New Southern Indiana investment group begins hearing entrepreneur presentations
June 1, 2011
NEW ALBANY, Ind., and LOUISVILLE – A new angel investment group geared to help create jobs and stimulate economic development in the Kentuckiana area is hearing entrepreneur presentations for possible investment.
The INnovation Angels will provide access to seed capital, ongoing strategic assistance and operational support for entrepreneurs. Entrepreneurs can visit the INnovation Angels website at https://angelsoft.net/angel-group/innovation-angels-llc to submit their business plans for investment consideration.
There are 12 members of the group, which includes eight accredited investors and four affiliate members from Purdue, Indiana University and IU-Southeast.
"We realized there were several people of significant wealth in the area who had an interest in making investments that could also help grow our local economy," said Larry Mand, one of the group's managing founders. "Our goal is to help promising early-stage companies, particularly those located or interested in locating in Southern Indiana or the Louisville region."
Members of INnovation Angels include successful entrepreneurs, top executives from area companies, venture capitalists, academicians, analysts and policymakers. INnovation Angels charter members have founded or lead some of the best-known businesses in the region.
"Our economy needs the innovation and fresh ideas entrepreneurs provide," said Paul Moses, another co-founder and director of the Purdue Technology Center of Southeast Indiana. "As an incubator manager and consultant who works with high-tech entrepreneurs every day, I'm thrilled to see another source of early-stage investment added to the region's portfolio."
Investments in many fast-growing Indiana companies are eligible for the Indiana Venture Capital Tax Credit. The program offers individual and corporate investors incentive to invest. Managed by the Indiana Economic Development Corporation (IEDC), angels who provide qualified debt or equity capital to Indiana companies can receive a credit against their Indiana income tax liability.
Matt Hall, vice president of economic development for One Southern Indiana, the local chamber and economic development organization, added, "This group and the availability of start-up capital will help us as we work to recruit new companies to our region by helping bridge the gap between innovative ideas and successful operational companies."
The INnovation Angels plan to invest in a range of early-stage companies in the following sectors: health care, clean-tech, Internet/digital media, mobile, software, technology-enabled services and communications.
Their first investment was in IKOTECH LLC, a high-tech manufacturer that has developed an innovative cell separation device used to improve and create new medical therapies.
"Angel investment is critical to the success of new, high-growth businesses," said David Kennedy, president of IKOTECH. "Angels offer more than financial assistance because they help foster entrepreneurial success by providing advice and mentorship when needed."
The INnovation Angels also formed what is the first chapter of the P3 Alliance, an Internet-based global angel network founded by the Purdue Research Foundation in 2009.
"By forming the first P3 chapter, the INnovation Angels receive access to increased deal flow," said John Hanak, statewide director of the Purdue Technology Centers who manages the P3 Alliance. "It's incredibly valuable because they will be among the first to see the most promising businesses emerging from the Purdue Research Park network."
The INnovation Angels meet on the second Tuesday of each month at the Purdue Technology Center of Southeast Indiana (PTC-SEI), located on Charlestown Road just south of I-265 in New Albany. Accredited investors interested in joining the group may contact INnovation Angels via email at innovationangels@gmail.com.
About the INnovation Angels.
The INnovation Angels group is a forum in which investors may be educated on aspects of investment and business, as well as be introduced to companies for possible investment. The group is not a venture fund, an investment bank, a broker/dealer, investment clearinghouse or an investment adviser. INnovation Angels is not registered with the Securities Exchange Commission or any state securities commission. Each member of the INnovation Angels is responsible for his or her own investment decisions, and INnovation Angels is not recommending any particular company for investment. Investors must conduct their own due diligence and negotiate the terms of any investment they elect to make.
About the P3 Alliance.
The P3 Alliance was organized by the Purdue Research Foundation to enable accredited investors with an interest in furthering the mission of Purdue University and the Purdue Research Foundation to obtain the first-look advantage for investing in the companies that are commercializing technologies. Purdue-related startups seeking angel investment are able to pitch their investment opportunity to prequalified participants in the P3 Alliance. Due diligence and term sheet negotiations are the responsibility of each prospective investor.
About Purdue Research Park
The Purdue Research Park, with four locations across Indiana, has the largest university-affiliated business incubation complex in the country. The parks are home to about 200 companies that employ 4,000 people and are located in West Lafayette, Indianapolis, Merrillville and New Albany.
Purdue Research Park contact:
Cynthia Sequin, 765-588-3340, casequin@prf.org
Sources:
Larry Mand, 502-645-8272, innovationangels@gmail.com
Paul Moses, 812-206-8399, pemoses@prf.org
Matt Hall, 812-206-9040, math@1si.org
David Kennedy, 812-206-8395, david.kennedy@ikotech.com
John Hanak, 317-614-0793, jmhanak@prf.org
