Reno angel investment group takes first step

Creation of an angel investor group in Reno to help start-up companies get off the ground is a step closer to reality.

About 45 people, nearly all of them capable of meeting the Securities and Exchange Commission's definition of an "accredited investor," got together about 10 days ago to discuss creation of an angels group.

At least 10 more potential members of an angels group have indicated interest, said Dave Archer, chief executive officer of Nevada's Center for Entrepreneurship and Technology.

The center is helping to gauge interest in an angels group, although Archer has been clear that NCET doesn't have the resources to provide ongoing leadership of an investor group.

Angel investors typically provide some of the first capital for young companies, and those investors often provide time and expertise as well.

Development of channels to link up entrepreneurs who have ideas with investors who have capital is among the steps necessary to build a stronger and more diversified economy in northern Nevada, say many people who work in the region's venture capital arena.

Participants in the proposed angel group in Reno would be limited to those who meet the SEC definition of an accredited investor people with net worth of more than $1 million, an income topping $200,000 in each of the two preceding years or a trust with assets of more than $5 million.

A second meeting will be scheduled in early April, Archer said, and one of the goals of that session will be identifying leadership among participants to carry a plan forward.