Compliments of Jason Smith of Kidder Mathews, here is an interesting report that analyzes the last two complete Seattle and Eastside commercial real estate cycles going back to 2000 and includes the “causes and effects” of the events that precipitated each down cycle, as well as the actions that ultimately assisted in the recovery of these markets. I spoke with Jason about how he is using this research to help his current client base. Like similar challenges that have multiple moving parts, there is not one silver bullet solution –
Continue Reading Seattle and Eastside Office Vacancy and Employment Report
September 2011
Reporting Requirements for Funds Exempted from Investment Advisers Act Registration
CONTRIBUTED BY
Asher Bearman
asher.bearman@dlapiper.com
As a result of the new rules under the Investment Advisers Act of 1940, even fund managers that are exempt from registration will need to file annual reports with the SEC. Exempt reporting advisers (“Exempted Advisers”), including fund managers that rely on either the venture capital fund exemption or the private fund adviser exemption, will be subject to SEC oversight as “exempt reporting advisers” and must complete and periodically update a portion of Form ADV, the same form used by registered advisers. This filing obligation becomes mandatory for Exempted Advisers beginning in the first quarter of 2012. Form ADV is being further amended to reflect other changes pursuant to the Dodd-Frank Act, but those other changes are technical changes applicable to registered investment advisers and are beyond the scope of this discussion, which focuses on Exempted Advisers.
An Exempted Adviser does not need to report any of this information to the SEC until March 30, 2012, but should plan to file their completed Form ADV (Parts 1 and 2) no later than February 14, 2012 to ensure compliance by the deadline (since it can take up to 45 days for initial applications to be approved). Form ADV filings are made electronically with the SEC through the Investment Adviser Registration Depository. Generally, these filings are made at least annually, within 90 days of the end of the adviser’s fiscal year, and more frequently in certain cases. All information filed on Form ADV is publicly available.Continue Reading Reporting Requirements for Funds Exempted from Investment Advisers Act Registration
Michael Arrington is Blogging Again – Briefly
Blogger, VC and general pot-stirrer Michael Arrington, founder of TechCrunch and former blogger at AOL (to whom Arrington sold TechCrunch about a year ago and from whom he offered to buy it back this month) has launched a new blog: http://uncrunched.com/. His inaugural post is short and to the point, stating solely: “Here I am”. Despite the extremely brief nature of the post, it generated hundreds of comments in the first 24 hours.
If you haven’t kept up with the twists…
Continue Reading Michael Arrington is Blogging Again – Briefly
A Futurist’s Take on Innovation
Canadian futurist Richard Worzel recently posted a piece entitled 9 Trends in Innovation on his blog, FutureSearch. His “trends” list is made up of approaches he believes will lead to innovation and success. From his list, I’ve pulled some sections that struck me as particularly applicable to a tech startup with the goal of significant long-term growth. Read the entire piece here.
Exclusivity is overrated; fanaticism is more valuable
Worzel acknowledges that “creating fanatics is not easy. It takes years of work, meticulous attention to detail, and outstanding customer service.” Fanatical customers are not only frequent purchasers of your products, but they can be evangelists out in the business or consumer world for your technology and influence others to give your products a try.Continue Reading A Futurist’s Take on Innovation
TechStars raises $24M – Startups Eligible for Additional Funding
Good news for budding entrepreneurs located in (or willing to relocate to) Seattle, Boston, Boulder and New York. As reported on Geekwire and TechCrunch, TechStars has raised an additional $24M to enable the startup incubator/boot-camp to offer the companies in its summer-long program $100,000 in convertible debt. This additional funding should enable the TechStars entrepreneurs to focus on building their early-stage companies a little longer before launching into the time-consuming fundraising process. The new funding comes from Foundry Group, IA Ventures, Avalon Ventures…
Continue Reading TechStars raises $24M – Startups Eligible for Additional Funding
New Patent Law Enacted
CONTRIBUTED BY
Megan Muir
From our colleague Robert Benson in Los Angeles, here is a helpful summary of the recent patent law changes as a result of the Leahy-Smith America Invents Act (H.R. 1249) signed into law on Friday, September 16, 2011. The biggest change – giving priority to the inventor “first-to-file” rather than the one who was “first-to-invent” – becomes effective 18 months from enactment, while a number of other changes kick in immediately. For those of us accustomed to the prior U.S. system that focused on the first…
Continue Reading New Patent Law Enacted
Penny Herscher – Thoughts on Leadership for Women in Tech
Penny Herscher, President and CEO of FirstRain, a search-driven business and analytics research firm, has a recent blog post that summarizes a talk she gave to women leaders of a hardcore semiconductor company in the Valley. She’s talking from what she knows – she started out as an R&D engineer at TI – and has held leadership positions in tech companies for nearly 20 years.
Her 5 keys to leadership as a woman in tech (although her ideas are not exclusive to women or tech) are excerpted below. Read the full piece and other entries on her blog The Grassy Road.
1. Embrace making decisions
“Companies need people who are decisive and courageous. A common issue with new entrepreneurs and young managers is that they hesitate to make decisions. It’s tough when you don’t know what to do, but it’s better to make a decision quickly and decisively, and be ready to change it if you are wrong, than to hesitate, hash it over many times, or wait for someone else (your board, your team, your boss) – or even worse time and delay – to make it for you.”
Trust yourself and your judgment, and surround yourself with strong, smart people you trust who will challenge you when you are wrong.Continue Reading Penny Herscher – Thoughts on Leadership for Women in Tech
SEC May Inspect Fund Managers – How to Prepare
CONTRIBUTED BY
Asher Bearman
asher.bearman@dlapiper.com
Fund managers have a lot of new things to worry about of late. March 30, 2012 is only six months away. That’s when investment advisers can expect to be obligated to comply with the new regulatory regime imposed pursuant to the Dodd-Frank Act (which we’ve covered extensively), all fund managers will become subject to the SEC’s examination authority. The SEC has indicated that it will not be conducting routine examinations of fund managers who are exempt from registration under the new rules, as either VC fund managers or as smaller/private fund managers, but all fund managers could be the subject of a targeted SEC inspection (as the SEC may conduct an on-site visit if it determines that is warranted).
Most private fund managers will not be experienced with SEC reporting or with potential SEC inspections. What should they do to prepare? Perrie Weiner, Joshua Briones and Stephanie Smith, litigation attorneys with DLA Piper, expore the option of a mock interview:Continue Reading SEC May Inspect Fund Managers – How to Prepare
SEC Announces Formation of Advisory Committee on Small and Emerging Companies
The SEC today announced the formation of the Advisory Committee on Small and Emerging Companies to focus on interests and priorities of small businesses and smaller public companies.
According to the SEC’s press release, the committee is intended to provide a formal mechanism through which the SEC can receive advice and recommendations specifically related to privately held small businesses and publicly traded companies with less than $250 million in public market capitalization.
Continue Reading SEC Announces Formation of Advisory Committee on Small and Emerging Companies
Rapping VCs
CONTRIBUTED BY
Megan Muir
If I was not already a huge fan of Foundry Group, this video (posted on Geekwire last week – thank you John Cook!) would have put me over the edge. They had me the second I saw the suits.
Last week Foundry Group released “I’m a VC”, with more than a nod to Saturday Night Live’s Digital Shorts. Jason Mendelson wrote, directed and sang, together with his fellow Foundry partners, Brad Feld, Seth Levine, and Ryan McIntyre,…
Continue Reading Rapping VCs