1. How does your experience as co-founder of a startup inform your strategy in your new role at Cherrystone? Angel investors must keep pace with the speed of scientific and technical innovation, much the same as startups. My experience … provides intimate familiarity with this pace. Bringing a deep understanding of company-building … translates well for both Cherrystone and companies we invest in. Also, my network of entrepreneurs and angel/venture capital investors can help … identify new investment opportunities.
2. What is your top priority for Cherrystone in the next year? Has that changed because of COVID-19? The COVID-19 pandemic provides both challenges and opportunities. Our top priority is to ensure our portfolio companies have the support … to make it through this current business climate. Our angel group members also want to continue to hear new opportunities for investment. Finally, Cherrystone will embark on a strategic planning process to shape our organization for the next five years.
3. Has COVID-19 affected the group’s portfolio of companies or its ability to invest in new ones? Laurent Pharmaceuticals Inc., a portfolio company developing orphan disease therapeutics, has a novel drug to help control inflammation in the lungs. Research studies suggested potential drug benefit for the lung inflammation seen in COVID-19 patients. The company is now testing this molecule as part of a Phase II COVID-19 clinical trial. In another case, a portfolio company is experiencing a pause in sales due to [an] inability to interact with customers in the market – as a result, the company has shifted to a strong digital presence. On the investment side … just last week we launched due diligence on two innovative companies addressing health care and consumer needs.
4. What was the startup landscape like in Rhode Island prior to the pandemic? Has it changed because of the coronavirus? The growing innovation ecosystem has matured tremendously over the past four years. The governor and R.I. Commerce Corp. have strategically focused on growing advanced industries. We welcomed many new entities, including the Cambridge Innovation Center, District Hall/Venture Café, RI Bio, Rhode Island-Israel Collaborative and RIHub.
5. What sets Cherrystone apart from other angel investors? It’s all about our members – as the largest angel group in the greater Rhode Island region, situated between two innovative hubs, our angels bring their wealth of knowledge and investment experience to build and grow new businesses in our region and beyond.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
