CORPUS CHRISTI, Texas – The initial organizational meeting of the South Coast Angel Network (SCAN) was held in June of this year at the Coastal Bend Business Innovation Center and it has completed its incorporation in Texas and elected its officers. SCAN already has 22 members and an 8-person management committee.
The network (www.southcoastangelnetwork.com) adds significantly to the local entrepreneurial ecosystem by facilitating opportunities for early stage and startup businesses to request funding from potential investors.
“This program will strengthen our local entrepreneurial ecosystem by offering opportunities for innovative businesses to obtain adequate funding.” said David Fonseca, Incubator Manager at the Coastal Bend Business Innovation Center.
SCAN is also a member of the Association of Texas Angel Networks (ATAN) and the first member located south of Interstate 10. Membership in ATAN provides access to support and best practices from the other angel groups in Texas, two of which are in the top five nationally for deal funding. SCAN will also be joining the Angel Capital Association which is the national trade association for angel investing.
SCAN members will participate in educational events, entrepreneurial networking events, and host pitch events (similar to Shark Tank) for entrepreneurs seeking to acquire funding.
The addition of SCAN to the Coastal Bend entrepreneurial ecosystem will help to accelerate area business growth, stimulate the local economy, and thereby increase quality job opportunities that will also help to keep some of our best and brightest students right here at home.
SCAN, along with the Innovation Center, the College of Business at Texas A&M-Corpus Christi, the Small Business Development Center at Del Mar College, our Corpus Christi Regional Economic Development Corporation, area chambers of commerce, and the city of Corpus Christi combine to provide a wealth of resources to small businesses in the Coastal Bend.
The Innovation Center, with the support of the College of Business at Texas A&M-Corpus Christi, assisted with the formation of SCAN after seeing that there was strong interest in the area. It hosted early meetings and brought seasoned angel investors and angel network leadership from all over the state to meet with and assist local individuals interested in forming such a group. The initial membership level exceeded expectations, Fonseca said.
Investing in early stage businesses can be risky, and SCAN membership is open to only “accredited investors” as defined by the Securities Exchange Commission of the United States Government.