MANISTEE �?? A new angel investing group is forming in Manistee and Mason counties with the working name West Shore Angels. The group hosted two networking meetings in July attracting more than 50 potential investors.
West Shore Angels is working closely with RAIN Source Capital, a St. Paul, Minnesota, based group that works with interested angel investors in more than a half dozen states by creating separate funds and providing them with additional capital, legal templates, investment tools, management expertise, and financing experience.
Each RAIN fund determines what industry it will focus on, and the type and level of financing it will provide, based on the interests and expertise of the fund members.
Chris Bickes, one of three co fonnders of West Shore Angels, said the group hopes to focus on the medical supply segment of the economy by developing a business incubator in conjunction with West Shore Hospital and West Shore Community College.
�??We had one meeting in Ludington and had 20 people attend and one in Manistee with 35 people,�?� he said. �??A number of the key people who would be part of the leadership group were there. The purpose of these meetings was to get the concept of angel groups, and what they could do for the community, out there. And we wanted to see what the interest level was for investors.�?�
Next steps include assembling the leadership, he said. The West Shore Angels�?? goal is to be up and running by the end of December and begin doing deals in 2009.
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