They’re No Longer Angels: CEO Emeritus Club Folds
The CEO Emeritus Club, hailed at the time of its founding two years ago as the region’s premier angel network, is no more.
The Emeritus Club, formed by some of Orange County’s biggest executive names, did not make an investment during its existence and ceased operating officially in 1998, said Gary Liebl, Emeritus Club co-founder and former chairman of QLogic Corp.
Liebl said group members backed away from the venture because of the time commitments it entailed. “It became apparent that running an angel group was not consistent with our personal goals,” Liebl said. “We wanted to be involved in the business world without making the kind of commitment to starting a new angel group. We wanted balance in our lives.”
Angel investors and angel networks invest $50,000 to $2 million in early-stage companies.
Members of the Emeritus Club met monthly for about six months and evaluated about 100 business plans before disbanding, said co-founder Safi Qureshey, former CEO and chairman of personal computer manufacturer AST Research Inc. He said the Emeritus Club lacked the wherewithal to perform rigorous due diligence on companies seeking capital.
“For us to move forward we would have needed an office, staff and full-time support,” he said.
Emeritus members continue to meet informally about every three months. Individual members have on occasion invested in deals together, Qureshey said.
In addition to Liebl and Qureshey, members included Roger W. Johnson, retired chief executive of Western Digital Corp.; AST co-founder Albert Wong; and Carmelo J. Santoro and Isaac “Zak” Kong, fixtures in Orange County’s high-tech community.
But another Orange County angel network has been launched. The Tech Coast Angels, which now has 89 members and counting, has invested $6.8 million in 10 Southern California start-ups.
