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Startups seek help of angels(Stamford Advocate, The (Stamford, CT) (KRT) Via Thomson Dialog NewsEdge) Sep. 23--Nearly 150 entrepreneurs, venture capitalists and service providers came together in Stamford on Thursday at a session to educate wealthy individuals about becoming early investors in a fledgling business -- so-called "angel" investors. Angel investors, who typically invest $500,000 to $1 million into a new business, have a role, because venture capital groups prefer to invest larger amounts into young companies with a more established record of success, said Michael Roer, executive director of the Connecticut Venture Group in Fairfield. CVG hosted the event at the Stamford Marriott. "This event allows entrepreneurs to get inside the head of investors. We run about 20 events a year all around the state," Roer said, adding that after a lull of several years venture capitalists are beginning to invest again. About 50 percent of the participants on Thursday were entrpreneurs, Roer said, and another 15 percent were investors. Among entrepreneurs hoping to connect with an investor was Laura Malone, chief of strategies and operations at Artificial Cell Technologies Inc. in New Haven. "Our company exists because of angel investors," Malone said. "We're seeking $2 million to conduct testing. We have pledges for about half that amount." Artificial Cell Technologies is a biomedical nanotechnology company developed to commercialize biotechnology for creation of an artificial cell. Startup life sciences and information technology businesses are favorite targets of venture capital investors in Connecticut, Roer said. Amber Pirtle, business development manager of strategic products and background screening at Kroll in Nashville, Tenn., manned a booth. "We do due diligence for the investment community. We decide if (a company) is a good sponsorship opportunity," Pirtle said. Law firms, like Murtha Cullina in Stamford, an event sponsor, protect a young company's discoveries. Attorney Paul Edelberg said other members of the firm were attending the event because of CVG's prominence. "The CVG is the premium venture capital association in New England," he said. "It provides great opportunities for companies and investors to come together." Copyright (c) 2006, The Stamford Advocate, Conn. Distributed by McClatchy-Tribune Business News. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |