Houghton, MI – March 17, 2015 – Marilyn Clark, MTEC SmartZone CEO, recently announced the official development of a local angel network, Innovation Shores Angel Network LLC, designed to provide start-ups and high-tech U.P. companies in the early stages of development access to capital funds. Clark made the announcement March 16 at the Marquette Economic Club’s monthly meeting.
The angel network will be run by a Board of Managers consisting of seven individuals from across the central and western Upper Peninsula, with varied and extensive business backgrounds and a common interest to increase access to funds and connect expertise to promising start-ups. The purpose of Innovation Shores Angel Network is to help build the economic base of the Upper Peninsula through the growth of early to mid- stage companies, while providing network members above-market financial returns on their investments and time commitments. The Board anticipates 30 to 40 members will join the network, and will be required to qualify as accredited investors under SEC regulations.
“As technology advances, there is a greater need for start-ups to do research, testing and trials before a product is ready for market. This requires capital, which is hard to secure when you’re starting out,” said Clark. “The angel network will fill this need in the region for investment, with so many new companies that could use additional capital to grow.”
In addition to providing start-up capital, the angel network will provide business direction, mentoring and advice to entrepreneurs of new companies.
“This network is a great opportunity to attract new companies and investors to the region,” said Richard Anderson, a consultant working with MTEC SmartZone on connecting technology companies with capital and mentors. “New companies are looking for assistance in managing start-up challenges. The angel network will provide capital to these companies, enabling us to achieve our goal of helping startups grow and prosper and creating positive economic impact in the region.”
To learn more about the angel network email firstname.lastname@example.org call 906-487-7000.