Entrepreneurs Find They Need More Than a 'Great Idea' When Pitching to Potential Backers
By ANGUS LOTEN
Budding entrepreneur Eric Bolden had never met an angel investor until he tried pitching a business idea to a few of them.
Last week, the retired prison guard showed up at a midtown New York loft for an event that connects entrepreneurs with investors to see whether he might get, say, $50,000, from the angels—wealthy individuals who provide capital to start-ups with the potential for fast growth.
Mr. Bolden, dressed in a suit and tie, took to the microphone for a two-minute pitch, clutching his crumpled notes of the key selling points for his idea—a police handgun identification signal, complete with a flashing alert. The proposed device is meant to protect plain-clothes officers from friendly fire.
Angel funding has become increasingly available to entrepreneurs like Mr. Bolden, whose product ideas are in the earliest stages.