Greenville developing 'angel investor' team
BYLINE: Rudolph Bell
BUSINESS WRITER
Greenville entrepreneurs may soon have another resource to help them start and develop new ventures.
Local business leaders are forming a network of so-called "angel investors" -- wealthy individuals willing to invest in startup companies and maybe coach and mentor entrepreneurs as well.
Such networks have been formed around the country, and there's been one in Charleston for several years. But until now, Greenville has not had one.
"If Charleston can have it, we can have it," said Tim Reed, a Greenville investor who is heading the effort.
Reed said he's invited 350 people to the initial organizational meeting, scheduled for Nov. 6 and 7 at the Westin Poinsett Hotel downtown. He said the meeting will include a cocktail reception and presentations from two local startup companies, CreatiVasc Medical and Selah Technologies.
Interested angels will also hear an expert on angel investing from the Kauffman Foundation, which promotes entrepreneurship across the country from offices in Kansas City.
To qualify as an angel, an investor must have at least $200,000 in annual income or a net worth of at least $1 million, Reed said. A startup company may raise anywhere from $1 million to several million dollars through an angel network, he said.
Reed discussed the organizing effort Friday during Clemson University Research Foundation's annual conference on biomedical entrepreneurship.
Reed said he hopes to include residents of the Cliffs Communities and The Reserve at Lake Keowee, high-end, golf course communities along the Highway 11 corridor that are drawing wealthy retirees and executives from around the country.
Drew Medlyn, economic development manager for the Greater Greenville Chamber of Commerce, said angel investors are often successful business leaders themselves and can help entrepreneurs not only with funding, but also with a network of advisors and resources.
"To be able to tap into that network of people from one entry point is very crucial," Medlyn said.
The effort, if it succeeds, would add to numerous resources developed in recent years for entrepreneurs in the Upstate and South Carolina.
Those include the Spiro Center for Entrepreneurial Leadership at Clemson University; SC Launch, an arm of the South Carolina Research Authority; and the Greenville Chamber's Next group for technology entrepreneurs.