| Angel Investor Group Profile |
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Minority Angel Investor Network (MAIN) is a group of skilled professionals and entrepreneurs whose mission is to support minority companies within Philadelphia and nearby cities through capital funds and resources. Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP-SEP), an organization that provides seed investment in technology start-up companies, took this initiative to help minority companies with high growth potential and huge market opportunities. It is from this initiative that MAIN was born -- in November 2004, the network of angels started its operations after being officially launched in June of the same year. By providing seed investment to minority-led and minority-owned companies, MAIN is where less prioritized entrepreneurs and private investors meet -- where lack of capital, resources, and education is compensated through its team of competent members.
MAIN is currently comprised of 15 members that include business tycoons, senior executives, company founders, top entrepreneurs, venture capitalists, technologists, bankers, engineers, physicians, and lawyers. As accredited investors, most of MAIN members are also active members of other angel investment groups as well as legal offices and venture capitalist firms. Aside from being part of MAIN's syndicate groups, members are entitled to access BFTP-SEP's exclusive network of angel investment groups, technology companies, management consultants, and market experts. These investors also get the opportunity to share their experience with fellow entrepreneurs and use their resources to further support minority companies. As a member-managed organization, these private investors are directly involved in screening potential start-ups, conducting due diligence process, and guiding entrepreneurs in achieving their initial milestones. Members are required to attend at least two meetings prior to induction as well as a monthly membership fee of $100. In addition, the group meets every month to discuss investment opportunities and administrative matters.
What does MAIN look for start-up companies to consider investment? Aside from the qualifications aforementioned, location is also an essential factor. Main operations should be situated within or nearby Philadelphia area including Washington DC, New Jersey, New York, Pittsburgh, Delaware, and Northern Virginia. Companies that seek additional investment from BFTP-SEP must be located within the five counties in the Southeastern Pennsylvania region. Furthermore, start-up companies need not be technology-based enterprises as long as they possess huge growth potential and flexible strategical measures.
Prospective entrepreneurs are requested to upload an executive summary of the company along with the application form available on MAIN's website. After the screening process, shortlisted proposals are asked to present in the group's monthly meetings. Once a sufficient interest from the members are apparent, the due diligence process will proceed. Personal interviews, product development, market analysis, and feasibility study are undertaken by successful start-ups before a term sheet is issued.
Minority Angel Investor Network Website
The Minority Angel Investor Network website is an excellent reference for minority start-up companies that are looking for seed investment and guidance with their enterprises. The site has an extensive discussion of the group's history and affiliations as well as its investment criteria, membership requirements and benefits, and the selection process. Minority entrepreneurs who plan to apply for investment are given specific instructions on which proposals are more likely to be considered. Anonymous profiles of MAIN's members are likewise included that gives an overview of the diverse backgrounds and qualifications of its pool of private investors. In addition, browsers are provided with MAIN's upcoming events, monthly activities, and useful links to its sponsors and business partners. To be part of MAIN's exclusive wide range of opportunities, minority entrepreneurs and private investors are asked to send feedback and general inquiries to the contact information listed on the site's Contact Us page.
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