A public-private partnership plans to launch a new web portal this summer aimed at better connecting Minnesota startup companies and angel investors.
The
Minnesota Angel Network is the result of two years of planning by the BioBusiness Alliance of Minnesota and several partner organizations, all stemming from a recent report that identified a need for better "full-spectrum" funding opportunities for growing companies in Minnesota.
The network won't be funding companies, nor will it be making recommendations about what companies deserve investment. Instead, it'll be a clearinghouse of standardized information about startups seeking money.
"Although there are investors throughout the state that are looking for deals, there's no single resource or single access point where they can find quality deals. They can only find the ones that are in their own network," says Todd Leonard, director of the Minnesota Angel Network.
The goal is to standardize a process to help entrepreneurs prepare and organize all of the information that investors are going to expect from them. They'll enter summaries and business plans into a standardized format, and then have them reviewed by mentors to make sure all the pieces are in place.
Once a startup's information is ready, it will be added to the network. Certified investors will then be able to anonymously view summaries of any company in the system. Confidential or proprietary information about a company can be stored in the system and only revealed to specific investors with permission.
While the project is being initiated and hosted by the BioBusiness Alliance, it's meant to serve startups and investors in all industries, not just bioscience. The site is currently being beta tested and is scheduled to be up and running by the middle of this year, likely in July.
Source: Todd Leonard, Minnesota Angel Network
Writer:
Dan Haugen