Entrepreneurial Supporters Start Initiative To Form Angel Group

Entrepreneurs may soon have a better chance to see their business ideas come to life.

That's because Midwestern State University is working to form an Angel Group.

Newschannel 6 Lindsey Rogers found out this group of 'angels' may be just what is needed to develop more businesses in Texoma.

Entrepreneurs have the ideas, but most lack funding.

Often times, investors are willing to back start-up businesses, but don't know where to find the good deals.

That's why Angel Groups were formed, to get these two groups in the same room.

The idea is to gather several investors together to share their knowledge of specific industries and pool their money in support of start-up businesses.

"We're trying to help organize those entrepreneurs that have done well and made money and want to give back and invest. It's a way to organize their efforts to be more effective," Director of MSU Lalani Center Jeff Stambaugh said.

There are 18 Angel Groups across Texas and MSU is starting an initiative to form one here.

The Dillard College of Business recently brought in two experts to talk about the importance of Angel Groups.

"This entrepreneurial economy is supported by economics and by the university and by public policy, but, it needs money. What we're trying to do is get non-institutional resources, cash, by individuals to provide time and money to help grow start ups," John May with Angel Capital Association said.

The two speakers talked about the success the groups have brought to their cities and what they see happening in Wichita Falls after things get going.

"You're going to see more entrepreneurs, more funders come out of the woodwork, more jobs created and I see a nice initiative within the community to become more entrepreneurial," Wisconsin Angel Group Dir. Joe Kremer said.

Angel groups only accept accredited investors.

Stambaugh said they already have several interested investors and hope to have an Angel Group of at least thirty formed by Christmas.

Lindsey Rogers, Newschannel 6