Bert Lederer is the executive director at Cherrystone Angel Group, an angel investment group. Lederer took over the position after his predecessor, Jennifer Schwall Rousseau, accepted a new position at First Circle Solutions as director of strategic planning for new ventures.
Lederer, a retired executive vice president at Teknor Apex, talks with Providence Business News about his background and provides a recap of Cherrystone’s activity in 2017.
PBN: Can you tell our readers a little bit about your background?
LEDERER: In 2015, as I was nearing retirement after 40 years at Teknor Apex, I joined Cherrystone Angel Investment Group for the social interaction and investment opportunities. Cherrystone offered the opportunity to do the type of analysis I had done while employed, which offered satisfying activity at my own pace.
PBN: How did you come to the position of executive director?
LEDERER: When the position of executive director became available, the Cherrystone Steering Committee asked if I would take the position. A key part of the role as executive director is identifying individuals or groups who have beginning ventures with potential as candidates for funding from angel investors.
PBN: What were some of the highlights of 2017?
LEDERER: Cherrystone as an angel investment group invests in early-stage companies. Our holdings are primarily New England companies including several in Rhode Island. This year we had applications from over 100 young companies for investment. Typically, the membership makes three to four investments each year either to add new companies or support existing companies in the portfolio.
This year we have a couple of stars, one company is bringing product from the laboratory to early-stage production for commercial evaluation. A second company is rapidly scaling up with produce in the retail market and had revenue growth of 60 percent for the year with new product and new customers. Along with the companies that had strong successes are some companies that have yet to achieve market success, yet overall the portfolio is strong.
PBN: The angel group recently held a pitch competition, how did it go?
LEDERER: In November, Cherrystone hosted a venture pitch night where 14 different young companies each had three minutes to present their business concept to our membership and guests. The array of business opportunities from enabling individualized diagnosis and treatment of tumors, to night-vision technology, food products and technology, to a method to predict water leaks in municipal water systems, were pitched by the participants. Listening to the range of ideas and opportunities grabbed everyone’s attention and imagination.
PBN: What’s your outlook for 2018?
LEDERER: In 2018 we expect several of our portfolio companies to have significant achievements while others will take a little longer.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
