Press Release
Tuesday, 05 January 2010 13:56
West Virginia Investors Forming “Angel” Network Fairmont, WV –
A group of investors has joined together to form the West Virginia Angel Network (WVAN), an organization of individuals who make high-risk, potentially high-yield investments in start-up companies. The term “angel” refers to high-net worth individuals who invest in and support start-up companies.
The formation of the WVAN, which currently includes15 founding members, coincides with the launching of their website, www.wvangel.net, which may be accessed by both investors and entrepreneurs who are looking for additional information about the WVAN.
According to Bob McLaughlin, President of the I-79 Development Council, beginning in January 2010 he and Ron Basini, WVAN Consultant, will hold regional meetings with community leaders in eight West Virginia cities with a goal of identifying potential investors who may be interested in joining WVAN. Meetings are being planned in Charleston, Huntington, Beckley, Parkersburg, Wheeling, Martinsburg, Fairmont, and Flatwoods, and may be extended to other communities.
McLaughlin stated that “We will be contacting community leaders, such as bankers, attorneys, certified public accountants and other professionals to assist us in identify potential angel investors throughout West Virginia. Our goal is to invite approximately 50 additional investors to become the founding membership of the network.”
Over the past 15 to 20 years, the number of angel organizations in the United States has increased from an estimated 10 to more than 200 groups. “This growth has occurred because individual investors found many advantages to working together, such as better investment decisions, enhanced deal flow, and the ability to combine their funds into larger equity investments and group social attributes,” he explained.
WVAN encourages applications from start-up and early stage companies headquartered in West Virginia. Decisions on investing is done on an individual basis and is based on a wide-range of criteria, including companies that have high-market growth potential, an experienced and talented management team, and a national or international customer base; others that have an in-place management, some sales and revenue, employees, and a working understanding of their market and competitors.
Ron Basini said companies looking for investment assistance should have an exit strategy within four-to-seven years of investment, a business proof-of-concept via customer sales commitments, and investments typically in the $250 thousand to $500 thousand range.
The initial submission of the application to final negotiation of investment terms could take anywhere from three to five months. Anyone interested in applying or learning more about the West Virginia Angel Network should visit our web site at www.wvangel.net.