We’re excited to introduce you to the always interesting and insightful Bradley Bertoch. We hope you’ll enjoy our conversation with Bradley below.
Alright, Bradley thanks for taking the time to share your stories and insights with us today. Let’s talk about innovation. What’s the most innovative thing you’ve done in your career?
It started with a simple premise, “Economic opportunity drives positive social change, and positive social change drives economic opportunity.” The conundrum was how can you in an isolated fly over state whose people were locked into a scarcity mentality create economic opportunity. The culture was to export the best and the brightest out of the State. We should not have to export our children!
The State was not hopeless. While technology was less than 5% of the State’s GDP the universities were highly innovative and the State highly entrepreneurial. We had one or two venture capital success stories, and several outstanding entrepreneurs who had migrated to Silicon Valley and experienced great success.
My innovation was to create an interdisciplinary mentoring program that brought together the best local service providers, entrepreneurs, corporate executives, educators, bureaucrats and investors to train first time entrepreneurs how to attract capital. The program was highly defined, robust, had a timeline and an output – The Investor Pitch; and an opportunity to attract capital – an investor forum. In conjunction with this mentoring program, a team of investors reviewed the selected the best companies using a scoring system developed from input from Venrock, H&Q, Eldorado, Shaw, Morgenthaler, Mohr Davidow. Then those investors who had done the selection spent 2 days mentoring the companies in person as quality control. The best were selected, the best were trained by the best in the business.
Over 40 years, billions were raised, thousands of jobs created, 100s of companies funded, Tech now at 65% of GDP, no venture firms to well over 200 investment groups. Most importantly a community that had gone from a scarcity mentality to an abundance mentality.
As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?
First the funeral resume:
PROFESSIONAL EXPERIENCE
1984 to 2019: President & CEO, WAYNE BROWN INSTITUTE, DBA Kinect Capital (formerly the VentureCapital.org/Utah Innovation Foundation), Salt Lake City, Utah. Since 1984 the Institute has:
• Become a nationally recognized leader in technology commercialization and entrepreneurship.
• Held over 50 Investors Choice Venture Capital Conferences throughout the country, helping over 800 technology companies raise capital. Held over 250 entrepreneurial programs assisting 1000s of startups
• Over 500 Utah Investors Choice participants have generated over $30 billion in financial transactions, and currently represent over 45,000+ jobs in Utah.
• With a 70% funding rate, and 80% of its Alumni still in business after 10 years, the Institute is the oldest most successful non-profit venture accelerator in the country.
• Relationships with many local venture firms, such as: EPIC Ventures, Pelion Ventures, Signal Peak Ventures, Clarke Capital, Kickstart Seed Fund, Peterson Ventures, Sorenson Capital, Peak Ventures.
• Assisted in founding, and had membership in SLC Angels, Park City Angels (angel investing groups). Assisted in the creation of Utah Technology Venture Fund I (Pelion), USTAR, The Utah Innovation Center (SBIR Center),
• Maintain referral relationships with UTC, BioUtah, USTAR, BioInnovations Gateway, USBDC, all tech transfer offices of Utah universities, all Utah incubators and co-working spaces and SiliconSlopes.
• Created and manage the Cooperative Venturing Network of over 600 service professionals, serial entrepreneurs, and investors.
• Created venture/commercialization programs in Arizona, Alabama, California, Texas, Illinois, Utah, Hawaii, New York and Idaho many of which are ongoing.
• Served on various Governor’s Task Forces on Capital Formation, technology commercialization infrastructure development (USTAR, Fund of Funds), and government efficiency for the State of Utah.
• Began creating a portfolio of its own investments through innovative Pay It Forward program.
• Assisted Zions bank and two local revolving loan funds (SL Co. EDLF & MountainLands) in creating successful venture debt programs.
• Community involvement includes, past President – Salt Shakers, Co-founder MountainWest Capital Network, NBIA, U of U Young Alumni Board, Alta Club Board.
2006 to 2007: Venture Partner, HAMILTON BIOVENTURES FUND II. $100 million venture fund (Fund I) focused on early stage life science investments based in San Diego with an office in Utah.
• Established Salt Lake City office. Responsible for deal sourcing office management, local due diligence. Member of the investment committee.
1990 to 1993: Part-time Staff Consultant, UTAH SMALL BUSINESS DEVELOPMENT CENTER, Salt Lake City, Utah.
• Maintained and managed a case load in excess of 150 businesses a year.
• Equity financing and marketing resource for eight branch offices.
• Specialist in the financing of early-stage, high-technology companies.
1982 to 1983: Director of Economic Development, SALT LAKE AREA CHAMBER OF
COMMERCE, Salt Lake City, Utah.
• Reorganized the Chamber’s Economic Development Program and attracted jobs generating $475 million in wages.
