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Angel fund to focus on women and minority businesses
Angel fund to focus on women and minority businesses
By Joe Vanden Plas • 05/09/06
Madison, Wis.
- Amid reports that high net worth women
represent a largely untapped source of capital for start-up
businesses, Wisconsin's first angel fund focusing on investments in
women and minority-owned or managed businesses was officially
launched at the State Capitol.
The Wisconsin Women's Angel Fund, announced by members of the
women-led Phenomenelle Angels Fund, will initially make available
$2.3 million in capital to early-stage companies, and its eventual
goal is to have $10 million in the fund.
Wisconsin-based companies will be the first priority, but
investors also may look for worthy investments elsewhere in the
Midwest.
Madison attorney Joe Hildebrandt, legal counsel for the
Phenomenelle Angels Fund, said investors are conducting due
diligence on two Wisconsin companies that may secure the first
investments from the Women's Angel Fund.
"I would say it would probably take a few weeks yet," he said of
the investors' timetable.
Lorrie Keating Heinemann, secretary of the Department of
Financial Institutions, said the Women's Angel Fund fills an
important gap in the investment stream for entrepreneurs, and
provide capital and access to mentors who are experienced
entrepreneurs and investors. She noted that an April 28 report
issued by the Ewing Marion Kauffman Foundation, which promotes
entrepreneurship, said there are only six women angel networks in
the entire country, and only 8 percent of all angel investments
made in 2005 included women angel investors.
Heinemann believes that having a diverse group of
decision-makers in the boardroom or in an angel network provides a
receptive audience for entrepreneurs with innovative business
ideas, which will stimulate job creation in Wisconsin. "Realizing
our state's potential requires higher growth rates, including among
women entrepreneurs," said Heinemann, who chairs the Wisconsin
Technology Council's Angel Advisory Committee.
The Kauffman Foundation report, titled Women and Angel
Investing: An Untapped Pool of Equity for Entrepreneurs, said
of the estimated 225,000 active angels, no more than 8 percent are
female. Those angels invested $23.
1 billion in nearly 50,000
entrepreneurial deals in 2005, according to the Center for Venture
Research at the University of New Hampshire.
The total number of women angel investors, the report said, is
smaller than women's collective wealth, education, and experiences
suggests is possible. "Considering that women's financial power and
wealth have grown in the past 20 years - approaching half of the
nation's net worth - it appears women are under-represented in this
type of investing and that we are missing an opportunity for new
investments and perspectives," said Carl Schramm, president and CEO
of the Kauffman Foundation.
In Wisconsin, angel investors have access to tax credits under
Act 255, which established the Wisconsin Angel Network (WAN).
The
act is credited with increasing the number of angel networks and
angel investments in the state. Angel investors claimed all of the
available 2005 tax credits ($3 million), which resulted in
investments totaling $15.5 million in qualified new business
ventures. Overall, angel investing in Wisconsin in 2005 exceeded
$19 million, according to a report by NorthStar Economics, Inc.
State Commerce Secretary Mary Burke would like to double the
available tax credits in the next biennial budget, but that depends
largely on the state's fiscal situation.
Early-stage women and minority owned companies interested in
attracting angel funding could post a 1,000-word executive summary
on their business on the WAN web site, which promotes deal flows.
"Member investors are automatically notified of the executive
summaries," said Joe Kremer, director of WAN.
[ Comment, Edit or Article Submission ]
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