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Companies at Wednesday's event ranged from an Internet social site and an Internet telephone service to a turbocharger technology developer and school safety service. They first ask friends and family for money, then angel investors willing to give up to about million in exchange for equity in the company, venture capitalists willing to invest more millions, and finally the companies make initial public offerings in which stock is sold.
Some companies skip certain steps or repeat others, such as returning to venture capitalists for more infusions of cash, said Hatch, who gave entrepreneurs feedback on their presentations during Wednesday's event. "Angel investors, they're hard to find," Blake said.
They wore their best suits and tried to develop a rapport with the person at the other side of the table in seven minutes in hopes that they would see them again.
In fact, some investors commented that their strongest pitch came from a man whose voice was so quiet and monotone that he could barely be heard. Funding Universe will do about six outside of Utah this year, too, said Funding Universe's chief executive Brock Blake, himself the beneficiary of 0,000 in angel investor money for his 2-year-old business. "What I bring to the table is my experience," said Steve Kirkland, who was seeking about million to purchase and expand his employer, IAI Presentations Inc., which books and sells merchandise for high-end theatrical productions such as the Peking Acrobats, which were in Salt Lake City over the weekend. " Suzanne Winters of the Utah Science Technology and Research initiative asked. Entrepreneurs must go through about four steps to raise money to expand their businesses, said Nile Hatch, a management professor at Brigham Young University.
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