• Organized and led a successful lobbying mission to Washington DC to remove the Vitro Mill tailings, bringing a $120 million clean up project to Salt Lake County.
1975 to 1982: Held positions in marketing research, advertising, and sales with major regional firms.
• Advertising Account Executive, responsible for problem solving and concept development for governmental and real estate clients; Evans & Bartholomew Advertising (Publicis), Denver, Colorado.
• Research Analyst, product development and survey design and analysis experience, Walker Bank & Trust Company (Wells Fargo), Salt Lake City, Utah.
• Commercial, industrial, residential real estate sales, various brokerages.
EDUCATION
MBA: Marketing & Finance, Northwestern University Kellogg School of Management 1975.
Honors Bachelor of Arts in Economics, University of Utah. University of Utah Rhodes Scholar Candidate, 1974.
Additional Background on Bradley B. Bertoch:
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BUSINESS/ECONOMIC DEVELOPMENT ACCOMPLISHMENTS:
Helped re-energize and re-focus the Salt Lake County Economic Development Revolving Loan Fund into a venture debt fund. From 2006-’19 fund deployed $5.7M in 25 loans with a > 2% loss rate, created over 2000 jobs, 65% LMI, and Increased the fund’s size from $1M to $7M. In 2009 joined the MountainLands Revolving Loan Fund which serves more traditional small business start-ups.
Assisted Zions Bank in the establishment of a venture debt program considered in 2009 to be the best portfolio in the bank with over $150 million deployed.
In 2008 VCO Utah Alumni companies had $1.3 billion in revenues, supported over 15,000 jobs, generated over $600 million in payroll and paid almost $50 million in State taxes. Today: $4 billion in revenues, 45,000 jobs, $1.8 billion payroll, $150 million in State taxes.
Built VentureCapital.org into a national leader in business incubation and technology transfer/commercialization through entrepreneurship. Built VCO into the oldest most successful non-profit venture accelerator in the country with key operations in Utah and Idaho.
Consultant to Access ‘92, (Sacramento, Calif.) venture conference, and successfully transferred WBI processes to create the Texas Venture Capital Conference, the Los Angeles Technology Venture Forum, the Illinois Venture Capital Conference, as well as venture conferences in Hawaii, Alabama, Arizona, and New York. Consultant to the Rebuild Los Angeles Committee.
Designed, financed and executed over 250 programs and conferences for the high-
technology community. Created Investors Choice® the flagship program of the Institute’s
accelerator. To date Institute alumni companies have generated over $30 billion in financial transactions, and have achieved a 70% funding rate.
Established the Cooperative Venturing Network® a network of some 40 major accounting
and legal firms, major companies, venture funds, etc. throughout the country.
Launched the New Venture TemplateTM and the New Entrepreneur ProfileTM both models in best practices for new venture analysis.
Worked with over 6,000 entrepreneurs, business and government officials to develop, plan and fund the start-up of 800+ new businesses.
Designed, financed and executed the International Technical Innovation and Entrepreneurship Symposium series, a leading international forum for high-technology, Economic Development (‘85-’90). The conference was held in the United States (twice), England, Australia, and Austria (1990).
Designed and developed with SRI International (formerly Stanford Research Institute) Economic Development and Strategic Plans for Salt Lake City and the City of West Jordon.
Designed and developed policies and procedures for the Utah Innovation Center; the forerunner and model for many of the world’s incubators.
Assisted in the planning and development of two new and one existing Research Park.
Rebuilt and recharged the economic development activities of the Sale Lake Area Chamber of Commerce, returning the Chamber to a leadership role in economic development.
Organized a successful lobbying mission to Washington D.C. to remove 100 acres of radioactive mill tailings located in Salt Lake that would lead to the creation of Energy Solutions.
Designed and executed a marketing campaign for 1.5 million people in six weeks achieving 98% awareness.
Developed and analyzed a statewide consumer banking survey for demographic and life cycle identification of new accounts.
Bradley B. Bertoch: Additional Background
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PROFESSIONAL ACTIVITIES AND ASSOCIATIONS
Member Advisory Council on Optimizing and Streamlining State Government (2011)
Board member, Salt Lake County Revolving Loan Fund (2006 – 2014)
Board member Mountainlands Revolving Loan Fund (2009 – 2022)
Board member Utah’s Business Resource Centers (2006 to 2015)
Advisory Board member SBIR Center (2007 – 2019)
Former Member and helped found SLC, Park City and WBI Angels.
Member of the Washington DC ArchAngels.
Advisory Board Member, Matchbin (Radiate Media) (2009 – 2012)
Advisory Board Member, Credibility Assessment Technologies (2011 – 2014)
Founder, Managing Member Venture Diagnostics
Past member, University of Utah’s, Technology Commercialization Committee.
