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NEST-TN, L.L.C. (NEST-TN) is a seed and early-stage venture capital firm started in 2009 by Fran F. Marcum, Managing Partner of Marcum Capital of Tullahoma, Tenn. In 2010, the State of Tennessee certified NEST-TN as a TNInvestco, awarding a $20 million state tax credit allocation for the purpose of investing in young Tennessee-based companies.
NEST-TN has a state-wide focus on young companies specializing in advanced manufacturing and materials, energy and environmental clean technologies, and information and digital media technologies.
The NEST-TN investment managers include Fran F. Marcum, Cameron A. Newton, E. Brac Thoma, Richard A. Bendis, Matthew A. Wiltshire, and Joseph P. Binkley III.
The Tennessee TNInvestco program limits any investment we make to a "qualified business" and defines a "qualified business" as a business that is independently owned and operated and meets all of the following requirements:
1. It is headquartered in Tennessee, its principal business operations are located in this state, and at least sixty
percent (60%) of its employees are located in Tennessee;
2. It has not more than one hundred (100) employees;
3. Is not principally engaged in:
• professional services provided by accountants, doctors, or lawyers;
• banking or lending;
• real estate development;
• insurance;
• oil and gas exploration; or
• gambling activities
NEST-TN is looking for opportunities to invest in companies that will help create transformational results. While we are interested in making investments and nurturing most good ideas, we use the following general parameters when seeking potential investments:
• A proven management team of 3 to 4
• A targeted market of $1.0-$2.0 billion
• A plan to reach $30-$50 million in 5 years
• A technology with a proof of concept
• A technology with a proof of relevance
• An enabling or disruptive technology
• A technology that crosses industry sectors
• An ability for short-term self-sustainability
• An Infrastructure-related investment plan
NEST-TN focuses on technology-driven companies within industry sectors that offer the best chance for transformational growth, maximize the application of our expertise, and align with the major industry sectors in Tennessee.
While we are not limited to any specific sector, we have a state-wide focus on specialty companies within a few broadly defined industry sectors:
• Advanced manufacturing
• Advanced materials
• Energy technology
• Environmental clean technology
• Information technology
• Internet-based and/or cell-based digital media
As a TNInvestco, we have a common goal with the State of Tennessee to make capital available to seed and early-stage companies, nurture and help those companies grow, and create long term infrastructure, jobs and wealth for Tennesseans.
We at NEST-TN see the TNInvestco program not just about investing money and economic development. Instead we see TNInvestco as an opportunity for Community Development:
• Improving the quality of life for Tennessee citizens
• Creating successful Tennessee-based companies
• Growing our communities from within
• Offering greater opportunities for our youth
• Attracting and keeping our best and brightest
• Encouraging would-be entrepreneurs
• Sharing our knowledge and wisdom
NEST-TN is a woman-owned venture capital firm that will take affirmative action to strive to maximize the participation of minority-owned businesses and woman-owned businesses in the TNInvestco program to reflect the racial, ethnic and gender diversity of Tennessees population. Also, NEST-TN shall strive to instill this philosophy in the qualified businesses in which we invest.
We shall coordinate our efforts with the efforts of the Tennessee Department of Economic and Community Development (TN-ECD) to ensure TNInvestco capital funds are made available to minority-owned businesses and woman-owned businesses.
"Minority-owned business" means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more individuals who are members of any racial or ethnic minority within the state and whose management and daily business operations are under the control of one (1) or more members of any racial or ethnic minority within the state.
"Woman-owned business" means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more women and whose management and daily business operations are under the control of one (1) or more women;
Investment Managers
The Investment Managers have direct responsibility for overall performance of the NEST-TN TNInvestco Fund. They bring a breadth of experience, a proven record, and a full complement of skills and talents to help ensure success.
