I had the wonderful opportunity to take part in VLABs event at the GSB on Tuesday last week. The topic - Concept to CompanyThe panel included serial entrepreneurs Robert (Rob) Shostak, co-founder of Vocera, Srivats Sampath founder of Mercora and VCs Ann Windblad (Hummer Winblad Venture Partners) and Robin Vasan, Mayfield Ventures.

Robert was reporting about his endeavors starting Vocera. The innovative company went through 5 (!) separate rounds of financing. Rob admitted that he might have spoken to any VC in the valley during all these rounds. Vocera has developed a hand-free WiFi device and communication server that can be especially helpful in industries like retail and health care. The first round happened just be outlining the idea (where he indeed often used the Star Trek analogy). But only after the device was in the hands of VCs and first customers he really found raising money much easier. The company raised $35+ million during the years. Seems not much equity is left with the founders.

Having first trial customers and working prototypes is imperative for attracting VC money was Robin's experience. Srivat had only limited time to curry in his long experience in setting up companies and making them so successful many of them went public or have been bought. But you could hear the passion speaking about his new ventures. The audience turned silent suddenly as he described the fire in the founders' eyes of his latest investment in security technology.

The panel was moderated by Ann Windblad found of Hummer and Windblad Venture Partners. She is indeed a very talented speaker on her own.

In a related note you may also check this document The Coming Age of Unlicensed Wireless by Kevin Werbach (pdf) also mentioning Vocera and is giving a wonderful background on the possibilities in the unlicensed spectrum.