Tenex Greenhouse Ventures

By Janet Feldstein, John Glynn Jr.
2002 | Case No. E126
This case tells the story of protagonist Frank Ruderman and his evolution from entrepreneur to “traditional” angel investor and later to “innovative” angel or hybrid investor. The case introduces Ruderman’s investing group, Tenex-Greenhouse, and then tells the story of its creation. Ruderman began his career as a scientist turned business man, founding and/or running several biotech companies over the course of two decades. In the mid-1990s Ruderman began angel investing, as a founding partner of Tenex Medical Investors, a biotech-focused angel group. Ruderman later identified a need for a new model for angels, venture capitalists and entrepreneurs to interact. To address this need, he and his partners created Tenex-Greenhouse, a hybrid investing fund that brought together his angel network with two institutional partners. At the outset of the case, Ruderman is in conversation with an entrepreneur/CEO who is seeking funding from “the Greenhouse.” The case presents some details of the conversation (focusing on the relationship between the investors and the company) and of the company/CEO.
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