QCOM--Technology and Business All-Stars, in Partnership with Leading National and International VC Firms, Launch ideaEDGE Ventures
BUSINESS WIRE - April 12, 2000 06:46
SAN DIEGO, Apr 12, 2000 (BUSINESS WIRE) -- San Diego-Based Venture Accelerator and Management Firm Creates New Generation of Internet Companies, Offers Entrepreneurs Competitive
Edge, Access to Over $1 Billion in Funding
An all-star team of technology and business leaders, in partnership with leading venture capital firms in San Diego, Silicon Valley and Europe, Wednesday announced the formation of ideaEDGE Ventures, a San Diego-based Venture Accelerator and Management Firm focused on creating a new generation of Internet companies in one of the world's fastest growing technology markets.
Led by former senior executives with Gateway, Sun Microsystems, Apple Computer, AlliedSignal, and McKinsey & Co., as well as a world-class advisory board that includes Ellen Hancock of Exodus; Paul Jacobs of QUALCOMM; David Nagel of AT&T; John Sculley, former chief executive officer of Apple; Ted Waitt of Gateway; and Maynard Webb of eBay, ideaEDGE Ventures focuses on generating and developing ideas that integrate the Internet and emerging technologies into easy-to-use solutions for consumer and large vertical business markets. Over a dozen businesses are currently in development and at least five are expected to be launched over the next six months.
The ideaEDGE team is generating and developing many of its own ventures, while also drawing on the experience and industry contacts of its leaders to offer select entrepreneurs the benefit of their unmatched operational and entrepreneurial experience. For funding, ventures developed by ideaEDGE have access to more than $1 billion in capital through strategic partnerships with three leading venture capital firms: Enterprise Partners, San Diego; Sienna Holdings, Silicon Valley; and Investor AB, Stockholm, Sweden. In addition, San Diego-based QUALCOMM (NASDAQ:QCOM) and Silicon Valley Bancshares (NASDAQ:SIVB), parent company of Silicon Valley Bank, are investing in ideaEDGE.
"Over the years we've evaluated numerous management teams," said Drew Senyei, general partner of Enterprise Partners, the lead investor in ideaEDGE and one of Southern California's largest venture capital firms. "We made the decision to partner with and invest in ideaEDGE because their unique combination of entrepreneurial experience in emerging technologies and executive-level relationships with Fortune 250 companies will enable them to succeed in the new economy. Our partnership offers their ventures both world-class talent and access to top-tier venture capital resources."
The founding managing partners of ideaEDGE Ventures are Jim Collas, former senior vice president for Worldwide Product Development at Gateway; Dr. Rick LeFaivre, a Silicon Valley veteran with Sun Microsystems, Apple Computer and, most recently, senior vice president and chief technical officer of Borland International/Inprise; Dan Pittard, a former McKinsey partner and senior vice president of Strategy and New Ventures for Gateway; and Tom Schmidt, a former vice president and general manager at AlliedSignal.
"Through a unique `ideation' process that brings internal and external experts together to generate new business ideas, we've already begun to develop several ventures," said Managing Partner Tom Schmidt. "We're also developing ventures from those externally submitted ideas that rank highest on our screening process."
ideaEDGE also has the support of its V.C. partners in identifying potential new ventures.
"Enterprise, Sienna and Investor AB offer us more than ready access to financing," said Managing Partner Dan Pittard. "They're geographically strategic partners helping us to identify and develop the most promising Internet businesses in Silicon Valley, Europe and here in San Diego."
The ideaEDGE leadership team is creating new ventures in Internet market areas with significant growth potential, including Business-to-Business Solutions and Infrastructure, Mobile/Wireless Internet Solutions, and Post-PC Internet Opportunities. With the support of its leading strategic partners, ideaEDGE also offers entrepreneurs complete operational support, including legal counsel, recruiting, marketing and public relations, Web site design and accounting as well as office space, equipment and technology.
