About 50 people attended briefing on the Tri-Star Angels Program
The Tennessee Department of Economic and Community Development is offering the program in conjunction with the Angel Capital Association.
“We are called angel investors because we want to make an impact,” Kristina Montague, Managing Partner at Chattanooga’s The JumpFund, told the 50 or so attendees who turned out Wednesday afternoon for a briefing on the Tri-Star Angels Program (TAP).
Hosted by the Tennessee Department of Economic and Community Development in conjunction with the Angel Capital Association (ACA), the program is a component of Fund Tennessee, the Volunteer State response to the $117 million provided under the “State Small Business Credit Initiative.” It falls under the last of three buckets:
- InvestTN, the $70 million equity component;
- LendTN, the $47 million loan or debt bucket; and
- AssistTN, the component that includes Tri-Star Angels and technical assistance provided through the Tennessee Small Business Development Centers.
Montague is a longtime member of the ACA Board of Directors and Chair-elect of the organization.
Those in attendance included entrepreneurs interested in raising capital as well as existing angel investors and those considering becoming angels. Montague explained that the all-virtual training can be educational for both groups.
There are six basic courses and four advanced courses (click here to see the 10 offerings). TAP participants will learn from experienced angels who are subject matter experts on the topics they present. They share cutting-edge insights, practical tips, and lessons learned for early stage investors. The deadline to apply for the inaugural cohort is this Friday at this link.
Three of the region’s entrepreneur support organizations briefly described their programs. They were: (1) David Nelson of Johnson City’s FoundersForge; (2) Heath Guinn of Kingsport’s Sync Space Entrepreneur Center; and (3) Jim Biggs of the Knoxville Entrepreneur Center.
After their presentation, Montague joined three others on a panel describing either their angel fund or their entrepreneurial journey. For Brandon Bruce, Managing Partner of Market Square Ventures (MSV), it was a combination of both. He described his first company – Cirrus Insight, talked about helping launch organizations such as the Knoxville Technology Council and the brand new 121 Tech Hub, and ended with MSV.
Others on that panel included:
- Téa Phillips, Founder of ATS Innovations Inc., who described her journey that started while an undergraduate student at Tennessee Technology University. She invented the MetaFlex Therapy Glove to help patients reduce hand pain and improve mobility.
- Doc Claussen, President of Marble City Angels, part of Community Equity Partners. He told attendees that about one-third of its investments are local, another third in the Appalachian region, and the final third wherever an investment meets its due diligence.
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