Bay Area Business Leaders Work to Link Venture Capital and Inner City Communities

Four of the Region's Most Prominent African-American Corporate Leaders to Play Key Roles

SAN FRANCISCO, November 2, 2006 - John Thompson, Chairman and CEO of Symantec Corporation; Michael Fields, Chairman and CEO of Kana Corporation and the former President of Oracle USA; Michael Bush, the former CEO of Tetra Tech Communications; and Issac Vaughn, a Partner at Wilson Sonsini Goodrich & Rosatti will assemble Bay Area African-American and inner city business operators, and well known venture capital firms at a one day conference to link the two prominent Bay Area communities.  The one day conference is scheduled for November 9, 2006 in San Francisco at the University of California's Mission Bay Conference Center.

"Both the African American community and the banking and venture capital communities are foundational parts of the Bay Area's history and key to its modern day success, yet many feel that increased interaction between the two would create impressive mutual economic benefits," said Joseph Gross, Conference Committee Chairman.  

The conference is part of a larger $175 million effort called the Bay Area Family of Funds, created by the Bay Area Council, which attracts private capital into low and moderate-income neighborhoods.  The Family of Funds leverages its investments in these communities through projects that promote smart growth, support local businesses, and clean up contaminated sites with market-based solutions.  It requires "double bottom line" returns: market rates of financial return for its investors (the first bottom line) and significant economic, social, and environmental benefits (the second bottom line).

"In an increasingly global economic competition, the Bay Area simply cannot afford to leave any opportunity undiscovered," said Jim Wunderman, President and CEO of the By Area Council.  "Uniting these two communities, especially with double bottom line investing, can capitalize on any new or undiscovered opportunities."

"Without capital, local entrepreneurs will be unable to carry out their business plans, hire new employees, or expand their operations into new areas," states Agnes Briones Ubalde, Director of the San Francisco Office of Small Business/Small Business Commission.  "This conference marks a positive step in the Bay Area's efforts to bring financial resources and help build capacity for our local firms to compete and be successful in today's global marketplace."

"This conference is a fantastic networking opportunity both for entrepreneurs in our urban centers, as well as investors interested in this significant and increasingly important segment of the business sector," said Tim Hoxie, a Shareholder at Heller Ehrman LLP, which is sponsoring the event.

The Alliance for Community Development and the Bay Area Council initiated and led in the development of the conference.  This event will feature: addresses from John Thompson, Michael Fields, Michael Bush and Issac Vaughn; networking sessions; opportunities to access both equity and debt capital; and workshop sessions on angel investing, venture capital investing in inner cities, debt capital for mergers and acquisitions, building management teams, and developing marketing strategies.  An investment panel will hear selected company presentations for equity or debt.

"We see this as the first in a series of regional conferences to identify innovative minority and other inner city companies and entrepreneurs and to link them to interested institutional, angel and VC networks for growth capital," said Victor Hsi, Executive Director of the Alliance for Community Development.  "As these companies secure new equity and debt capital, there is no question that the Bay Area economy as a whole will benefit."

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The Alliance for Community Development
The Alliance for Community Development is a 501(c)3 non-profit organization dedicated to the development of job opportunities for residents of low- and moderate-income communities in the Bay Area through the use of double bottom line investment strategies, i.e. providing financing for companies that can achieve market rate financial returns and positive social returns.  

Bay Area Council
Founded in 1945, the Bay Area Council (www.bayareacouncil.org) develops and drives regional public policy initiatives and researches critical infrastructure issues.  Led by CEOs, the Bay Area Council presents a strong, united voice for hundreds of major employers throughout the Bay Area region whom employ more than 495,000 workers, or 1 of every six private sector employees in the Bay Area.


John Grubb
Vice President, Communications
Bay Area Council
201 California St, 14th Floor, S.F., CA  94111
Office: 415-946-8705
Cell: 415-847-6320
Fax: 415-981-6408
www.bayareacouncil.org

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