Their experience covers a full range of VC investing from the angel, seed and start-up stages through late stage investment banking. It includes initial rounds of philanthropy, debt and equity, follow-on rounds of debt and equity, and IPOs. The group has shown the ability to successfully engage top tier VC and PE firms and numerous members have resided on local, state and national boards.
Support Staff
NEST-TN offers a complement of in-house support specialists who have indirect responsibility for the overall performance of the NEST-TN TNInvestco Fund. This in-house support consists of seasoned executives who have worked
together successfully for many years and have skill sets ideally suited to support the Investment Managers, (e.g.; budgeting, forecasting, F/S control, entrepreneur mentoring, networking, marketing and sales support, operations management, production and quality control, research, development, test, and evaluation, etc.)
Occasionally, in-state or out-of-state expert consultants are called on when specialized services are needed or when in-house personnel become over extended. These specialty consultants have relevant knowledge of NASA and DoD research; focus on women-owned VC; understand industry-specific niche markets, etc.
Fran F. Marcum brings a been-there-done-that perspective to the NEST-TN team. As Managing Partner of Marcum Capital for ten (10) years, and former Chairman of Micro Craft, Inc. for 35 years, Fran has led dozens of start-up and early stage VC transactions ranging in size from a few thousand dollars to tens of millions of dollars. Her VC experience
includes being on the buy-side, sell-side, and as an advisor and consultant. In 1999, Fran founded and continues to privately fund a business incubator in Tullahoma where she leads a team who nurture, mentor, and transform young companies. Fran currently resides in Tennessee and has 26 years of investment experience, primarily in Tennessee.
Cameron A. Newton brings several attributes to the NEST-TN investment team. During his ten years in the financial services industry, he developed a broad analytical skill set ranging from macro and micro economic theory, to industry and market evaluation to company/asset valuation and optimal capital structure analysis. Cameron is very adept
at financial modeling, projecting future earnings and cash flow capabilities and discerning distressed break-up valuations. He has experience canvassing investor participation in primary and secondary transactions and supporting such transactions with in-depth analysis. Cameron maintains deep personal and professional connectivity to Wall Street where he has spent the majority of his career. He is a CFA level III candidate and member of the CFA Institute. Cameron currently resides in Chattanooga, Tennessee.
E. Brac Thoma brings a commercial banking perspective to the NEST-TN team that he gained from a life-long career working with a plethora of small businesses. This commercial banking perspective is important to the TNInvestco program as the success of an emerging enterprise depends on a strong balance sheet with a balance of debt and equity. Brac has been
involved in numerous small business capital transactions and will offer an invaluable source of advise and insight to NEST-TNs rapid-growing investees in their need for both debt and equity capital. Brac holds a NASD Series 7 and Series 66 Securities License. Brac currently resides in Tullahoma, TN and has 37 years of investment experience, primarily in Tennessee.
Richard A. (Rich) Bendis has distinguished himself as a successful entrepreneur, corporate executive, venture capitalist, investment banker, innovation and technology based economic development leader, international speaker and consultant in the technology, healthcare and innovation development industries. Rich manages his own angel investment fund. Also Rich
founded and manages the Bendis Investment Group LLC, (BIG), a financial intermediary and consulting firm which has a joint venture with the Fortress Investment Group (NYSE, FIG). Rich resides in Philadelphia, PA and has 23 years of investment experience.
Matthew A. (Matt) Wiltshire is a senior execution professional in the investment banking group at Avondale Partners, LLC, where he leads the firms efforts in the transportation, industrial and manufacturing industries. He also currently manages transactions in other industries, including healthcare, consumer, and business services. Matt brings a variety of venture capital experience in the
entertainment, media, internet, and telecom sectors from previous assignments in New York and Connecticut. Matts experience and expertise enriches NEST-TNs ability to bridge the heretofore untapped capabilities and specialties that exist in the Nashville area and the Tullahoma-to-Huntsville technology corridor. Matt has 13 years investment experience and resides in Nashville, TN.
