The Jeremy Ranch Country Club was the perfect setting for a recent meeting of angel investors led by Chair Doug Wells. This meeting drew in over 80 investors who were given the unique opportunity of hearing from three impressive entrepreneurs on their business plans and industry insights.
The event offered valuable discussions on startup culture and investment landscapes, thereby fostering community building and knowledge sharing among the participants. It was also a testament to the consortium’s unwavering support for Utah businesses, an initiative that began in 2007 thanks to co-founder Ted McAleer’s vision of nurturing Utah’s flourishing startup ecosystem.
The focus of the consortium goes beyond just financial backing. It also includes the provision of resources and strategic guidance. This endeavor is made possible by a membership of experienced professionals, primarily semi-retired individuals, who continue to be involved in Utah’s technology and business sectors despite not holding full-time corporate roles.
Angel investing, according to McAleer, transcends the financial gains of traditional stock trading or philanthropy. In contrast, it provides a unique sense of personal achievement obtained from mentoring emerging entrepreneurs. This intimate approach can lead to personal development and a broader understanding of entrepreneurship.
The group started with 20 members and has now grown to 87. These members contribute biannually to a communal fund that triggers investment in local businesses when the overall collection reaches $150,000. This unique model has placed the consortium at the forefront in making significant investments while also offering business expertise and valuable assistance in evaluating prospects. This sentiment is echoed by the founder of Krado, a plant data startup.
The consortium remains steadfast in its mission to support startups throughout Utah, maintaining a steady membership base of approximately 80 contributors. Undoubtedly, the model has been instrumental in facilitating the growth of Utah’s dynamic startup scene.
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