Founding member, Utah High-Technology Partnership (Pioneer Partnership).
Member, Utah Technology Council.
Former Senior Fellow at the Foundation for Enterprise Development, LaJolla CA.
Past Board Member & Co-Founder, MountainWest Capital Network.
Board of Trustees, Alta Club, Salt Lake City (’93-’95).
Past Member, Hawai’i Technology Trade Assn.
Past Member, Hawaii Venture Capital Assn.
Past Member, National Association of Seed and Venture Funds
Past Member, Community Development Venture Capital Association
Past Member, Salt Lake Area Chamber of Commerce (1984-2003).
Editorial Board, Utah Business (1992)
Selected by Austrian Government for Austrian/American exchange program to review high technology initiatives, (May 1987).
Past founding Board Chairman of the National Business Incubation Association (1985).
Past member High Technology Committee, Utah Manufacturers’ Association (1988-90).
Past Chairman, Salt Lake County’s Overall Economic Development Plan Committee, (1982-83).
Exposition and Trade Show Subcommittee of Salt Lake County Development and
Promotion Board, (1982-83).
Custom Fit Training Committee for the State of Utah, i.e.: a special committee to disperse
funds to assist new and expanding businesses by subsidizing employee training costs,
(1982-83).
COMMUNITY ACTIVITIES HAVE INCLUDED:
Past-President, and former member of Salt Lake Area Chamber of Commerce Salt Shakers.
Past-President Northwestern Alumni Association of Utah.
Former University of Utah Young Alumni Association Board Member.
Past President Scandia Village Homeowners Assn.
Past Board member Valais Homeowners Assn.
Board member Grand County Economic Development Advisory Board.
Second what the resume means:
I’m very good with strategy. I’m an out of the box problem solver who is not afraid to ask the hard questions or make the hard calls. I am results oriented rather than activity oriented. A respected innovator and leader in entrepreneurship, technology commercialization and ecosystem building. I don’t like to do things that don’t change the world or make it better for its peoples.
Here are my proudest accomplishments:
1. Married for 48 years, and yes to the same woman.
2. Two great accomplished children.
3. Developing the economic development/education system described previously that has been successfully exported to 9 states.
4. Creating and leading a successful lobbying mission to Washington D.C. that got the Department of Energy to reverse their decision to bury radioactive tailing in the middle of our community. We got DOE to move them to a remote location. This caused the creation of a billion dollar disposal company that has employed 100s in my home State.
5. At the age of 26 was brought into a $200M client company to turn around a marketing blunder that would have shut the company down.
6. Getting my MBA from Northwestern University. (Only God knows how that happened. It certainly was not on my merits.)
Currently:
I’m retired in Moab, Utah. I serve on various private/community boards, do angel and venture investing and am grateful for being able to live in
How about pivoting – can you share the story of a time you’ve had to pivot?
Early in my career I was working as an economic development director for the local Chamber. It had it’s annual Board retreat where the staff was to give their programs for the coming year. It was 1983, Unemployment was around 14% and no company was relocating to Utah or anywhere else. I presented that the Chamber should focus on homegrown business especially those with high potential. My boss eviscerated me in front the key business leaders that formed the Board. Industrial recruiting was the only form of economic development. I was in trouble my job was in the balance. Fortunately, my boss immediately left for a six week vacation to his condo on Maui.
A friend of mine in County government came to me the next week and said the County needed the Chamber’s help. The DOE, after ten years of negotiations, had decided to bury radioactive mill tailings onsite in the middle of our capital city instead of relocating them to a remote site. I told him I could organize a group of top business leaders and create a lobbying mission to D.C. Just before we left, my boss returned and I told him what I had been up to. He was not pleased. I had plane tickets and a hotel for he and his wife and he could lead the mission. He was convinced that it would be a fiasco and it would cost him his job, but it was too late,
The Mission was a fabulous success and the Chamber raised more money than ever and was held in the highest esteem. All the accolades came to the Chamber not my boss and he was not happy.
A little while later I got a call from a new Board member whose first meeting was the Board retreat. He said, “Brad, you didn’t do so well at the retreat. It appears that you like to do what I like to do why don’t you come and work for me?” I responded, “That’s a great idea because I’m going to get fired.”
His name was Dr, Wayne Brown, Dean of the College of Engineering at the University of Utah, successful tech entrepreneur, and noted investor.
What do you think helped you build your reputation within your market?
This is easy, I had built a network of some 600 business leaders and got them to donate 100s of hours each to help build promising tech companies. What made me and my organization special to them was a company funding rate of 70%, and 80% of our Alumni still in business after 10 years, the organization became the oldest most successful non-profit venture accelerator in the country.
Image Credits
Robyn Bertoch