Elevating the capital ecosystem in the Okanagan is critical if we are going to lift up the ideas and entrepreneurs that support our economy. Access to growth capital is essential for entrepreneurial success but continues to be a major obstacle for founders looking to scale their businesses.
Through the OKGN Angel Summit’s 10 week program, investors and companies are educated on the capital-raising process and learn what it means to invest in a startup. This is the Summit’s fourth year and we’ve been fortunate to have worked with a growing number of new and experienced investors in the Okanagan.
We sat down with the Summit’s Fund Directors to learn about what they’re excited to see this year, how the capital ecosystem has been impacted, and what advice they’d share with the new investors and companies.
In your opinion, how does the Summit benefit the startup ecosystem?
The competition-style nature of the Summit creates a lot of excitement and enthusiasm for investing during the Summit and that enthusiasm continues through most of the spring in the Okanagan. The Summit also creates a lot of exposure to participating companies and investors and creates new connections that impact the Okanagan funding ecosystem for years afterward.
What have you learned from past Summits that has helped you as an investor?
I have learned how to conduct more structured due diligence investigations and how to work with a team in doing so. The team aspect adds such depth to due diligence as you learn why others invest in various ventures, what is important to them and what they are trying to accomplish by being an angel investor.
What is one piece of advice you would give to a company looking to gain investment?
Be patient and develop personal relationships. Investors have many options as to where to put their investments so finding alignment in relationships and values goes a long way to obtaining a commitment.
What are you looking forward to over the 10-week program?
I think the Summit brings a lot of exposure to local businesses and shines a spotlight on the investment activity happening in the Okanagan. As an investor, it’s a great way to learn about a lot of the new and upcoming startups in western Canada and connect with and learn from other investors in the Okanagan.
What advice would you share for new investors in this year’s Summit?
I hear a lot of potential investors focusing on their predictions for a growing industry or their personal belief in whether or not a new product is a great innovative solution. But it’s very difficult to predict the future. I would urge those investors to consider market data and evidence that a startup has already demonstrated demand and is on track for success.
What is one piece of advice you would give to a company looking to gain investment?
The main thing is to provide crystal clear and succinct communication to describe their business and the investment opportunity. They need to demonstrate a track record of accomplishments as well as a credible plan to achieve significant growth.
What are you looking forward to over the 10-week program?
Being able to hear from founders and investors with so many different experiences and perspectives provides invaluable insight for us to use in our own businesses, but also to help us widen our areas of interest for investing. Hearing from such a broad range of promising startups gives us a window into sectors of the economy where we otherwise wouldn’t have visibility.
How does the Summit benefit the startup ecosystem?
Competition tends to drive people to up their game. With feedback from investors, founders are forced to really examine their business or innovation, question their assumptions, and flesh out a realistic strategy. From an ecosystem standpoint, when you invest in improving the quality of startups, engaging and educating possible investors, and putting all of the pieces together, you’re bound to get serendipitous collisions.
What have you learned from past Summits that has helped you as an investor?
Hearing honest feedback from a diverse group of individuals with years of experience is absolutely unique. The Summit also introduces you to sectors of the economy where you might not be comfortable investing on your own. Each of us has our own areas of expertise or interest and they’re most valuable if you share them with the group.
Stay tuned on the Accelerate Okanagan blog for more updates on the OKGN Angel Summit as we get closer to the 2022 finale on March 17th.
