Board Members

Shoshana Loeb, PhD.

Ms. Loeb is an executive, a leader, an inventor and an entrepreneur with a proven track record in creating, operating and growing innovative technology organizations and businesses. Currently, she is an Executive Director at Telcordia Technologies (formerly Bell Communications Research) in Piscataway, NJ in their Advanced Technology organization responsible for the development of new product lines and business opportunities for wireless and information intensive applications that address the long-tail of commerce.

Loeb served as an Executive in Residence at Murex Investment – a New Market Venture Fund in Philadelphia, PA, advising the Fund Managers and Investment Committee and Board on investment opportunities and investment models.

Loeb was the founder and CEO of Elity Systems, Inc. Somerset, NJ. She transitioned the company from an early stage business to a focused and thriving entity. The company developed and built a very high speed temporal event triggering software product and quickly acquired market share with marquee customers such as Fidelity Investments, Staples and SunTrust. Raised $17M in two over-subscribed rounds of financing and worked with the Board through several leadership changes. As a Chief Executive Officer of the company, Shoshana directed Elity through particularly challenging economic times in IT to deliver both sustainable financial results and a company that is recognized as a world-class leader in its market space.

Loeb headed the Internet/Information Technology business unit at Bell Communications Research from 1989-1999. The organization invested in, developed and deployed innovative technologies in all areas of next generation telecommunication networks, network evolution, Internet services, wireless applications, and security technologies. Loeb developed new business concepts for the company and launched other lines of business and a business unit to commercialize new technologies and extend competitive advantage to legacy product lines. Her customers included internal product and consulting groups, and the regional phone companies including Bell South, Pacific Bell, and South Western Bell.

Loeb is the author of three granted patents, two pending patents, over fifty publications and has received numerous industry awards.

She holds a PhD. in Mathematics from the Weizmann Institute of Science, Rehovot, Israel (with honors) and was a Post Doctoral Fellow at Yale University in New Haven, CT.

David J. Freschman

David J. Freschman, MBA, CPA has served as the President and CEO of the Delaware Innovation Fund since its establishment in 1995. The Fund is a seed and early stage venture capital fund that focuses on entrepreneurial ventures in the Mid-Atlantic region. Mr. Freschman has been responsible for all aspects of the Fund's management since its inception, including the business strategy, fiscal and operational management, raising investment capital, and evaluating all investment opportunities and portfolio company management.

During the Fund's first year of operations, it was recognized as one of the "Four Best Models in the Nation" at the annual meeting of the National Association of Seed Venture Funds. In 2001, Mr. Freschman was appointed by Gov. Ruth Minner to chair the venture capital study of the state's Strategic Economic Council. In December 2001, the American-Israeli Chamber of Commerce presented to Mr. Freschman a joint citation from the Israeli Ambassador and the Mayor of Philadelphia for his economic development work between the Israeli technology community and the region. In 1998, the United States Small Business Administration awarded Mr. Freschman the financial Advocate of the Year Award for his activities in Delaware.

Mr. Freschman is active in the venture and entrepreneurial communities, sits on a number of Boards, and has been a lecturer on such topics at The White House Conference on Small Business, The Wharton School of the University of Pennsylvania, Temple University, the University of Delaware, Goldey-Beacom College, and Loyola College in Baltimore.

He is the creator and founder of Early Stage East - the premier early stage venture capital fair on the East Coast of the United States. Mr. Freschman was appointed and served a three-year term representing New Castle County, Delaware on the Small Business Advisory Council of the Federal Reserve Bank of Philadelphia.

Prior to establishing the DIF, Mr. Freschman was responsible for the formation of the corporate finance advisory division of McBride Shopa and Company, one of the largest certified public accounting and consulting firms in Delaware. He assisted clients in all financial, strategic, and tax aspects of business acquisitions ranging in size from $500,000 to over $10 million. Mr. Freschman began his career with the Enterprise Group of the Philadelphia office of Arthur Andersen, LLP, from 1984 through 1989.

Mr. Freschman graduated with honors with an MBA from Loyola College of Maryland and cum laude from the University of Delaware with a B.S. in accounting, where he was a John B. Lynch Scholar. He is also a member of Beta Gamma Sigma - the National Honor Society.

Joel Steiker

Joel Steiker, Partner, Murex Investments I, L.P. was the principle architect, fundraiser and developer for the Murex New Markets Venture Capital Fund. Through Delaware Valley Management, his responsibilities include managing existing portfolio companies, sourcing deals and reviewing new investments. He also has supervised all Murex Community Development Financial Institution (CDFI) activities since 1998, including new fund development, business development and Operational Assistance provided through the New Markets Venture Capital program.

Mr. Steiker has more than twenty years of experience structuring and securing financing for middle-market and small leveraged ESOP transactions in a wide variety of industries. His publications include "Community Development Corporations, New Ventures, and Urban Economic Development Strategies" published in the Journal of Employee-Ownership, Law and Finance.

Mr. Steiker earned his MBA in Finance from the New York University Stern School of Business.