Prior to the current economic downturn, the number of Angel Investor groups in Michigan had more than doubled over the past three years. Much of this growth can be attributed to the efforts of the Michigan Economic Development Corporation. Skip Simms, Manager of the Pre-Seed Capital Fund, describes how Angel investment works in Michigan...
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Angel investors are high net worth individuals having either $1M in assets or $200K in individual income. They typically make investments totaling less than $1M in any given company. Angel groups provide angels with deal flow and potential co-investors so they can spread the risk and work for any individual investment.
Currently, Michigan has seven angel groups:
- Great Lakes Angels
- Ann Arbor Angels
- Grand Angels
- Kalamazoo Angels
- Midland Angels
- Traverse Angels
- Battle Creek Angels