PUBLICATIONS Inside Illinois Vol. 20, No. 6, Sept. 21, 2000

Illinois VENTURES Board of Managers selected

The UI Board of Trustees has created a company to assist start-up companies that will take technology from the UI’s research and classrooms into the marketplace.

The trustees have selected six prominent leaders from business, finance and government to be the first members of Illinois VENTURES LLC.

Illinois VENTURES will help new companies get seed and venture capital, recruit management talent, develop business plans and provide other services essential for success. Illinois VENTURES is part of Gov. George Ryan’s Illinois VentureTECH initiative and is the keystone of the university’s and state’s commitment to a comprehensive, long-term strategic plan for technology growth in Illinois.

Appointed to the Illinois VENTURES Board of Managers: Michael J. Birck, chairman of the board of Tellabs Inc.; James L. Foght, management director in the investment banking division of Prudential Vector Healthcare Group; Warren Holtsberg, corporate vice president of One Motorola Ventures; Robert H. Newtson, chief of staff for Gov. Ryan; William P. Tai, a general partner with Institutional Venture Partners Inc.; and Michael Tokarz, a member of the limited liability company that is the general partner to Kohlberg Kravis Roberts & Company. The remainder of the board of managers represents the UI.

"This first board of managers has some of the best minds and practitioners in the fine art of nurturing young companies in leading-edge technology fields," said UI President James J. Stukel. "As a university, we are entering a new arena and I am grateful that these talented and experienced managers will help us cross the threshold. Illinois VENTURES is one more way the university will add to the economic vitality of this state and nation and we’re excited to have reached this critical juncture."

Two members of the UI Board of Trustees also will be among the board of managers. Trustees Jeffrey Gindorf and Gerald Shea will serve two-year terms. The university’s vice president, Chester Gardner, will be an ex officio voting member. And the university’s vice chancellors for research, Eric Gislason, Chicago, and Tony Waldrop, Urbana, will be ex officio voting members.

UI Comptroller Craig S. Bazzani will serve as ex officio nonvoting treasurer, and the university’s legal counsel, Thomas R. Bearrows, will serve as ex officio nonvoting secretary of the company.

Also, the trustees have delegated authority to hire an executive director to be employed through the university and assigned to Illinois VENTURES.