Agency Employ & Econ Development Dept

Contractor Bioscience Business Development

SWIFT Contract Number SC 34122

Project Name Proj B22MNAGECONBD

Project Number (if applicable) {Empty}

Summarize purpose of the contract, including why it was necessary: Mr. Bianco agrees to serve as an observer to a designated company’s board and provide services to the State through written reports and presentations that will summarize the following activities:

• Monitor and evaluate business and financial performance of selected business
• Complete an independent evaluation and financial analysis including a firm’s technology risks, marketability, resulting valuation and intellectual property position protection.
• Analyze capacity of the firm’s management/investors.
• Other information important to measure company’s performance to protect the state’s investment.

These services could not be done by state employees.

Project Duration

Start Date Tue, 10/04/2011 - 00:00

Original end date Mon, 09/30/2013 - 00:00

Actual end date Fri, 08/01/2014 - 00:00

Did project finish on time? Yes

Total billable hours utilized (if applicable) 280

Contract Amounts

Original contract: $30000

Amendments $10000

Contract total $40000

Did project finish within budget? Yes

What was the funding source? MN Ag and Eco. Devel. Board

Is this a sole source contract? Yes

If this was a single source contract, explain why the agency determined there was only a single source for the services (if applicable) Mr. Bianco assisted the Ag Board by providing expert consulting advice on pending financial assistance to a bioscience start-up and assisting the development of two loan terms sheets. One the funding for the start-up company was approved, his unique expertise on bioscience technology allowed him to participate on the company’s board not only as an observer, but an actual contributor. This combination of institutional knowledge of the state two transactions with this company, firm and board relationships, and overall industry knowledge is essential to protect the state’s investment and could not be provided by another individual or firm.

Evaluator Name Bob Isaacson

Evaluator Email Address Bob.Isaacson@state.mn.us

Evaluate the contractor's timeliness Work was regularly produced in a timely manner

Evaluate the contractor's quality Provided the information in a qualify and format that was useful

Evaluate the contractor's cost Would like to pay less, but the market rate for this type of service is even higher than what the contractor charged. We are happy with cost

Evaluate the contractor's overall performance Excellent

Would you engage the contractor's services again? Yes

Describe any negative action taken during the duration of this contract (i.e., termination, pursuit of suspension, etc.): {Empty}

Please rate the overall experience with the contractor 5 - very satisfied