Memphis Musculoskeletal ventures conference

Last week's Musculoskeletal New Ventures Conference in Memphis provided a strong dose of med-devices' ventures for investors, according to Innova President Ken Woody and MB Venture Partners' Mike Sherman. The CA has it. Innova has another entrepreneurial event, Nov. 17, according the CA. Related: Wright Medical has expansion on its mind, Memphis Daily News has it.

Innova venture pitch session Nov. 17

INNOVA, led by Ken Woody (left), will hold an entrepreneurs pitch session Nov. 17, in which veteran entrepreneurs will give advice and feedback to entrepreneurs with startups. They're calling it the "Catfish Tank," instead of "Shark Tank." The CA has it.

Venture Notes, March 26

Claritas Capital's John Chadwick, Innova's Ken Woody and a MoonPie entrepreneur sound off, in this gathering of Venture items.

Pittco, Innova execs counsel entrepreneurs

EmergeMemphis' gathering of entrepreneurs and VCs was sold-out at 50-strong, and execs including Andrew Seamons (left) of Pittco and Ken Woody of Innova Fund advised entrepreneurs to be passionate, but well informed and realistic. The CA has it.

Innova fund explains TrakLok investment

Innova Memphis' Jan Bouten, a key man in TNInvestco-capitalized Innova Fund II, found himself all-but promising Memphians that -- even though the new fund's first investment was in Knoxville-based TrakLok -- the pipeline if full of Memphis-area firms and some are likely to be winners, soon. Bouten told the Memphis Daily News the fund has received hundreds of inquiries regarding investment since the TNInvestco winners were announced in November. Bouten told the MDN he'd been following TrakLok since 2008 (probably, VNC thinks, after having been introduced to the firm through the TTDC innovation conference that year).

TrakLok wins $500K TNInvestco investment

[Updated 11 March] Knoxville-based TrakLok Corporation announced today it has won a $500K investment from Innova Memphis (Innova Fund II), and will use the unspecified investment to improve manufacturing, add to sales staff and generally increase awareness and sales for its GeoLok tracking and security system, making the most of increased concern about ports' security. “We have been watching TrakLok since the Tennessee Innovation Conference organized by TTDC in late 2008...," said Jan Bouten, Partner at Innova Memphis in a release. The amount of the investment was not included in the release, but TrakLok spokesman Shane Rhyne with Ackerman PR provided the $500K figure. Innova's Bouten subsequently told VNC the amount was played-down to keep as much attention as possible on TrakLok. The CA has it and the KNS has a story too.

Innova nails TNInvestco goal

Innova Fund II may be the first TNInvestco company to plant its flag in the insurance industry. VNC reported today that there may eventually be 10 winners, rather than six, and the capital pool could rise to $200MM. Now, Innova's Ken Woody has confirmed that his fund has "successfully closed on a commitment for all of our $20MM allotment of tax credits. Four Bridges assisted us in that transaction," Woody told VNC.

CA's recap of TNInvestco

The Commercial Appeal this morning recaps the rationale and requirements of TNInvestco, citing importance of Innova Memphis having won a capital allocation, and the hoped-for impact of that on Memphis-area startups.

Bioworks CEO on TNInvestco impact

Memphis Bioworks Foundation CEO Steve Bares posted yesterday on the foundation's BioBiz blog his views on how Innova's winning a TNInvestco allocation for investment advances biomed excellence in Memphis.

TNInvestco: VC joins Innova team

Jan Bouten, who, as reported by VNC, joined the Memphis Bioworks Foundation TECWorks management team earlier this year, is now a member of Innova Memphis' new TNInvestco investment team, within Innova Fund II. Innova is a subsidiary of Bioworks. Innova also told Memphis Daily News it has for some time been courting insurance companies for participation in TNInvestco. Innova is the only funded TNInvestco applicant that is also a member of the TNInvestco Consortium, which was created to seek insurecos' participation.

[Updated] TNInvestco: Innova will employ its model

[Updated] Innova Memphis President Ken Woody and parentco Memphis Bioworks Foundation President Steve Bares make clear in a release this afternoon -- issued, we understand, after a celebratory lunch at Innova HQ in Memphis -- they're ready to make investments and mentor entrepreneurs through Innova Fund II. The pair note in their release, "Since Innova was first funded under the MemphisED Initiative of Memphis Fast Forward, the company has screened more than 200 potential business investments, and has made seven promising investments in the Memphis area. These investments have also attracted an additional $6 million in follow-on investment. The companies range from Biotech and Medical Device companies to Technology and Tech Service companies. All are performing well and ahead of expectations..." 3:07 p.m. Update: Steve Bares added this afternoon, "Memphis Bioworks Foundation is honored to have been selected by the State. The designation for INNOVA is confirmation of the impact that the Memphis Bioworks Foundation has made on the region in leading the transformation into an international center-of-excellence for bioscience companies. We believe INNOVA was selected for its expertise, track record of success and focus on early stage mentorship and investing. I have full confidence that under the leadership of Ken Woody, INNOVA will deliver upon the promise of TNInvestco’s goal of economic development and job creation in Tennessee."

Key Biologics

A nonprofit blood bank in Memphis decided to earn cash by starting a for-profit venture, Key Biologics, which today is playing a role in advancing cell therapy research. The CA reports, with comments from InnovaMemphis.

U. Memphis launches entrepreneurship MBA

The University of Memphis requires enrollees in its new Entrepreneurship MBA to development plans to launch new ventures while pursuing the degree. They'll have access to capital from Innova Memphis, and are expected to work at the crossroads where the Fogelman College of Business and Economics' biomedical and service-marketing MBA concentrations intersect. The CA reports.

TN Investco process begins

The Memphis Daily News provides an update on Memphis VCs Innova Memphis and MB Venture Partners' interest in participating in the soon-to-launch Tennessee Small Business Investment Company Credit Act program, that will charter TN Investcos to invest in early-stage Tennessee ventures, in the interest of jobs creation and economic development. Other VNC TNInvestco coverage of the new program.

NEWSBITS April 20, 2009

Innova, Petra Capital, Fred Goad (Voyent), Al Gore, health IT, BioFuels startup, echo down celljournalist up, tech-transfer event, VCs on VCs... you get the picture, so here are the words.