| Montana Angel Investor Network Initiative Takes Wing |
07/10/2008
Preview:
Entrepreneurs play an increasingly important role in Montana’s economic development because entrepreneurs drive business innovation across all sectors. Governor Schweitzer recognizes that entrepreneurs in Montana face many common challenges, including developing business acumen and making connections with experts and mentors. But often the greatest challenge is raising capital. Angel investors are stepping in to fill the gap for many startups with emerging technologies that are frequently viewed as too risky for banks and other financing.
Article:
Entrepreneurs play an increasingly important role in Montana’s economic development because entrepreneurs drive business innovation across all sectors. Governor Schweitzer recognizes that entrepreneurs in Montana face many common challenges, including developing business acumen and making connections with experts and mentors. But often the greatest challenge is raising capital. Angel investors are stepping in to fill the gap for many startups with emerging technologies that are frequently viewed as too risky for banks and other financing.
“Montana is ripe for this initiative” says Evan Barrett, Chief Development officer for the State. “We have more and more high net worth individuals willing to invest locally and we are seeing an ever increasing growth in entrepreneurial activity in bio science, energy and information technology.”
Liz Marchi, Fund Coordinator for the Frontier Angel Fund, Montana’s first organized angel fund, will be working with the Governor’s Office in this effort. The goal over the next 12-15 months will be to provide education about angel investing to public officials, economic development professionals, business leaders and accredited investors. The expectation is that Montana will begin to build a more formalized network of sophisticated angel investors.
Collaboration with Montana’s University system and business schools will be critical to the effort. The curriculum materials and instructor will be provided by the Angel Capital Association in association with the Kauffman Foundation, the largest foundation in support of entrepreneurship in the US. Bill Payne, a part time Montana resident and seasoned angel investor is scheduled to be the lead instructor for the seminar series. Seminars are scheduled for Missoula, September 25th, Billings, November 11th and Great Falls and Helena in March, 2009.
Expectations are that strong private sector partnerships will be formed for sponsorships of community seminars. The Montana Department of Commerce, Dorsey & Whitney Law Firm, University of Montana Business School, MSU –Billings College of Business and Glacier Venture Fund have already signed on as sponsors.