Minnesota and Wisconsin networks dedicated to linking entrepreneurs with angel investors said they would look for ways to collaborate in the future.
Both the Minnesota Angel Network and Wisconsin Angel Network said they would set aside a seat on their advisory boards for the other organization's director.
"The Midwest's economic future will not be built by border raiding neighboring states for existing companies," said Zach Brandon, director of the Wisconsin Angel Network. "All net new job creation in this country comes from startups but more than two-thirds of the necessary growth capital is located on the coasts. To be competitive, Midwestern states must coordinate, collaborate and co-invest."
The Minnesota Angel Network, which was announced earlier this year, is a web portal that facilitates discussions between angel investors and start-ups. Start-ups will have their business plans critiqued by the network's mentors and must meet certain milestones before entering the portal. Investments coming out of the portal could be up to $4.5 million.
Todd Leonard, the Minnesota Angel Network's executive director, said his organization is thrilled with the board seat arrangement. The Wisconsin Angel Network has been an advisor to Leonard's organization.
"This new, formalized ability to share ideas and syndicate deals will greatly increase success for both state programs," Leonard said.
