Minnesota entrepreneurs may get some of their funding prayers answered, thanks to the launch of the
Minnesota Angel Network (MNAN).
MNAN notes that it's a unique educational program for entrepreneurial companies that are looking to raise investment capital, as well as a connection point for investors looking for innovative companies. The typical business that will be boosted by MNAN will be one seeking to garner between $50,000 and $4.5 million, and will be in a high-tech or knowledge-based industry.
Designed as a first stop for entrepreneurs looking for investments, MNAN helps to prepare them for the rigors of fundraising--aid that the group believes will save valuable time and resources on both sides of the investment table. Candidate companies go through an evaluation process, and if they're deemed suitable for the program, they're launched into a rigorous training regime provided by up to eight advisors. The education process takes between 60 to 90 days, putting a candidate company on a fast track for investment.
The hotly anticipated MNAN is helmed by Todd Leonard, who's raised more than $50 million in equity for startup companies in the past. An angel investor himself, Leonard has held executive roles at companies in the construction and pharma industries, and has shared his insight on technology transfer processes as a consultant for government agencies.
The debut of MNAN is likely to be welcomed in the state, which has been experiencing increased vigor in its entrepreneurial efforts lately. And after all, who couldn't use a few more angels on their side?
Source: Minnesota Angel Network
Writer: Elizabeth Millard