Entrepreneurs seeking capital for their businesses may prepare a submission for the newly formed Mountain Maryland Angel Investment Group (MMAIG). The group will invite presentations for the first time on Saturday, Sept. 29, 9 –11 a.m. at Garrett College.
The MMAIG was started by two local entrepreneurs, Bill Meagher and Shane Grady, along with attorney and part-time Garrett County resident, Andrew Sherman. The trio has enlisted more than 30 "angels" to assist entrepreneurs in Garrett County, and the rest of western Maryland, in successfully launching or growing a business.
"The angels are a healthy and strategic blend of full-time and part-time residents dedicated to the long-term economic strength of the county," said Sherman.
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The MMAIG will review executive summaries of business plans, and will look specifically for businesses with the following attributes: the potential to become a high-growth enterprise with annual revenues of $10 million or more within a reasonable time frame; main location in western Maryland; acceptance of mentoring and coaching; indication of a strong management team to execute the business plan; statement of a reasonable valuation that reflects the risk/reward expectations of Angel investors; outline of a credible exit strategy for investors; a need for capital in the range of $200,000–$1,000,000; proprietary technology; plus early market lead, or other strong barriers to competition.
Following the review of executive summaries, next steps may include reviewing the complete business plan, meeting with the company principals, or requesting a more formal presentation at an Angels' meeting to evaluate the investment opportunity. The members of MMAIG may collectively screen and investigate a venture, but Angels make investment decisions individually. If a deal attracts interest, members will work through a due diligence phase, as well as negotiations, with the applicant.
Entrepreneurs who are seeking funding, and would like more information on submitting an executive summary for review are asked to contact Julie Yoder, dean of Continuing Education and Workforce Development, at 301-387-3101 or julie.yoder@garrettcollege.edu.
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