Joseph P. (Jay) Binkley III is a native of Nashville with extensive private equity investing and brings a variety of experience in early and mid-stage venture capital transactions including initial equity offerings, secondary equity offerings, IPOs, turn-around and capital restructuring and buy-outs. Jay also brings direct experience in assisting and
nurturing investees, and sometimes being directly involved in the management of portfolio companies including primary board oversight, strategic business planning, hiring of CEOs, CFOs and other key personnel. Jay has extensive experience in proactively seeking and finding investee candidates, preparing and issuing letters of intent, and negotiating deal documents. Jay has 15 years investment experience and is a current resident of Nashville, TN.
Dr. James G. (Jim) Mitchell, as the leader of the Technology Support Team, will draw upon his broad technology experience, his government and commercial research expertise and his experience in establishing a small business. His primary role will be to investigate and evaluate proposed new funding opportunities and to advise the
Investment Board regarding the technical feasibility, potential for growth and application and the probability of product success. He will seek advice from other senior and knowledgeable experts when required. Dr. Mitchells work history is ideally suited to the NEST-TN mission as the focus is placed on the Tennessee Valley Corridor. Dr. Mitchell has resided in Tullahoma since 1955.
Dan J. Marcum leads the Entrepreneurial Support Team for NEST-TN. Dan is a seasoned executive and brings more than four decades of direct entrepreneurial experience to the support team. He currently manages the Tullahoma Business Incubator where, for the past 10 years, he has been advising and nurturing successful entrepreneurs (young
and old) and not so successful want-to-be entrepreneurs. Prior to managing the business incubator, Dan was controller and then president and general manager of Micro Craft Inc. where he managed the day-to-day operations of the company. Dan is the consummate life-long entrepreneur and brings a wealth of knowledge and networking capacity to the NEST-TN support team. Dan has lived in Tullahoma, Tennessee since 1972.
Ray L. Knowis brings a distinguished career of operations management to NEST-TN. He retired as s senior vice-president of Micro Craft, a successful aerospace business to start Management Consulting Services Company, a professional consulting firm. Ray and the senior associates in his consulting firm bring to NEST-TN
an unparalleled wealth and breadth of operational management expertise in high technology fields. Ray and his team will monitor and evaluate an investees compliance and adherence to their plans and ensure that there are metrics in place for evaluating the companys progress for meeting their goals. If there are deficiencies in performance prompt action will be initiated for correcting any deficiencies and getting the company back on a track for success.
Greg Luna leads the Budget and Finance Support Team for NEST-TN. Greg is a Certified Public Accountant (CPA) and brings 34 years of public and private accounting experience, budget and finance experience, and information systems experience to NEST-TN and its investees.
Greg is the managing partner of Housholder Artman, PLLC, a regional 30-person public accounting firm that has significant experience in audits of private companies and municipalities; tax return preparation of corporations, individuals, partnerships, not for profits, estates, and trusts; attest services including compilations and acquisitions; and consulting services. Greg has lived in Tullahoma, Tennessee since 1982.
NEST-TN has included links to several federal agencies to help develop and advance your company, stay ahead of your competition, and keep in touch with whats happening.
RELATED LINKS:
Appalachian Region Commission (ARC)
Department of Defense (DoD)
Air Force
Army
DARPA
Navy
Department of Energy (DOE)
Internal Revenue Service (IRS)
National Aeronautics and Space Administration (NASA)
Rural Development Agency (RDA)
Small Business Administration (SBA)
Securities and Exchange Commission (SEC)
Tennessee Valley Authority (TVA)
NEST-TN has included links to several state agencies to help you and your company network with the many resources available in Tennessee.
