As economy sours, some clipped wings - Minneapolis Star Tribune

22.12.08

For angel investors such as Mark Kroll, the spirit is willing but the wallet is weak.

Kroll is a prolific inventor and entrepreneur who frequently invests in medical device start-up companies. But a weak economy and a tumbling stock market has sapped his wealth, forcing Kroll to say no when he normally might have said yes to requests for capital.

"I just don't feel as flush as I did a year ago," Kroll said. "Generally, I would have no problem investing in a recession. People can get bargains. But I have to think about our retirement [money]."

Angel investors are affluent individuals who typically pump $5,000 to $300,000 into new companies.

But the current recession -- reflected in falling home values and shrinking stock portfolios -- means that investors such as Kroll are unwilling or unable to fund risky start-ups, depriving entrepreneurs of a precious source of early stage capital during a time when they need it the most.

"Start-ups are even more dependent on angel money today," said Jay Hare, an analyst with PricewaterhouseCoopers in Minneapolis.

Source: Minneapolis Star Tribune, MN

Bloomington residential estate - News

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