Leaders of The CORE Announce Launch of Treasure Valley Angel Fund
MERIDIAN, Idaho – Leaders of The CORE – a non-profit organization formed to promote a health and research industry cluster straddling I-84 in Meridian – today announced the launch of a new source of potential funding for business development and its CORE Capital program to contribute to economic development throughout Idaho. The fund will do business as the Treasure Valley Angel fund, LLC (the “fund”).
The Treasure Valley Angel fund (www.treasurevalleyangelfund.com) worked with the Idaho Department of Finance to ensure that capital raised for the fund complies with state law. The fund will be only the second active angel fund in Idaho, and will provide a new source of capital for Idaho entrepreneurs.
“The infusion of private angel investment is an invaluable resource for new Idaho businesses – especially those with evolving technologies and products,” said Jeffery Sayer, director of the Idaho Department of Commerce. “Earl and his team have done an excellent job creating a valuable resource for Idaho. We hope the Treasure Valley Angel fund paves the way for additional players to step forward and support growth in our economy.”
Investors interested in learning more about the Treasure Valley Angel fund are invited to a briefing at 5:30 p.m. Jan. 31 at Idaho State University’s Meridian Health Science Center. (For more information as it becomes available, send an email to info@thecoreidaho.com).
Angel funds are created when a group of investors works together and pools capital and experience to support high potential businesses. This collaboration promotes a strong foundation for companies to grow and contributes an important pulse of capital to keep these businesses thriving. Access to capital – particularly in the early stage of a company’s development – is often cited by founders and entrepreneurs as being a major impediment in Idaho to advancing the company to a stage of strong job creation and profitability.
The fund is accepting subscriptions to purchase units in the fund from Idaho residents who qualify as accredited investors (as that term is used and defined in Regulation D under the Securities Act of 1933, as amended). Generally, an accredited investor along with his or her spouse must have a net worth not including the equity in his or her primary residence of more than $1 million. Investors may not invest more than 10% of their net worth excluding the equity in their primary residence and furnishings and automobiles. Additional information for investors is available from the fund’s web site at www.treasurevalleyangelfund.com.
The CORE, a 501(c) (6) tax-exempt organization, is neither the promoter nor the manager of the Treasure Valley Angel fund. Rather, The CORE supports the launch of the fund as a part of The CORE’s role in assisting access to capital resources for Idaho businesses. Leaders of The CORE note that the fund already is attracting investment and that it will grow as a source of private equity investment resources in Idaho.
CORE Capital is focused on attracting angel, private equity, empowerment funding, venture capital and other capital resources to The CORE to help early-stage, fast-growth businesses manage the challenging divide between start up and profitability.
“The CORE’s board has identified access to capital sources and the development of new capital sources for business in health, research and technology as one of the single greatest obstacles to the success of young businesses,” said Earl Sullivan, chairman of The CORE’s executive board. “Young companies need two things – money and mentorship – to help steer them through the critical early growth periods.”
Sullivan said while The CORE’s board is strengthened by highly successful business people standing ready to mentor entrepreneurs and innovators, Idaho is behind the curve in angel fund investment. For example, In North and South Dakota, whose populations together don’t equal Idaho’s, six angel funds are up and running with others under discussion.
“By promoting angel funding, CORE Capital is investing in the future of health and research – indeed in the future of new business – in Idaho,” Sullivan said.
Information about the effects of angel investing is presented in the image at left from the Kauffman Foundation, which shows that in most years the majority of jobs in the US economy are created by new businesses.
ABOUT THE CORE
The CORE – a three-mile-long enterprise zone that takes advantage of Meridian’s outstanding infrastructure and access to a major airport in the heart of Idaho’s Treasure Valley – has a mission to create a core competency in Idaho in health, research and innovation. The coalition’s collaboration of 40-plus organizations is energized by and capitalizing on the fusion of health sciences; innovation and technology, advanced education, and research. Key members of The COREs currently includes founding partners the City of Meridian [http://www.meridiancity.org] and nationally prominent health sciences institution Idaho State University [http://www.isu.edu/boisectr/], and business partners St. Luke’s Meridian Medical Center [www.stlukesonline.org]; Hawley Troxell [http://www.hawleytroxell.com]; Saint Alphonsus Health System [www.saintalphonsus.org];; RBC Wealth Management [www.davidsanna.com];Treasure Valley Hospital [www.treasurevalleyhospital.com]; the Gardner Company [www.gardnercompany.net]; PKG User Interface Solutions [http://www.pkguis.com]; Conex Med/Pro Systems [http://www.conexmps.com]; On Demand Solutions; DMB Properties; Complex Care Hospital [http://www.lifecare-hospitals.com]; Boise State University [www.boisestate.edu], the Department of Energy’s Idaho National Laboratory [www.inl.gov]; strategic communications agency Scott Peyron & Associates [www.peyron.com)], and digital media partner Tribute Media [http://www.tributemedia.com].