"Tomorrow's successful Internet businesses will make the Internet a natural part of everyday life for both consumers and businesses," said Managing Partner Jim Collas. "Applying our collective years of entrepreneurial, technology and Fortune 250 leadership to successfully develop these businesses is the focus of our work."
"We selected San Diego as the home for ideaEDGE because of the region's explosive growth in technology, its business resources, its pool of talent, and the high quality of life it offers entrepreneurs and employees," said Managing Partner Rick LeFaivre. "We intend to be an active part of San Diego's technology community."
Known as the "wireless communications capital of the world," Forbes said San Diego has "one of the broadest and most balanced arrays of technology clusters of any metropolitan area in America."
"San Diego has an active entrepreneurial spirit that runs through it," said Ted Waitt, chairman of Gateway. "ideaEDGE embodies that spirit, and I'm glad to be part of their advisory team."
Dr. Paul Jacobs, executive vice president of QUALCOMM, said "QUALCOMM is excited to work with and invest in a leading venture management firm like ideaEDGE to accelerate the proliferation of emerging wireless technologies."
Background on the ideaEDGE Ventures managing partners:
-- Jim Collas, former senior vice president for Worldwide Product Development at Gateway and a creative visionary who launched the company's ISP program and helped Gateway grow from $650 million to $7 billion in revenues. A born entrepreneur, he founded and built his own successful engineering firm, Anigma Inc., while still in his twenties.
-- Dr. Rick LeFaivre, an R&D executive for over 20 years with several of the nation's most respected high-technology innovators, including Borland International/Inprise, where he was CTO and senior vice president of R&D; Apple Computer, where he was vice president of Advanced Technology; Silicon Graphics Computer Systems; Sun Microsystems; and Tektronix.
-- Dan Pittard, a business leader with more than 30 years experience as an entrepreneur, venture "angel" and senior executive, responsible for businesses with $13 billion in annual revenue. His career includes being a partner with McKinsey & Co. as well as senior vice president of Strategy and New Ventures for both Gateway and Frito-Lay. Early in his career, he was the CEO of a successful start-up.
-- Tom Schmidt, most recently president and CEO of an Internet subsidiary of Gateway and a proven general management executive guiding high-growth businesses, he was formerly a vice president and general manager at AlliedSignal where he grew a $40 million business into a $400 million marketplace leader.
The all-star ideaEDGE Advisory Board members, each of whom were selected for their industry leadership, include:
-- Robert Conrads, chairman, Voyager Capital Group; Former head of McKinsey & Company's Technology Practice
-- Hans Davidsson, vice president & general manager, Ericsson Wireless Internet Solutions
-- Ellen Hancock, CEO & president, Exodus Communications
-- Dr. Paul Jacobs, executive vice president, QUALCOMM
-- John Major, CEO, Wireless Internet Solutions Group; Former SVP & chief technology officer, Motorola
-- Dr. David Nagel, chief technology officer, AT&T; president, AT&T Laboratories
-- Dr. Don Norman, principal, The Nielsen Norman Group and author of "Things That Make Us Smart," "The Design of Everyday Things" and "The Invisible Computer"
-- John Sculley, partner, Sculley Brothers Investments; Former chairman & CEO, Apple Computer
-- Ted Waitt, founder & chairman, Gateway
-- Maynard Webb, president, eBay Technologies
-- Bill Weiss, chairman & CEO, The Promar Group
About ideaEDGE Ventures
ideaEDGE Ventures, with headquarters in San Diego, is a venture accelerator and management firm creating a new generation of Internet companies in one of the fastest growing technology markets and the wireless capital of the world. Ventures developed by ideaEDGE benefit from the strategic guidance of its senior technology and business executives and access to more than $1 billion in capital through strategic partnerships with Enterprise Partners, Sienna Holdings, Investor AB and QUALCOMM. In addition to offering state-of-the-art office space and equipment, ideaEDGE is partnered with leading professional service firms to offer a full-range of operational support services including legal counsel, recruiting, marketing and public relations, Web site design, accounting and information technology.
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