Virginia Tech's Center for Innovation and Entrepreneurship is gearing up to launch a new investor group that will focus on funding high potential startups spearheaded by Hokies near and far.
The group, which goes by the name of the VT Investor Network, sees value in supporting businesses launched by some of their own, which is why it's on the lookout for promising startups to finance that are associated with Virginia Tech. These startups must have a founder, board member or active investor who's a Virginia Tech graduate, student or faculty member, according to Director of the Center Derick Maggard.
“It’s about Hokies funding Hokies. We are seeking start-ups for seed and early-stage investments between $250,000 and $1 million," Maggard said. Although startups that are looking for larger investments of up to $2 million will be able to receive financial help, too. Maggard says the VT Investor Network will syndicate with other angel investors and venture capitalists to make that happen.
The VT Investor Network is made up mostly of self-made Hokie entrepreneurs who, after finding success themselves, now have the capital to support others like them.
Serial entrepreneur Jonathon Perrelli is one Virginia Tech alum returning to his collegiate roots to help others exceed all expectations in the startup world. After receiving a bachelor's degree in finance in 1995, Perrelli went on to serve in various roles in sales, engineering and staffing at UUNet Technologies, a behemoth in the tech space far ahead of its time. He later launched a series of businesses, including Secure Software, Plesk, SecureForce and Fortify Ventures, the last of which most people know him for today.
While an accomplished entrepreneur, Perrelli has always remained close to his alma mater. I still remember when I first met Perrelli at the Fort in 2012 and he told me about a number of startups that have sprouted out of Virginia Tech, many of which he has worked first-hand with as a mentor. He has kept tabs on them throughout his career, which would explain why he's a part of the VT Investor Network.
The VT Investor Network formed to fund the next generation of Hokie-led tech companies will officially launch Wednesday, November 5 at 6 p.m. on Virginia Tech's Arlington, Virginia, campus. There, five individuals will deliver speeches on the importance of Hokies funding Hokies: Jennifer O'Daniel, seed and early stage venture capitalist at CIT GAP Funds and angel investor at NextGen Angels; John May, chair emeritus of the Angel Capital Association and co-chair of the World Business Angels Association; Linda Oldham, executive director at the Center for Innovation and Entrepreneurship; Maggard and Perrelli.
