Inova Payroll gets $1MM bump

More investment, now totaling $4.2MM, was announced today in Farsheed Ferdowsi's Inova Payroll, updated here.

TN Angel Tax Credit?

The idea for a Tennessee Angel Investor Tax Credit has wings, but may or may not have legs. Read about it here.

TNInvestco fund's Silvercare lashup

TNInvestco fund Tennessee Angel Fund, an affiliate of Nashville Capital Network and the NCN sidecar fund, joined with FCA Venture Partners, an arm of Clayton Associates, to fund the B-round of incontinence-care specialist Silvercare Solutions. A quick take here.

Newsbits: Waterstone guitars apparently Rock

Vanderbilt neurosurgeon Robert Singer's (left) six-year-old Waterstone Music Instruments produces a well-regarded line of guitars, even though Singer's keeping his dayjob. That bit, plus notes on NCN, Amazon, Volkswagen, Noro-Moseley and other players are all right here.

Health IT: TN Angel fund says Shareable Ink relocating to Nashville

Nashville Capital Network's Tennessee Angel Fund, a TNInvestco-funded group, announced today it's investing in Shareable Ink, which has technology that uses digital pen and paper to translate clinicians' handwriting into digital content for injection into electronic medical records. The Martin Companies and Heritage Group Holdings are among investors, according to a release today. Boston-based Shareable Ink will relocate to Nashville. The round is a $4.5MM series A.

Farr comments on investor criteria

Tennessee Revenue Commissioner Reagan Farr says he agrees with Nashville Capital Network and others that the threshold for investor accreditation should not be raised, because such a move would take capital off the table and would be "paternalistic." Read the VNC story here.

NCN not 'complaining'...just sayin'

Okay, let's just say they have concerns, not complaints. Nashville Capital Network and Angel Capital Association have weighed-in, whatever the label, against banking-reform legislation pushed by Sen. Chris Dodd, saying some sections will hurt investment in early-stage companies. The story's here.

Nashville Capital Network adds sponsors

Nashville Capital Network (NCN) announced new and up-classed sponsors: Decosimo Certified Public Accountants and Decosimo Corporate Finance have joined NCN as Underwriters. Also, according to a release, NCN supporters Nashville Health Care Council, Lattimore Black Morgan & Cain, and W Squared have upgraded to the highest level, according to a release issued for Sid Chambless, NCN executive director, by Hall Strategies, the PR firm. The release is here.

TNInvestco: Chambless speaks for NCN

Although the Tennessee Angel Fund, led by Nashville Capital Network Executive Director Sid Chambless, was named an as-yet unfunded Alernate in yesterday's TNInvestco winners announcement, the TNInvestco commissioners announced they'll be seeking additional funding from the General Assembly, come January, and the $40MM targeted could go to Chambless' and Solidus' groups. Meanwhile, Chambless told VNC yesterday, "We are pleased with the results of TNInvestco. Many of the winners already interface with our angel group so we believe NCN's stable of companies and pipeline of opportunities will have good exposure to the TNInvestco funds. Additionally, we believe the Tennessee Angel Fund is a nice complement to the other TNInvestcos and we are optimistic the additional two allocations will come to fruition." Chambless' 22 NCN board members include TNInvestco winner Council Ventures' Katie Gambill and Solidus' Townes Duncan.

Elements Software, Brentwood

Judy Eads, a former nurse, has spent the last couple years developing software to support nurses care of long-term elderly patients. Eads' Elements Software LLC is backed by investors who own long-term care facilities. The NBJ reports in its Oct. 30 edition. Today's NBJ entrepreneurship package also includes items on Pathfinder Therapeutics, TNInvestco, TTDC, Nashville Capital Network and others.

Chambless heads new fund

Nashville Capital Network Executive Director Sid Chambless is now also managing partner of the newly christened Tennessee Angel Fund. Chambless also operates NCN Angel Fund I LP, a sidecar fund. The VNC story's here.

Pitch investors, or pitch yourself

Tuesday, March 31, has a little something for everyone, whether you're looking to hone your investor presentation skills or redouble your self-help bootstrapping efforts... or, via a third event, get a piece of Oak Ridge NL's Stimulus funding. Here's the lowdown on two venture events in Nashville, and here's the KNS update on that Oak Ridge NL "Industry Day."

Tough love from VCs

The roughly 80 tech executives, VCs and others assembled last week for a panel discussion on venture capital and angel investing seemed happy enough after hearing tough-love observations about how bank debt facilities have dried-up, Angels ain't writin' checks so easily and VCs enjoy deal flow that's as greater or greater than they had in boomtimes. The story's here.

Capital ideas: Tennessee VC infrastructure

There are a number of new venture-capital and related initiatives afoot that deserve close attention: Obviously, the State pension plan's first-year authority to allocate something north of $750MM to private-equity investments is stunning. And, as we reported Friday, the strong capital-formation task force created by Tennessee Technology Development Corporation represents a real 'gathering of eagles'. There are other actors: In that same story yesterday, TTDC President Eric Cromwell indicated he's exploring an expanded role for Nashville Capital Network, an angel group that also has a sidecar investment fund. And, Nashville Technology Council's Tod Fetherling's public appearances make clear he hasn't lost any of his entrepreneurial spirit, in moving from ConnectivHealth to NTC.

The next VC-Angels panel is Nov. 6th

Coming Nov. 6th: Sid Chambless of Nashville Capital Network and Rachael Qualls of Angel Capital Group, together on the same stage, talking about the nuts 'n bolts of approaching investors. Stalwart VC Vic Gatto of Solidus (left) has volunteered for the middle seat. This Boult Cummings-sponsored event complements last week's NCN-sponsored VC panel, which produced insightful comments. Moderator for this round is Courtney Ross, VP with the Nashville Area Chamber. More info here at Nashville Technology Council.

VCs, entrepreneurs land in same foxhole

Tuesday's VC panel discussion at the VU Law School -- sponsored by Nashville Capital Network and the Owen Entrepreneurship Association -- was a richer-than-usual discussion. Please read our summary, here. We couldn't include all the pithy comments, of course. For instance, with reference to how American business is embracing the Feds' bank bailout, Bass Berry & Sims attorney Page Davidson said, "There are no laissez faire capitalists in this foxhole."

TCRS Private-equity move ripples across state

OUR exclusive story Monday on the State's $32 billion retirement fund being authorized to invest in private equity caught a lot of folks flat-footed, including those who had long advocated the changes that were quietly made last spring by the General Assembly. Nashville Capital Network Executive Director Sid Chambless (at left) told VNC this morning: “This is extremely important news for private equity and entrepreneurship in the state of Tennessee. For quite sometime, Tennessee firms were at a disadvantage because our state was one of six or seven that did not invest in private equity or venture capital. Although the change in law does not guarantee any of those funds will flow into Tennessee firms, it at least opens the door for the state to invest in local private equity and venture capital. Worthy firms are no longer prevented by law from receiving state pension funds. Additionally, from a simple asset allocation standpoint, this is a step in the right direction for the State of Tennessee and increases the likelihood for better returns to TCRS.” In hindsight, TCRS' mandate may seem overdue and obvious. But, the fact the step has been taken seems likely to change the tone and direction of the entire discussion of investment in Tennessee.