26 Investors have each put up $5,000. 44 Tech start-ups have been whittled down to five. Next Thursday, one of them will walk away with the $130,000 Angel investment after one final pitch. Summit Directors Thuy Tran and Richard Takai, stopped by KelownaNow to tell us all about it.
"The goal is to build a capital ecosystem to fund start-ups through a collaborative, hands-on process," said Takai. He's such a believer in the program he's not just organizing it. He put up $5,000 of his own to be one of the 26 Angels involved. "I do believe in it," he said. It's been an 11-week process to get the number of applicants down to a final five and it all comes down to a final pitch to the Angel investors Thursday. One entrepreneur will walk away with $130,000, but the investors get something out of it too said Tran.
"They get to learn about angel investing, they get to connect with other like-minded investors and they get exposure to companies." She said potential investors were asking about getting involved as the process unfolded. "So this sets us up really well do be able to do this on an annual basis."
Takai said there is a lot more to this than just the competition to win the big cheque. There have also been side-deals brewing along the way. "Four companies are having direct talks with investors about getting invested in."
To help people understand the process, it's been compared to The Dragons Den TV show, but it's not quite the same suggested Tran. "Yes there is going to be some entertainment value," she concedes, "but the Finale is really about the finalists. It's their last opportunity to make sure they leave a good impression with the investors."
For more on the finalists click here.
The pair believe it's truly a wide-open competition as the finale looms. "We have an hour to deliberate, said Takai, "I think that might not be enough time!"
