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Saturday, October 13, 2012 TiE Detroit Creates Angel Group To Invest In Michigan Entrepreneurs
NOVI - Michigan entrepreneurs will have yet another Angel group to pitch for investments starting in January when TiE Detroit Angels will officially invite start-ups to submit business plans. Funds will be drawn from charter members of TiE Detroit – a group of 30 or so accredited investors who form the backbone of the business networking group once known as the Indus Entrepreneurs, but now renamed Talent, Ideas, Enterprise. The announcement was made Friday night at the TiECon Midwest Conference. “We’ll be looking for IT, Life Sciences, Homeland Security and other similar types of companies to invest in,” said Sonali Vijayavargiya, chairperson of TiE Detroit Angels. “We won’t be looking for lifestyle companies. We’ll be looking for companies that we can help grow and expand. Companies that eventually will need $5 million to $10 million in total investments. Companies in which we can exit in four or five years.” TiE is a group of 61 chapters worldwide, of which about a dozen have angel funds, said Vijayavargiya, who is Managing Director of Augment Ventures in Ann Arbor. Augment invests in clean tech and IT companies. “TiE represents entrepreneurial talented people who have had success,” she said. “They want to reengage. In this stage they want to provide capital to other entrepreneurs.” TiE Detroit Angels also wants to work with other Angel investment groups not only in Michigan, but also across the Midwest, and perhaps the rest of the world, she said. “We want to leverage the power of relationships national and internationally through TiE International,” Vijayavargiya said. “We invite other accredited investors to join us.” TiE Detroit Angels charges $500 a year for membership and requires each member to invest at least $10,000 a year in deals championed by TiE Detroit Angel members. Meanwhile at TiECon Midwest, Green Plug was named the winner of the TYE award (TiE Youth Entrepreneurship). The TiE start up awards went to Dana Radi, Founder and executive director is Thane Richard; Mstreet Educational Solution, Sridhar Krishnamurthi; Healthy Exchange, inc. Sridhar Anand CEO; And Circle Builder Software LLC. Founder and CEO is Howard Brown. For more information at TiE Detroit Angels, contact Sonali@AugmentVentures.Com
Author: Mike Brennan Source: MITechNews.Com
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