U2's Bono is a fund-raising force
Dan Primack has some good notes on U2's Bono, and how he was a "double-edged" sword in the fund-raising process for Elevation Partners, the Silicon Valley-based firm launched by veteran investor Roger McNamee.
We ran a story (and blogged more) about Elevation and McNamee when the fund first closed. Among the people we talked with was Elizabeth Obershaw, an investor for HP, and who decided to invest in Elevation Partners -- in part because of Bono's presence as a partner of the firm. She praised Bono's management skills, for his having kept the U2 together for so long and for astutely preserving its intellectual property rights. "A lot of artists give up...
their rights in exchange for higher royalties," she explained. "But U2 did things a bit differently, and I think it's paid off. It keeps them in charge." She called Bono a visionary, who knows how to change with the times. The more she got to know him, the more she realized he had good business sense: "Look at the deal with iPod and iTunes. They were right on that."
Bono also brings access to anyone in the media and entertainment world, she said. "There‰¥ús no one who won't pick up the phone when Bono calls."
Sure, people will be agog when Bono calls, and yes, they'd love to meet with him. But will they do a deal? Stanford University, we heard back in July, did pick up the phone when Bono called, and agreed to meet with him -- how could you not meet with Bono! -- but nevertheless decided not to invest. (Now we caution, because we heard this before the final close of the fund. We don't know if they perhaps changed their mind).
Anyway, here's a snippet from Primack, writing based on conversation with an Elevation insider:
On the one hand, there were many people drawn to the fund because of Bono's celebrity, but there were others - particularly public pension fund managers - nervous about being perceived as celebrity worshippers. After all, the press would have a field day with: "Bono to invest state's money" or, even worse "Rock star to collect management fees from public pensioners." You know, perception becoming reality and all that nastiness.
Rather than slinking away from the challenge, however, Bono became a fund-raising force in his own right, participating in around 80 meetings with potential investors. Many of the meetings were one-on-one, in which his combination of industry knowledge and charm helped secure fund commitments.
Update: Dan Primack has more in comments.
TrackBack URL for this entry:
Links to blogs that reference this entry:
Thanksgiving's nine news nuggets
Here are nine news nuggets to catch up on Silicon Valley news from the Thanksgiving slowdown: Craig invests in trusted news: Craig Newmark, founder of San Francisco classifieds site Craigslist, has apparently invested in a start-up that helps people fi...
November 28, 2005 4:53 PM
From: Fund Raising
Raise funds by collecting empty printer cartridges, selling inkjet cartridges or through our internet At the Sc...
June 26, 2006 6:58 AM
thanks for the link matt. I also should have noted that Elevation did, indeed, end up with a significant number of public pension investments, including ones from Illinois Teachers, PSERS, Oregon and Washington State.
There are about 15,000 able bodied people among the refugees in Louisiana, why are they not among the people picking up the trash? Why did none of them pick up my trash after 4 hurricanes in Florida? What happened in New Orleans is a tragedy and the people there do need help. But let's not forget the people of Florida who have not yet recovered from last year's 4 hurricanes. They need as much help today as they did before Katrina. Don't send all the funds to New Orleans
business credit cards Have a nice day :)
My name is Venus Perez. I am 41 years old and I am diagnosis with AIDS since 1987. I was exposed by an ex-partner who died in 1987. Many people I knew with the disease are no longer alive. 2 other people, and myself are long term survivors of this disease. Just like a person who is going through the stages of death and dying, many HIV/AIDS individuals get stuck in these stages. HIV/AIDS has changed America. For 25 year it has brought out the worst in us at first, but ultimately brought out the best, and transformed the nation. Its mark has affected our history, culture and our souls. I am presently disabled but my health has improved tremendously. I presently volunteer for The PLACE of Comfort and EASY ACCESS RESOURCE, INC., a not-for-profit agencies assisting individuals and families with food and community resource needs in crisis situations. The website is: www.placeofcomfort.org. I have recently published a book with Trafford Publishing called, Im Still Here in which describes The History, Outcomes, Testimony and Strengths of people living with HIV/AIDS. You can also visit our shop cart website: www.shop.placeofcomfort.org or www.traffordpublishing.com for book viewing.
I'm Still Here-By V. Perez-
The History, Outcomes, Testimony and Strengths of people living with HIV/AIDS-Chapter topics consist of:
History of HIV/AIDS
The Birth, Education & Prevention
First Hope AZT
The Triple Cocktail
What You Don't Know Can Hurt You! (STD'S)
Achieving Your Goals
Learn and Teach Others
Useful Resources & Internet Links
About The Author.
My reason for my letter is because your organization is always striving to give useful information to the public audience. I have used the information in this book in a recent summer series, in which, empowered many individuals and families infected and affected with this disease. Normally I would not expose my disease to the world because of the stigma that comes with it, but I want to make a difference and I want to be humble. This particular community needs so much empowerment and encouragement from a person who believes in what you teach and I would like to be an example to other people so they can benefit from the information in this book and the blessings God has shown me. God told me to expect great things. If this letter gets to you then God wants it to be. I am one person trying to make a difference in this community. If you would like to contact me, my information is below.
Thank you for reading my story and God bless you in all that you do.
Volunteer Program Director
The PLACE of Comfort
Phone# (407)539-0885 or Cell # (407) 754-7454
Please note: COMING IN SEPTEMBER 2006
Book 1: "I'm Still Here" Author- Venus Perez.
includes: the History, Testimony, Education, Outcomes, and Strengths of people living
Price: $24.95 (includes shipping) (Audio version coming in October 2006)
If you are interested in this book and would like to be put on our future purchase order list, please
email me at:
Future orders will be available on our website:
Or you can call:
The PLACE of Comfort EASY ACCESS RESOURCE, INC at:
EASY ACCESS RESOURCE, INC