Last Monday night I had a meeting with a friend (JW) who has been developing a new company over the last six years and has reached the point where he needs angel investors to help get the company to the next level.
I am sharing this story for those Blogging Stocks readers who are interested to learn more about how angel investing works -- both from the perspective of the company seeking funding and the investor considering ponying up cash.
I have done some fundraising on a small scale in the private equity market and have been an "Angel" investor once before, and approached many times. My first adventure in this arena has been a total loss to date, and is a real long shot to make a comeback.
In the case of that product, a plastics additive, the experience and execution of management did not equal the quality of the product. The learning curve of key players in the organization took longer than it should have and they burned through capital faster than the product could be successfully introduced into the market place. They have backed up a few steps and I understand that they are experiencing some sales growth. But their future is still a big question mark.
JW's company has developed a line of packaged gourmet meals, focused on health food (he brought some impressive samples) that are already on some chain store shelves.
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