J.
Roll Call Vote to Return to Open Session
Roll Call | |
---|---|
D. Schultheis |
Aye
|
J. O'Reilly |
Aye
|
M. James |
Aye
|
W. Asher |
Aye
|
R. Jarquin |
Aye
|
C. Bouthot |
Aye
|
J. Griffin |
Absent
|
A. Basheer |
Absent
|
M. Valanzola |
Absent
|
Y. Hao |
Aye
|
J. Hoch |
Absent
|
VI. President's Report
A.
General Update
Mr. Hipwood provided a general update on the business. Discussion ensued.
B.
MV Capital Update
Mr. Hipwood provided a general update on the capital programs. Discussion ensued.
C.
MV Accelerate Update
Mr. Hipwood provided a general update on the technical assistance programs. Discussion ensued.
D.
Economic Development Plan Update
Secretary Hao provided an update on the Economic Development Process and next steps. Discussion ensued.
E.
Board-only Session
MassVentures staff left the meeting. Mr. Hipwood provided a general overview of the team and performance. Discussion ensued. Mr. Hipwood then left the meeting and the board discussed the economic development plan and how MassVentures could be supportive going forward.
Mr. Hipwood provided some examples of mission and showed testimonials from companies that have recently worked with MassVentures.