Grand Angels’ formation of an affiliate investment group in Detroit brings more capital and investors into the field to support startup companies in Michigan.
Michigan has more angel investors than ever who invest in startup companies, but Skip Simms believes that’s still not nearly enough.
Angel investors offer a potential option for an entrepreneur behind an innovation or startup business who needs capital to take off. Michigan now has 10 angel investment groups, including Muskegon Angels and Holland-based Grand Angels, which this summer formed an affiliate in Kalamazoo, Ka-Zoo Angels, and looks to add others around the state. The 10 groups combined had more than 340 members at the end of 2016. MiBiz spoke with Grand Angels President Tim Parker about what angel investors seek in an investment prospect and the advice for startup companies that may be considering an angel investment.
More than 130 startups sought capital this year from a state-backed fund, far exceeding expectations and serving as another example of the need for funding at the earliest stages of the capital continuum.
With the formation of an affiliate angel investment group in Kalamazoo, Grand Angels has taken the first step toward possibly creating a handful of similar arrangements statewide.
Tim Parker wasn’t actively looking for a new opportunity when he came across a LinkedIn posting that intrigued him.