photo-dave-1David J. Freschman, MBA, CPA

Managing Principal


David J. Freschman, a leading voice of emerging business, is one of the most highly regarded and influential venture capitalists in the nation. With over 20 years of expertise in the venture and early stage businesses, David’s work ranges from his head position at Innovation Capital Advisors, LLC., to single handedly guiding 30+ portfolio companies to financial stability and smart investment funding.

Presently, David is the Managing Principal of Innovation Capital Advisors, LLC., (ICA), a management company for two leading Mid Atlantic based venture capital firms, Innovation Ventures LP and The Delaware Innovation Fund. Under his tutelage, ICA has become a leading early-stage venture capital management firm investing in rapidly growing businesses across the country. In addition, David is the founder and chairman of Early Stage East, the largest venture conference for promising young companies on the East Coast, ARC Angel Fund, the leading member managed and fastest growing angel fund based in NYC, and FashInvest, the first global platform bringing together fashion-based start-ups with leading investors and critical advisors.

David began his career as a CPA and was responsible in 1990 for the formation of the corporate finance advisory division of one of the largest certified public accounting and consulting firms in Delaware (now part of BDO) where he advised hundreds of emerging companies in the region. He began his career with the Enterprise Group of the Philadelphia office of Arthur Andersen, LLP, from 1984 to 1990.

David has served on various boards of directors of companies including Foxfire Printing and Packaging, Business Intelligence International, Skill Survey, Smart Button, Sidecar Technologies, Careerminds,, Weather Trends 360, and Maverick Network Solutions, among others. He is also dedicated to his community, having served on the boards of the Kutz Nursing Home, New Castle County Chamber of Commerce, Junior Achievement of Delaware, Delaware Society of CPA’s, and the American Israel Chamber of Commerce, among others.

David is an active speaker and lecturer in the venture capital and emerging business communities at leading universities and conferences such as the White House Conference on Small Business, The Wharton School of the University of Pennsylvania, Temple University and University of Delaware, along with, the Funding Post, Womensphere, Astia and Bootstrapper Conferences. In 2000, David was appointed to a three year term with the Philadelphia Federal Reserve Bank as a member of the small business advisory council representing one of 12 counties within the region. In 2002 and 2003, David served as the entrepreneur in residence for Temple University’s Fox School of Business.

David is a licensed CPA with a MBA from Loyola University of Maryland and a BA in accounting from the University of Delaware, where he graduated from both Universities with honors. Continuously “paying it forward”, David is an adjunct professor to the Graduate School of Business students at LIM College in New York City, who refer to him as “D.J. Fresch”, a nickname that has stuck with him along his journey.

With more than two decades of expertise behind him, David is the quintessential example of what can be achieved with unrelenting hardwork and perseverance. An old school VC with new-age ideas, David’s contributions will set the stage for the next generation of entrepreneurs, venture capitalists and business professionals.



Pat FoleyPatrick J. Foley, Jr., Ph.D.



Dr. Foley is a Principal of Innovation Capital Advisors, LLC (ICA). ICA serves as the management company of Innovation Ventures, L.P. (IV), and the Delaware Innovation Fund (DIF), a state and community sponsored economic development venture capital firm. He is the founding chairman of the DIF and served as its Board Chair for five years.  Dr. Foley joined the ICA as a member of its senior management following his retirement after 32 years with DuPont. Dr. Foley’s last position with DuPont was President-New Businesses, DuPont iTechnologies. In that position, Dr. Foley managed DuPont’s business creation efforts in new types of displays, holographic materials, advanced photoresists, portable power supplies, and photonic materials. Prior to that position, he was Global Managing Director of the Corporate New Business Development Division for 12 years. Earlier, Dr. Foley was the Managing Director of several of DuPont’s major global polymer businesses.  

Dr. Foley has served on various Boards of Directors of companies including Maxion Technologies, K-Technologies, Qualicon, DuPont DePuy Orthopaedics (where he served as Chairman), DuPont-Air Products Nano Materials, Perceptive Systems and Qoro.  He is a board observer at Inspired Technologies, Nanocomp Technologies and Centice Corporation.  Dr. Foley is also a founding board member of Biostrategy Partners.  Dr. Foley is a frequent speaker on entrepreneurship in the US and the Far East.  His is a frequent speaker at universities such as Princeton, Villanova, Temple, St. Peters College and the University of Delaware. He received his Bachelor’s degree in chemistry from Saint Peter’s University, and M.S. and Ph.D. degrees in chemistry/biochemistry from Princeton University. He served as a Captain in the U.S. Army Ordnance Corps,  Army Materiel Command, during the Vietnam era. Dr. Foley was an active member of the National Ski Patrol.

photo-mike-1_1_Michael J. Kelley

Venture Partner


For more than 13 years, Michael Kelley has been executing and managing principal investments in venture capital and real estate. He is the founder and principal of Formation Capital, Inc. (“Formation”), which currently manages in excess of $50 million in equity invested in 30 investments.  Formation’s venture portfolio includes Foxfire Printing and Packaging, iProcess Online and Performance Systems Development. Formation also manages investments in multi-family developments utilizing the Low-income Housing Tax Credit. At Formation he personally developed an online fund management system that allows all stakeholders to collaborate, upload or access information based on permissions.  

Prior to Formation, Mr. Kelley was a principal with HK Special Situations Group, where he provided advisory services to the US Small Business Administration regarding a troubled Small Business Investment Company. He was also a principal with GSA Management and with Intrust USA. At Intrust he was responsible for raising and investing 4 real estate tax credit funds and one venture capital fund. In addition to serving as the Chairman of the Board of Directors of the Delaware Innovation Fund, Mr. Kelley sits on the boards of Foxfire Printing, Early Stage East, and the Metropolitan Wilmington Urban League. Mr. Kelley received his BA degree in History magna cum laude from the University of Delaware.


pedroPedro Moore

Operations Manager


Pedro Moore joined Innovation Capital Advisors in 2010 with a background in entrepreneurship, retail management and marketing.  He is responsible for deal flow tracking and communication with limited partners and portfolio companies for Innovation Ventures, LP and Delaware Innovation Fund.

Prior to joining Innovation Capital Advisors, Mr. Moore was an Assistant Manager for Wal-Mart Stores, Inc.  He was a Customer Service & Sales Associate as HSBC Bank and Co-Founded, The coIN Loft, Delaware’s first coworking space for entrepreneurs.

Mr. Moore graduated from University of Delaware with a B.S. in business administration with a focus in marketing & management.  While a senior on campus he also founded University of Delaware’s Entrepreneurship Club enabling students from all majors to learn about entrepreneurship.