Entrepreneurs cautioned on prepping for angel investors

By Kay Nolan,  January 9, 2015

Kay Nolan is a contributing writer for WisBusiness.com. This article ran in the Janury 9, issue.

Milwaukee-area entrepreneurs hoping to apply for funds to get their start-up companies off the ground got a dose of hard reality on Thursday from representatives of Wisconsin’s 2-year-old Super Angel Fund.

“It’s not enough to have a great idea,” said Tom Schuster, the fund’s general managing partner, who addressed about 75 businessmen and women at a Wisconsin Innovation Network luncheon in Wauwatosa.

Entrepreneurs heard their unique business ideas compared to special snowflakes, but ones that won’t accumulate angel funds without cold, hard proof of a new product or service’s marketability, existing customers and revenue flow, a solid business plan that shows the likelihood of quick, measurable growth and the ability to establish rapport with investors