Jeff Grabow leads Ernst & Young’s VC efforts on the West Coast.
The venture captial environment isn’t what it used to be. Guess what? That’s not a bad thing. VC has evolved to include more than just start-up companies and understanding the key trends in that evolution can be critical to getting your company funded, writes Jeff Grabow in an article for socalTECH.com. Grabow, a partner at Ernst & Young leads the firm’s VC efforts on the West Coast.
One thing hasn’t changed: A healthy exit environment is needed to for the entire ecosystem to work. We’re now seeing strong IPOs driving some VC returns, according to Grabow. The more VC returns increase, the more capital will be available for the next great generation of interesting companies with great ideas.
From left, Angela Milano, Kelvin Keith, Michael Flood, Richard Fung and David Lipschutz with the proclamation from Mayor Eric Garcetti declaring Sept. 27 “EY Day in Los Angeles.” The five joined more than 170 EY accountants and other professionals who volunteered at the LA Regional Food Bank during “EY Connect Day.”
Mayor Eric Garcetti issued a proclamation recognizing today as “EY Day in Los Angeles” as more than 700 hundred accountants and other professionals left their spreadsheets at the office to volunteer throughout the community. It’s all part of the firm’s national “EY Connect Day” which gives employees nationwide the day off so that they might give back to their communities.
Among the “EY Connect Day” projects this year, thirty firm volunteers worked with the United Way and YWCA to provide coaching on interviewing techniques to Job Corps students, conduct mock job interviews, offer resume feedback and assist with financial education classes.
Building on last year’s project where EY volunteers established a lending library at the Variety Boys & Girls Club in East Los Angeles, this year’s volunteers catalogued, labeled and shelved an additional 1,000 books for the club’s collection, as well as removed books the club no longer needed. The project has enabled club members to read over 500 books in the past year.
Other organizations with “EY Connect Day” projects in Los Angeles this year included the California Science Center, Habit for Humanity, a number of food banks and numerous others.
The 10 ambassadors worked with a 2,600-member coffee farming cooperative, conducting field research and collecting data to help understand the practices that lead to optimum and sustainable coffee production.
“One of my concentrations within international relations was international political economy,” Mizuno, a 2010 University of Southern California graduate, said in an interview with USC Dornsife. “This gave me a framework to understand and appreciate how the co-op strategically implemented practices related to supply and demand and fair trade. It was a real life case study for me.”
A recent study conducted by Ernst & Young and reported by The Orange County Register shows the 508 nominees competing in the six Entrepreneur Of The Year 2012 programs in the West – California, Utah, Washington and Oregon – grew their companies’ combined revenue by 51 percent, generating $30 billion in combined revenue between 2009 and 2011. This rate of growth was 25 percent higher than that of the average Entrepreneur of the Year nominee nationwide.
“Fifty one percent revenue growth among companies these nominees founded or lead really speaks to their willingness to innovate, which is driving the economy in the West. These entrepreneurs are creating new industries – from social networking to cleantech to gene sequencing – and changing the fabric of existing industries. This is further proof that entrepreneurs are critical to job recovery, especially in the West,” said Joe Muscat, partner and West Strategic Growth Markets Leader at Ernst & Young LLP.
Ernst & Young LLP today announced the finalists for the Entrepreneur Of The Year 2012 Award in the Pacific Northwest. The awards program recognizes entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities.
Award winners will be announced at a gala on June 15 at the Hyatt Regency in Bellevue, Wash.
The finalists are:
Chris Ulum, Agilx Corporation, Oregon
Kamyar Moinzadeh, Airbiquity, Washington
Sunny Gupta, Apptio, Washington
Brandon Dawson, Audigy Group, Washington
Amy Tyksen, BendBroadband, Oregon
Craig Bramscher, Brammo, Oregon
Donald Howard, MD, PhD, CellNetix Pathology, Washington
Venture capitalists are pouring money into the cleantech industry even though investors are scaling back funding in other sectors, according to a report from Ernst & Young LLP as reported in the Los Angeles Times. The report found cleantech companies raised almost $1.2 billion in the third quarter, up 73 percent from $684 million compared to the same quarter last year.
“Confidence in cleantech investing continues despite the challenging investment market,” Jay Spencer, director at Ernst & Young says in the article.
This is the first quarter the sector has seen an increase in funding since the third quarter of 2008. California led the nation with 32 deals, receiving $583 million in funding.
Fox 11 reporter Christine Devine interviewed a number of Ernst & Young Entrepreneur of the Year award winners who discussed doing business in California, tips on starting a business and what it takes to survive in today’s economy. The 30-minute special report on entrepreneurship in California titled “Livin’ the Dream” aired this past Friday.
Also interviewed were Jim Flanigan, business columnist for the New York Times; Jane Pak, CEO of NAWBO; and, Kim Letch, partner at Ernst & Young and EOY Program Director.
EOY is the world’s most prestigious business award for entrepreneurs and celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in more than 50 countries.
The San Jose Mercury News highlights Ernst & Young’s quarterly IPO pipeline report in an article that ran on May 27. According to the story, venture capital firms are continuing to pour money into cleantech, with $1 billion invested in the first quarter of this year.
At the end of Q1, Ernst & Young listed 125 companies in its IPO pipeline representing $18.4 billion. Continuing the trend of increased activity, more PE-backed companies also entered the IPO pipeline.