The 2008 Bob Geras Grant
On Bob Geras' 70th birthday, August 22 last year, he decided to celebrate his 70th Birthday by funding a Grant of one thousand dollars for each of his 70 years, to be awarded to the "best-in-show" of the Early Stage plans presented at the 2008 Midwest Venture Summit on March 17th & 18th. The event is organized by the Illinois Venture Capital Association and Bob is a founding member of the Association. "Bob is a gem in our community" says IVCA Executive Director Maura O'Hara. "He always has time to listen and assist an entrepreneur seeking assistance. "Even if the deal is not for him" she continues, "he will still provide advise and counsel. Bob has a national reputation but his heart belongs to Midwest growth companies."
Bob’s main objective for establishing the $70,000 “Bob Geras Grant” was to inspire young companies and budding entrepreneurs to spend extra effort to write an effective and well thought out Business Plan to thoroughly analyze their strategy and do a deep “reality check” of the “reason for being” of their Company. Bob also wanted to increase interest in the MVS and give both Investors and Entrepreneurs additional reasons to attend this great function in support of Entrepreneurship in our Region. “Too many young Companies find themselves looking to other parts of the Country to get funded, and that needs to change” said Bob.
Bob Geras, who has invested in hundreds of startups over the past 40 years and is frequently referred to as "The Angel Investor" in Chicago, will provide $70,000 in grant money to a company so that it can accelerate it's growth and, hopefully, encourage other investors to seek opportunities to likewise support local entrepreneurs. "I don't play tennis. I don't play bridge. I don't golf. This is it," he said. "I have this kind of knack to size up an opportunity and see if it will work. If you can find somebody with a gleam in their eye, it's really heady stuff to help make that dream come true."
Geras started his first business as a senior at Northwestern University. He created a buzz by placing personal ads in the campus paper -- with mysterious references to meeting at "the Spot." The Spot pizzeria had standing room only for opening day.
After going through a few jobs where he gave his bosses a little too much advice, Geras became a stock broker, and caught the venture capital bug reading offering memoranda for IPOs.
Geras now works with companies at their earliest stage -- those looking for $500,000 to $1 million -- helping to provide both the money and the guidance to grow. Sometimes, Geras has to fill in as CEO. In April 2005, he became interim president and CEO of Arryx inc., a troubled Chicago tech company that uses holographic laser steering at microscopic and nanoscopic levels. Geras turned the company around, and it earned a Chicago Innovation Award in 2004 and was sold for a profit in July 2006.
Geras is co-founder of budget motel chain Sixpence Inns 1970, which was acquired by Motel 6. Currently, he's a director and/or investor in many companies, including VideoHomeTours, SolarTech, Genix Therapeutics and Cole Taylor Bank.
Geras said while more new businesses are high tech than they were 40 years ago, the basics for starting a new business are the same. A company needs to have something unique that can be produced economically, and the target audience must easily see the benefits. Companies also need good managers, who can keep a close eye on revenue, gross margins and expenses.
Nine out of 10 entrepreneurs don't make it, and sometimes the best thing Geras can do for someone is say "no" and explain why.
While it's frustrating to see good ideas fail, Geras says he stays in it because "it's not just a deal. You're talking about a person's life, and in many instances, their first and only chance of grabbing a brass ring."
Besides his venture capital business, Geras helps his wife, Dawn, with the Save Abandoned Babies Foundation. Together on their dining-room table they wrote the state law that keeps mothers from being criminally prosecuted if they leave their infants at a fire or police station.
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