Angel Investors, Impact Investing, and Community Economic Development

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1 Angel Investors, Impact Investing, and Community Economic Development

2 Our session today Angel Investors Impact Investing and Social Business A Community Economic Development Deal

3 The first angel network in Minnesota devoted to impact investing. Environmental Benefit and Sustainability Community and International Development Impact Software, Websites, Applications, Ecommerce

4 Who are Angel Investors and Why Do they Matter? ANGEL INVESTORS

5 A word about terms 501(c)(3) LLC, C Corp, S Corp L3C, Pubic Benefit Corp "Traditional" non-profit Non-profit social enterprises Social Businesses College Possible Genesys Works, Hope Chest, Eureka Recycling Whole Trees, Garden Fresh, MyRain Digital Divide Data, Integrated Care Mgmt Social Entrepreneurship Venture Philanthropy (grants & debt) Impact investing (debt & equity) 5

6 Minnesota Public Benefit Corporation Corporate articles specify duty to pursue public benefit Two forms: General Benefit - material positive impact on society, the environment and the well-being of present and future generations Specific Benefit - focus its mission on one or more explicit benefits without the general societal concerns Directors obligated to consider the interests of constituencies other than shareholders. Only shareholders have the right to bring an action for failure to pursue the public benefit. Must file annual report with the Minnesota Secretary of State describing its public benefit.

7 Angel Investors. Early stage investors investing their own money. Seed stage & early growth. First money after founder, friends and family Hands on. Invests capital and expertise. Often entrepreneurs Invests in the entrepreneur as much as the business Barriers - High risk and dilution Very different from venture capitalists Usually accredited investors

8 Accredited Investors Individual or joint net worth $1M excluding primary residence Income exceeding $200K or joint income exceeding $300K of two most recent years A trust with assets in excess of $5M

9 Angel Investing s Future? The JOBS Act 1933 Securities Act bans general solicitation for private companies JOBS Act Titles II & III regulates investment crowdfunding and lifts the ban on general solicitation to accredited investors Title III will allow non-accredited investors to invest in startups, subject to limitations

10 Angel Investing. Economic Impact $23 billion invested in 2012 Funds 67,000 startup ventures annually Financing led to 274,800 new jobs in 2012

11 Angel Investors. The Homeruns $1,000 in Facebook in 2005 = $624,500 today (62,450% ROI) $1,000 in Airbnb in 2009 = $589,667 today (58,967% ROI) $1,000 in Dropbox in 2008 = $391,500 today (39,150% ROI)

12 What is Impact Investing and Social Business? IMPACT INVESTING AND SOCIAL BUSINESS

13 Impact Investing "...investments made into companies, organizations, and funds with the intention to generate measurable social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending upon the circumstances." Investing in double / triple bottom line businesses.

14 Social business? Underlying assumptions Pursuit of profit can be facilitative of, not detrimental to, the pursuit of social good. Capitalism can be a source of social problems, but also a source of solutions. Characteristics Has owners (shareholders) and so can sell equity and give profits to owners. Integrates characteristics of businesses and nonprofits Simultaneously pursues social impact and profitability

15 Social business? Advantages Can tap into vast new pools of capital Financially self-sustaining Can scale faster and larger Creates wealth

16

17

18 Minnesota Social Businesses

19 Jeanne Voigt. One impact angel investor s story Founder & CEO Mindware Consultant Winrock Intl, Farmer to Farmer Jeanne M. Voigt Foundation economic development for women in emerging economies Advisor to DRG, Junonia, Finnegans, Nguku,

20 Steve Spruth. One impact angel investor s story Health care entrepreneur Carlson School lecturer SVP experience

21 Steve Spruth. Why I invest Golden age of social entrepreneurship Desire to learn about trade offs and metrics Aligning investments with values

22 Steve Spruth. How I Invest Applying the Lean Startup model Minimum viable product (MVP) Iteration Pivoting

23 Analyzing a Deal Like an Angel A COMMUNITY ECONOMIC DEVELOPMENT DEAL

24 Right amount, at right time, in right form

25 Garden Fresh

26 Investor Evaluation Checklist Business Model Management Team Return on Investment Social Return Financial Return

27 Guided discussion Invest or pass? Why? If invest, how? Grant PRI Loan Equity TIF

28 Presenter s contact information Brad Brown, IMNPACT Angels Jeanne Voigt, Voigt Works Steve Spruth, Carlson School of Management, U of M

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