Arnold Engineering Development Center (AEDC)
ARMY Redstone Arsenal
NASA Marshall Space Flight Center (MSFC)
Oak Ridge National Laboratory (ORNL)
Tennessee Board of Regents (TBR)
Tennessee Chamber of Commerce
Tennessee Department of Economic Development (TN-ECD)
Tennessee Department of Revenue (TN-DOR)
Tennessee General Assembly
Tennessee Technology Development Corporation (TTDC)
University of Tennessee (UT)
UT-CIS Manufacturing Extension Partnership (UT-CIS)
Vanderbilt University (VU)
NEST-TN has included links to organizations involved in angel, seed and early-stage venture capital, business incubation, and other business and technology areas of interest.
Angel Capital Association (ACA)
Council on Competitiveness
Federal Laboratory Consortium (FLC)
Innovation America
National Association of Seed and Venture Funds (NASVF)
National Business Incubation Association (NBIA)
Nationl Venture Capital Association (NCA)
NEST-TN, L.L.C. (NEST-TN) is committed to protecting the privacy of users of this site.
Personal information is not required on this site unless you choose to provide your name, email address, and other information in the contact section. We will not disclose any information you provide to any non-affiliated entity of NEST-TN. for any business purpose. A representative of NEST-TN may contact you in an effort to follow up on your interest or to answer any questions you have if you choose to provide contact information.
Our web server may log your Internet Protocol (IP) address or the IP address of your proxy server. NEST-TN does not currently track or review this information. We currently do not use any "cookie" technology on this site. If we add any cookies to this site in the future, we will change this notice to explain how such cookies are used.
By using this site and the information it contains, you expressly agree to the following:
Information Change: NEST-TN, L.L.C. (NEST-TN) may elect to change any portion of this site and the information it
contains without notice, at its sole discretion.
Intellectual Property Rights: Every page and image, as well as all content of any kind on this site unless otherwise
stated is subject to US and international copyright, trade secret and trademark laws with all rights reserved. NEST-TN
does not grant any right(s), express or implied, to people who view this site. If you view, download and/or print any
section of this web site, or the site in its entirety, you may not remove or ignore any copyright notice and must respect
the copyright restrictions of this site.
Prohibited Use: You may not reproduce (either in whole or in part), modify, link to, transmit by any means (electronic or
otherwise), or modify any part of this site for any purpose (commercial or otherwise), without the prior written permission
of NEST-TN. For such permission, please contact NEST-TN directly.
Please be aware that NEST-TN will actively enforce its IP (intellectual property) rights to the fullest extent of the law.
Express Refusal of Warranty: Information and representations in this site are offered with no warranty, express or
implied, of any kind.
No Offer: This web site and the information it contains is designed for the private information of the user, and NEST-TN
does not solicit or seek any action base on the site or its information. In fact, there is nothing in this site that any user, for
any reason, would deem an offer or recommendation to engage in a financial or business transaction of any type.
Limitations of Liability: By viewing this site, you expressly agree that NEST-TN will not be held liable for any loss or
damage of any kind, for any reason, including negligence.
Business Continuity Plan:
Our Firm has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions are unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan.
Contacting Us: If after a significant business disruption, you cannot contact us as you usually do, please call our cellular phone numbers listed on our business cards, or go to our web site at http://www.nest-tn.com.
Our Business Continuity Plan: We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firms books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.
Our business continuity plan addresses data back up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact and regulatory reporting if we are unable to continue our business. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption; our objective is to restore our operations and be able to complete existing transactions and accept new transactions within a reasonable time period.
Varying Disruptions: Significant business disruptions can vary in their scope, such as only our firm, a single building or unit housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within a few hours. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business within a day. In either situation, we plan to continue in business, and notify you through our web site or our customer emergency number, how to contact us.
For more information: If you have questions about our business continuity planning or would like a copy of the complete Business Continuity Plan for NEST-TN, L.L.C, please contact us directly at 931-455-0155
Under Section 326 of the USA PATRIOT Act, NEST-TN, L.L.C. (NEST-TN) is required to verify the identity of its clients. NEST-TN utilizes the services of outside vendors to assist us with this government-mandated requirement. We appreciate your business and patience with our compliance efforts.
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