"Angel" Investors Look For Innovations, Ideas

By Tom McIntyre

July 15, 2010 Updated Jun 18, 2009 at 1:12 PM CDT

A group of Central Illinois residents are coming together to invest in local start-up companies.

At the Peoria NEXT Innovation Center, new companies are being nurtured.

The Central Illinois Angels group is looking for local ideas, innovations, and companies needing financial backing and mentoring.
Former CAT CEO Glen Barton is a member.

Barton tells news 25: "A company that has an idea, wants to go to market with it. Needs financial resources to get there. Many of those start out with funds of their own and funds from family and friends. But, they get to a point where they need some outside support as well".

By partnering with each other, the Central Illinois Angels investors would help not only new companies but each other through shared expertise.

Member Chuck Weaver says the Central Illinois Angels have been meeting for some six months and says the group is open to many kinds of businesses.

He says, "This is a group of very serious investors in local companies. The term 'angel" sometimes to like it's all about helping that young company...but this group is very serious that it's got to be a profitable company that we're going to work with".

Chuck Weaver says some of the start-up companies the Central Illinois Angels invest in could take up residence in the Peoria Next Center.

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