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Angel Investment Network to Help Businesses - STOC Featured on News 10 Now
12/18/2007 (Source: News 10 Now)
Angel investment groups exist across the country, but Binghamton has been without one until now. The Southern Tier Opportunity Coalition has organized a group of individuals seeking to foster new business. News 10 Now's Dana Hendrickson tells us they could invest anywhere from $100,000 to $1 million in start-up businesses.
Small business owner Pete Gulick hopes to find out soon if the sign above his desk is true.
His company, Total Display Solutions, Incorporated, is one that the Angel Investment Network could take under its wing.
Gulick said, "I believe that if they don't invest in it, it's not their fault, it's the fault of the person with the product."
The Angel Investment Network is a group of individuals interested in investing in businesses that can demonstrate potential commercial success. This type of group is new to Binghamton and organized by the Southern Tier Opportunity Coalition.
Upinder Dhillon, BU School of Management Dean/STOC Board Member, said, "STOC is basically an industry academe partnership which has been designed to promote economic development in the region and promote new industry and in order to get new industry to flourish, you need financing."
Gulick knows well that when you develop a new product, what you need most of the time is money. His patent pending security device for the consumer electronics industry is called The Scorpion.
Gulick said, Total Display Solutions, Inc. Owner, said, "When you go out to buy a cell phone you want to see its features and functions. The Scorpion will allow retailers to put these out in their stores without the threat of theft."
Gulick took his business plan to the Southern Tier Opportunity Coalition and they reviewed it along with the Binghamton University School of Management. Recently, he landed a presentation in front of a group of the Angel Investment Network's 25 investors.
His company is one of a handful of others in the Binghamton area already seeking investments.
Lawrence Schorr, Angel Investment Network Investor, said, "Typically, the company will be looking for anywhere from $100,000 to several million dollars in investment and our angel group would perhaps participate in part of that or all of it."
Investors will benefit too from the business venture. But they hope their investments will help many new businesses grow and foster economic development in the region.
Gulick says the Southern Tier Opportunity Coalition was able to get him front of the angel investors in eight weeks, a process he says could have taken him years. If you have a technology-related company with a proven idea, you can contact the Southern Tier Opportunity Coalition at (607) 748-1817.
Additional Information:
http://news10now.com/content/top_stories/default.asp?ArID=130303
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