[July 03, 2009] Utah Technology Council: Funding for Technology Companies Still Available Tweet Jul 03, 2009 (Close-Up Media via COMTEX) -- Investment funding is still available during the "Great Recession," but new rules apply, according to three Utah technology CEOs at the Utah Technology Council (UTC) summer breakfast at Utah Valley University with university president Matthew Holland as host. UTC's presenters included - Steve Shillingford, CEO of South Jordan based Solera Networks (closed $7.5M in April 2009) - Rich Linder, CEO of Salt Lake based Coherex Medical (raised 9.5M to date of a targeted $20M B round). - Hal Widlansky, CEO of Salt Lake based Mangia Technologies ($1M in angel/early stage VC funding for Q2 2009). Steve Shillingford, CEO of Solera Networks (developer of networks forensics solutions), said that his executive team closed its $7.05M funding led by Allegis Capital, in part, because the firm "really 'understands' Utah," he said. "In a multiple offer situation of course money matters, but selecting the right partners is paramount," Shillingford said. "The Allegis team has had success investing in Utah firms, and they understand the economics of doing business here. They have a tremendous network on the back end and share the same goal of making our company a Utah success." Rich Linder, CEO of Coherex Medical (developer of the Coherex FlatStent PFO Closure System), said, "smart money" is currently investing in technology enterprises. "If you have just six months of cash left, you're last minute," Linder said. "In the current market it could take a full six months to not just find a deal but for the deal you've selected to close." Hal Widlansky, CEO of Mangia Technologies (a service allowing fans to text their concession order and have it delivered to their seat), said that VCs should distrust their forecast numbers - and he says that no matter how well thought through your forecast, your numbers will still be imprecise. "Our investors looked at our numbers and discounted them 70 percent-and added 3 years to how long it would take to address our market," Widlansky said. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]