Grosvenor's strategy is to invest opportunistically in early and expansion-stage companies that have a sustainable, competitive advantage, address large markets, and present a clear business plan to become cash flow positive within 18 to 24 months. On occasion, we will provide seed or very early stage financing in exceptional situations, particularly where an entrepreneur has demonstrated past success or unusual creativity. Our team has decades of combined experience investing in and building successful companies. This experience, combined with our extensive and proprietary networks, enables us to better evaluate risks, source deals and add substantial value to the companies in which Grosvenor invests. We seek to maximize value to our limited partners by becoming active participants in a carefully selected portfolio of businesses. We are willing to be patient while we work closely with our portfolio companies to build strong and sustainable businesses. We lead in the majority of our investments, however, we often form syndicates and work with a network of like-minded venture capital firms. Grosvenor's investment activities and focus have provided investors with returns among the highest in the industry. Grosvenor seeks opportunities in industries which exhibit unusual growth opportunities (e.g. wireless, healthcare services and information technology services). In addition, we will invest in promising companies in emerging new industries such as next-generation wireless, security technologies, and labor force management in the defense/homeland security arena. We look for scalable business models that should not be overly capital intensive before the likelihood of successful commercialization can be demonstrated. Key to Grosvenor's strategy is our ability and willingness to lead early and expansion-stage deals. While there are always groups willing to follow a lead investor, there is often a shortage of lead investors, especially for early and expansion-stage technology companies in the mid-Atlantic. Grosvenor has the ability to respond quickly to these opportunities and form strong syndicates able to fund a company to success. Above all, we recognize that we must be opportunistic - there are exceptions to every rule. Our strategy depends on moving rapidly and creatively while forging strong bonds with like-minded entrepreneurs and investors.