WUTIF BOARD of DIRECTORS
Michael Volker (2003 – present) has been working with technology startups since 1981 when he sold his first company, one of the University of Waterloo’s first spin-off ventures, Volker-Craig Ltd. In addition to being an active angel investor, he founded BC/ASI’s Product Development Fund (a seed fund), served on the Board of Seed Management’s very successful Seed Fund and in 1999 established Vancouver’s Angel Technology Network, VANTEC, that has raised millions of dollars for various B.C. ventures. He’s also a founder, and past Chairman, of NewVenturesBC and former Director of Simon Fraser University’s Innovation Office.
Gordon Skene (2003 – present) is an investor in, and director of, numerous technology ventures. He founded Future Fund Capital (VCC) Corp and was Director of Corporate Finance at MacMillan Bloedel Ltd and President of Norsat International. He holds degrees in Science and Business from the University of British Columbia.
John Robertshaw (2018 – present) has a BSc in Land Management from De Montfort University (UK) and was a member of the Royal Institute of Chartered Surveyors (MRICS). After University he worked for 20 years in London for a variety of Real Estate Companies and then establish his own investment and development company. He moved to Vancouver in December 2004 and has completed nearly 1m sq ft of industrial development in partnership with a local occupier and Vancouver Fraser Port Authority. At the same time he has been an active angel investor in many local companies; including Avigilon, Daiya Foods, X-Biotech, Terramera, Phytonix Corp and many more. He was co-founder and Chairman of local software company Stage 3 Systems inc from 2011 until 2016, which specialized in software for the shipping industry.
Kirk Hamilton (2019 – present) is an active Angel Investor in a variety of BC based start-up businesses and as an investor member of WUTIF Capital and E-Fund (VANTEC Entrepreneur’s Fund) Angel funds. As an Executive-in-Residence for Innovate BC, he coaches entrepreneurs of the BC Venture Acceleration Network. Prior to taking on a coaching role, Kirk took on CEO assignments to transform a number of public and private technology companies from a loss position to profitability. During his career, the scope of his assignments ranged from the repositioning and turnaround of a global provider of smart card equipment and software solutions, NBS Technologies Inc, to major telecom start-up operations with leading wireless technology for BCE and others, to turnarounds of manufacturing operations within GE Canada. Currently, through personal engagement with client businesses of his firm Élan Tactical Management Inc., he leverages business and management experience to assist companies ‘scale-up’ …improve market growth, productivity and cost performance.Kirk is a graduate of Electrical Engineering from McGill and received his MBA from the Rotman School of Business at University of Toronto. He is a member of the Institute of Corporate Directors and trained in Board Effectiveness for Small and Medium sized businesses.
Jacquie Lovelock joined the board at the 2024 AGM. She has over 30 years of experience in the financial industry, Jacquie has a proven track record of supporting, investing in, and advising business owners across various sectors. As an angel investor for more than 35 years, she has successfully raised capital for both public and private companies, crafted business plans, and strengthened strategic planning and governance. In her current role as Principal of Family Governance at TD Wealth Family Office, Jacquie specializes in helping high-net-worth families establish structures that ensure the long-term management of their wealth. She provides expert guidance on family values, communication, conflict resolution, and succession planning, tailoring solutions to the unique needs of each family. Jacquie’s deep expertise in governance, combined with her experience in investment and entrepreneurship, make her a valuable addition to the WUTIF board, where she will help shape the strategic direction of the fund while supporting the growth of innovative ventures in BC.
MANAGEMENT
The day to day operation of the FUND will be managed by WUTIF Management Corporation acting as Manager of the Fund. Michael Volker serves as the Manager’s President and the Fund’s CEO. Aaron Stuart is Chief Operating Officer responsible primarily for due diligence on prospective investees.
Aaron Stuart started working with WUTIF in 2017 as a Due Diligence Analyst on a part-time basis and assumed a full-time position as COO, in October 2022. Prior to joining WUTIF in October, Aaron sat on the other side of the table at a FinTech startup called FrontFundr – an investment crowdfunding platform built to democratize the private markets for all Canadians. At FrontFundr, Aaron helped develop the initial due diligence process, oversaw the creation of the platform and managed the operations of the business. Aaron brings over 8 years of private markets experience and has a passion for supporting mission-driven founders of game-changing innovation.
Bruce Schmidt has been a director of WUTIF from 2005 to 2024 and continues with WUTIF in an advisory role. He is a Vancouver-based management consultant focusing on technology start-ups, corporate development and corporate restructuring within the life-sciences sector. Bruce was a founding director of Genome British Columbia in 2000 then went on to co-found GenomeDx Biosciences in 2008. He has served as a director and officer for a number of high-tech and biotech companies in Canada and is past-Chairman of both the Life Sciences and Nanotechnology industry organizations in British Columbia. Bruce is currently CEO and Director of Carrus Capital Corp., Director of the WUTIF angel fund and CFO and Director of GreenAngel Energy. His community interests include being a Director of the BC Mental Health Foundation, a final juror for the New Ventures BC Competition and a mentor to the Student Biotechnology Network.
MANAGEMENT FEES
The Fund Manager is compensated primarily on performance. Unlike the traditional 2%/20% Venture Capital model, whereby an annual 2% to 3% fee is charged on net assets, the Fund Manager has waived this fee. In the years before 2017, the Fund Manager was paid a discretionary, board determined, annual fee (less than 0.5%). Since 2017, portfolio companies have been maturing on a regular basis thereby providing management payouts based on performance. The Fund Manager’s contract states that 20% of any gains in a portfolio company will be paid as a performance fee provided that the portfolio company has exceeded a 10% annual compound rate of return. There is no offset for companies that fail or produce less than a 10% IRR. This is in lieu of the waiving of annual standby fees. The Fund Manager shares a portion of the performance fee with directors and others who contribute their time to specific ventures.
ADVISORS
WUTIF intends to rely in its extensive network of mentors and advisors to assist in assessing new investments and in monitoring and managing its investments.