People often ask me, “what’s the difference between a venture partner and an entrepreneur in residence (EIR)”? Patrick Lor joins the iNovia team as an EIR as of this month, so I’ll use Pat’s work with iNovia as a case study to address this question.
Pat has been a venture partner with iNovia for some time. Venture Partners are individuals we work with to expand the areas in which our fund can competently invest. They’re usually repeat entrepreneurs with whom we have longstanding relationships, and are often active angel investors in the areas in which our funds focus. As with Pat, they’re generally also investors in one or more of our funds, which assures an alignment of interest. Most Venture Partners are otherwise fully employed so we need to be judicious with our demand on their available time; this often means including them in diligence with a company only after it has been fully screened. In some cases, our venture partners will invest in companies we’re looking at along-side the fund, and occasionally the companies will leverage their expertise by bringing them onto the board of directors.
To read the original article: What is an Entrepreneur In Residence (EIR)? | iNovia Capital
