Partner Profiles

Ted Feierstein, Partner

As a twenty-five+ year member of the software industry, Ted’s diverse experiences include technology venture partner in an institutional VC fund (Prism Opportunity Fund), VC Investment Manager (WindPoint Partners) technology investment banker (First Analysis, Corum Group and now LeanTech), and software company operator (Timberline Software, Jonas & Erickson). His experiences span deal-maker as a principal (institutional and angel) and agent and as operator in VC and angel-backed companies.

Regarding deal making, his agency and principal side exits account for more than $1billion in transaction value:

  • As an investment banker he has completed more than 40 buy and sell-side
 technology-company transactions for a mix of public and private clients, some
 venture-backed many not. Most recently he represented founders and Hyde Park Angels, the University of Chicago’s angel syndicate, in their portfolios first liquidity event, the sale of Gradebeam to Textura at an attractive return to investors;
  • On the principal investing side, he has led or been a part of the deal team for ten 
institutional investments including SecurePipe (merged with Trustwave, S-1 filed for IPO) and Fieldglass (recapitalized in 9/2010 for $221M).

As an operator, his experiences range from:

  • National sales management in an angel-backed software company (Timberline Software) that went public at 20x basis for shareholders and was eventually sold for $100m+, never having received any institutional VC;
  • To a senior operator in a VC-backed software company that failed where he learned first-hand what can go right (e.g. rapid de-centralized growth around talented people) and wrong (unscalable business model, capital inefficiency, product market fit).

He currently serves on the boards of a publicly traded SaaS company (ARI Network Services) and a privately-held software company (Penta Technologies).

He is a Charter Member of TiE-Midwest, an active member of the Illinois Technology Association, a founder of the IT Association of Wisconsin and founding member of Silicon Pastures, a Wisconsin-based-angel network. He has series 7 and 63 licenses.

He has an undergraduate degree from the University of Wisconsin-Madison and an MBA from the Harvard Business School.

Virgil Bistriceanu, Partner

Virgil has been providing technology leadership for companies small and large for the past 15+ years. This includes co-founder and CTO for (successful IPO in 1999), a four year stint with United Airlines as a Program Director following United Online’s acquisition of, green-field software development for Centro Media (recently valued at $100M+ in a VC-backed investment), and CTO for Municipal Media Solutions, a Chicago-based start-up.

Teaching Computer Science for the Illinois Institute of Technology since 1993 complements Virgil’s activities. His current teaching interests include Object-Oriented Design and Programming, Software Engineering, Information Security, and Computer Architecture.

For many years Virgil has been a big supporter of agile software development and FOSS. Most recently he has been using the ideas, methodologies, and tools of Customer Development, Business Model Generation, and Lean Startup to help his clients move faster from new product ideas to successful revenue generation.

In 2008 Virgil was recognized by the Illinois Technology Association, with the Spotlight Award for the best CTO/CIO in Illinois. He is the holder of a US Patent.

Virgil has a MS in Electrical Engineering from the Polytechnic Institute in Bucharest, Romania, and has completed all prerequisite work for a Ph.D. in Computer Science at the Illinois Institute of Technology.

Kelley Starr, Partner

Kelley is a seasoned technology executive, serial entrepreneur, investor and business leader with more than 25 years experience in software, SaaS, Internet and technology-enabled businesses.

He has served in roles as founder, CEO, President and CSO in rapidly growing technology-focused businesses from start-up, expansion stage and in Fortune 500 environments. He has recruited and led high-performing, executive management, sales, and consulting teams.

As an operator, Kelley began his career in technology sales at Datapoint, a Fortune 500 company where he was a top performer and held several sales leadership positions. He then joined several expansion stage technology companies as the sales leader contributing to 5X growth in each. He went on to leadership roles with P&L responsibility at USConnect and became president. The company was acquired by IKON, where he also served on the executive leadership council.

During the last ten years, Kelley has worked as a principal or adviser in numerous technology start-ups and seed stage launches, often securing the company’s first customers and building revenue traction.

Advisory and board activity is centered on customer acquisition strategies, sales systems design, business model creation and private equity strategy. He’s a practitioner of Lean Startup and Customer Development frameworks.

Kelley has been a board member of several technology associations, including the IT Association of Wisconsin where he was a founding member and launch CEO. Kelley holds a BBA in Finance and Marketing from the University of Wisconsin Madison, where he graduated with distinction. He also attended Northwestern University’s Kellogg School of Management.

Bob Van Eerden, Partner

Bob owns “analytics” for LeanTech Group. In this role Bob is point-person on:

  • Valuations (SaaS, freemium/premium, ad-driven, hybrid);
  • Current and Proforma (“what-if”) capitalization tables and waterfall analysis;
  • KPI dashboards for b2b, consumer: social/mobile/local (SoMoLo), and disruptive hybrid business models;
  • LTG’s “Liquidity Roadmaps” (LTG performs buy-side due diligence for founders, management team and/or investor and puts company on liquidity roadmap to dramatically increase enterprise value and prepare for actual acquirer due diligence down the road);

He has a passion for developing cutting edge financial applications proprietary to LTG. He has spent over twenty-five years refining his craft developing analytical expertise in Microsoft Excel and Visual Basic programming up to current real-time web-based platforms. As a CPA, he has a thorough understanding of the intricate relationships required to create interactive Financial, Valuation, Cap Table, Liquidity Roadmap, Portfolio Analysis, and Index models.

Bob has acted as CFO for several small companies, developed numerous operational applications (e.g. – payroll reporting, WIP tracking, customer inventory control, and insurance premium calculator), and been a registered principal in a security broker/dealer.

He is a member of the American Institute of Certified Public Accountants (AICPA) and the Wisconsin Institute of Certified Public Accountants (WICPA).

Bob has an undergraduate degree from the University of Wisconsin-Madison (Molecular Biology) and an MBA (Finance) from the University of Wisconsin-Madison Graduate School of Business.

Bryan Jurewicz, CEO Advisor

Bryan has a passion and track record for building businesses and executing strategies that achieve significant growth. He believes in leveraging a balance of entrepreneurial drive and leadership vision to successfully create impactful technology, assemble high-performance teams, and maximize shareholder value.

His experience is in lean startup environments with proven accomplishments in fundraising, directing agile development, managing P&L, and delivering ROI. As an early technology adopter with a desire to harvest business benefits from the digital revolution, Bryan has attained results in both complex and challenging environments.

By designing and marketing SaaS-based into an online construction communication network that connects over 500,000 contractors across North America, Bryan helped lead the effort to automate the construction industry. He built and directed from concept to industry leader before exiting the company with attractive returns for all investors.

He has seasoned leadership experience to generate impactful results, positive turnarounds, and fast paced success. Bryan thrives in positions where he can provide strategic direction, optimize business models, disruptmarkets, and apply his determination to achieve winning objectives. He serves in executive, co-founder, board member, investor, consultant, and advisor roles to help mold new ideas into revenue generating companies.