Directors Chosen for State’s New Venture Capital Fund
Enterprise Florida Board has appointed five directors to head Florida Opportunity Fund.
eFlorida.com - December 30, 2007
(PRNewsChannel) / Orlando, Fla. – The Enterprise Florida Board of Directors has announced its selection of five business leaders to serve as board members of the Florida Opportunity Fund, an outcome of this year’s Florida Capital Formation Act, which creates a platform for generating early stage capital and technology commercialization in Florida.
The Opportunity Fund’s newly appointed board members are:
Pedro “Pete” R. Pizarro, president, director and CEO of Telefonica USA Inc. (Miami), an international provider of communication and IT services
Kenneth Wright, a partner in law firm Baker Hostetler (Orlando) whose practice has included international and domestic securities and venture capital financing
Diane Cook, vice president and treasurer of the University of Miami since 1991
Paul Hsu, Ph.D., a serial entrepreneur with a heavy focus on high-tech business and an inductee into the U.S. Small Business Administration’s Hall of Fame.
Andy Hyltin, president of CNL Private Equity Corporation Inc. (Orlando) with responsibility for a diverse portfolio of operating companies and merger and acquisition activities.
Pizarro will serve as chairman, and Wright, as vice chairman. Current and future member terms will be staggered, beginning with Pizarro serving for three; Wright and Cook, for two; and Hsu and Hyltin, for a year.
The Enterprise Florida board selected the Opportunity Fund’s leadership as authorized via the Capital Formation Act and will fill future seats when the need arises. Vice chair Tom Kuntz, president & CEO of SunTrust Bank, Florida, appointed a committee to identify candidates, and the Enterprise Florida board approved the slate at its November 15 meeting, held in Cape Canaveral.
“This is a very qualified board of directors, which the selection committee believes will do an excellent job in launching the operations of the Florida Opportunity Fund,” Kuntz said.
A fund of funds
A nonprofit corporation, Florida Opportunity Fund Inc. aims to grow the bank of venture capital statewide. “The intent is to get more venture capitalists to invest in Florida,” explained Louis Laubscher, senior vice president and COO of Enterprise Florida, which will provide administrative support to the Opportunity Fund. “The Fund will increase the availability of seed capital and early stage venture equity capital for investing in up-and-coming businesses. Not only will these organizations be key to the creation of new, high-value jobs, they’ll also enable a pool of funding for investments in seed capital and early stage venture capital funds that agree to invest in Florida.”
Here’s how: Venture capital funds will be able to request an investment from the Opportunity Fund. However, these firms must agree to match dollars the Opportunity Fund raises with private investment dollars as a minimum investment in Florida. Any venture capital firm receiving Opportunity Fund dollars must agree to invest that money plus its match into Florida businesses. Eligible venture capital firms must be based in Florida, have full time Florida staffing, and/or demonstrate a history of prior investment into Florida companies.
About Enterprise Florida, Inc.: Enterprise Florida, Inc. (EFI) is a partnership between Florida’s business and government leaders and is the principal economic development organization for the State of Florida. Headquartered in Orlando, EFI’s mission is to create and retain quality jobs and increase economic opportunities for Floridians by supporting strong and growing businesses and positioning Florida as a globally competitive business location. In pursuit of its mission, EFI works closely with a statewide network of economic development partners and is funded both by the State of Florida and by private-sector businesses.
Contact: Stuart W. Doyle
Phone: (407) 956-5689
Email: sdoyle (at) eflorida.com
Web site: www.eflorida.com
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Source Web Site: eFlorida.com
