Newport Firm on Venture Capital Network

Innovative Device Technologies Inc., a Newport Beach-based company, is the first firm in the nation to be listed on a government-sponsored Internet venture capital system. The company is looking for $2 million to develop its Internet Surf Pad, a device that combines the features of a mouse and a keyboard in one unit. By listing itself on ACE-Net, the Angel Capital Electronic Network, the firm’s offering can be viewed by private investors hooked up to the system. About 300 investors will soon be online on ACE-Net, said Tiffany Haugen of Accelerate Technology Small Business Development Center in Irvine, which administers the free program. ACE-Net was devised by the Small Business Administration to link companies with private investors. The Web site is https://ace-net.unh.edu. An informational meeting about the system will be held from 6 to 9 p.m. April 22 at the Westin Hotel in Costa Mesa.