Midland's MidMichigan Innovation Center Thursday announced the launch of a new resource available to the area's entrepreneurs and companies -- the Blue Water Angels investment group.
Blue Water Angels LLC,has more than $1 million in capital available to invest in promising companies on an annual basis. The new group, with 25 members to date, has made great strides since the first exploratory meeting last October.
At a meeting Feb. 12, the group elected a board and officers representing five counties.
Chairing the group is Arnold Allemang of Midland County, with president Ken Kousky of Leelanau and Saginaw counties. Secretary-treasurer is Paul Murray of Isabella County.
Remaining board members are Ron Beebee of Bay County, John Bartos of Midland County, Ted Skinner of Midland County and John Strobel of Saginaw County. Staff at the MMIC will administer the organization.
In addition to elections, the Blue Water Angels heard presentations from two companies interested in securing investment for their innovative Michigan-based businesses: Cerise Nutraceuticals, a Traverse City creating affordable, high quality, life enhancing, natural products from cherries and kalaya oil that will contribute to health, well-being, and quality of life, and Natural Therapeutics, an Ann Arbor company dedicated to the development of naturally occurring bio-active compounds identified in safe botanicals. (More at www.cherrylotion.com or www.fungalnailrelief.com.)
The two were selected from five who had submitted applications for consideration. Following the presentations and questions and answer sessions, members of the Blue Water Angels were given time to review and assess both opportunities. About a week later, they began to use Angelsoft software to interact and show interest in the presentations and investment opportunities made. The Blue Water Angels are interested in both opportunities and are in the due diligence process to determine if investment into the company is indeed viable. The process includes extensive background checks and research to ensure the technology, market, and management team are worthy of investment.
“Clearly, the Blue Water Angels have a number of very savvy accredited investors with a great and diverse background," said Dan Joseph of Cerise Nutraceuticals. "It was exciting and challenging to present our opportunity. We look forward to the feedback and continued interaction with the group.”
According to Ken Kousky, president of the Blue Water Angels, “I’m pleased to be part of this effort to bring funds to worthwhile endeavors in mid-Michigan. We have often heard there is a lack of capital in the area and a significant need for a resource like this in this difficult economic time. We’re glad to be making a difference here in Michigan.”
“MMIC got involved in establishing an angel investment network because capital was always the top issue facing our tenant companies," said Brent Case, executive director of the MMIC. "Having the BlueWater Angels in our backyard makes helping current tenant companies and attracting new companies to the region more feasible. Now mid-Michigan companies do not have to go out of state or to other regions in Michigan to secure capital.”
The Blue Water Angels will be holding six dinner and investment opportunity review meetings during 2008, along with one educational event, an annual meeting and three additional board meetings. Membership is based on application, and includes a select group of high net worth individuals and organizations interested in investing capital in promising companies with the expectation of receiving a substantial return on their investment. Entrepreneurs seeking investment may apply at the MidMichgan Innovation Center Web site, www.mmic.us.
The next dinner and investment opportunity review meeting is scheduled for late March, and applications for consideration are due by March 7.
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