Congratulations—you have enough money to start investing in fellow startups. What to know to become a supportive— and successful—angel investor.
ISlide founder Justin Kittredge wasn't really planning to start investing in other startups. But when another footwear company approached him about an acquisition last year, he began to think about how he could spend his money on fellow entrepreneurs.
“Very quickly, I could see a few things to turn that business around,” says Kittredge, whose company makes custom slide sandals for pro sports teams and leagues. ISlide didn’t end up buying its suitor, but the talks got Kittredge ready to become an angel investor. Now, he’s looking to personally invest in three businesses in the next 12 to 18 months. “It’s a domino effect, something I want to do more and more,” he says.
That may sound familiar, especially if your company is stable and profitable. “Making the shift from founder to an investor is a natural part of the startup ecosystem,” says Guy Penn, a principal at investment manager St. Louis Private Advisors. “It’s a way for success to breed more success.”
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