Thunder Bay is getting a Dragons’ Den-style event next month, but with a twist.
The Northwestern Ontario Innovation Centre and Northern Ontario Angels are hosting the Secret Angel Event, where entrepreneurs will have the chance to pitch their business ideas to angel investors.
So what’s the twist? The investors will be hidden in the audience; entrepreneurs won’t know who is investing in their product until the deal is offered.
Northern Ontario Angels executive director Mary Long-Irwin said the May 30 event will feature anonymous investors to give the angels a bit of privacy.
“If you could picture yourself as an investor, I’m not sure you would want everybody phoning you or getting a hold of you,” she said.
Many of the investors also own businesses and saying no publicly to a proposal could have consequences.
“That could do some damage to your reputation and business. Sometimes people just don’t understand,” said Long-Irwin, noting another reason for anonymity is that people often don’t want their investments made public.
“It’s private money,” she said. “I don’t want people to know where I invest my money.”
The Secret Angel event will not only have investors gauging the projects, but the audience will also get a say.
Audience members will receive fake money, similar to Monopoly money, to invest in projects they think will be successful. Whichever participant has the most audience investment will receive an additional $30,000 in-kind investment awarded on top of whatever offer they receive from an angel.
Long-Irwin said the event is a great way to show people the great ideas in the community and to bring them together with investors.
“Right here in our community we have a number of investors who are investing and are supporting these new businesses, especially high-growth technology type businesses,” she said.
Long-Irwin, along with NWO Innovation Centre manager Judy Sander, came up with the idea for an event that would mirror Dragons’ Den.
“We don’t have a lot of venture capitalists here in Northern Ontario,” said Sander. “So we really count on the angel investment community for new innovative ideas for a n existing business or new business to give them that early-stage financing so they can grow.”
Northern Ontario Angels has $15 million worth of private sector money invested into about 50 projects over the last three years.
Sander said they’ve been working with the angels, but it’s still something the community doesn’t really know is happening.
“We wanted to scale it up,” she said, noting the Secret Angel event will allow the Innovation Centre to showcase some great ideas.
Anyone looking to pitch an idea can apply at www.nwoinnovation.ca before May 14.
The Secret Angel event will be held May 30 at the Victoria Inn. Tickets are $30 before May 17.
