PHOENIX, Nov. 23, 2020 /PRNewswire/ — SEED SPOT and Canyon Angels will train 180 angels to grow the robust investing community in Arizona and create more access to early-stage funding for entrepreneurs with a focus on EdTech, MedTech, and CleanTech.
According to a Startup Genome report published in 2018, Phoenix’s entrepreneurial ecosystem is experiencing an early-stage funding gap of $49M annually. SEED SPOT, an Arizona-founded and globally-ranked social impact incubator, is partnering with Grand Canyon University’s Canyon Angels to accelerate the growth of the angel investing ecosystem in Arizona to minimize this gap and assist in the commercialization of EdTech, MedTech, and CleanTech technologies. By recruiting and training new angel investors from the pool of thousands of eligible accredited investors existing in Arizona, the project will expand capital deployment in Arizona to ensure that innovative startups with potential for growth and job creation can access the funding they need to scale.
“Accessing capital is consistently cited as one of the biggest barriers to starting a business for founders around the nation,” said Duane Rollins, SEED SPOT’s VP of Impact and Research. “By cultivating the investor ecosystem in Arizona to be more inclusive and focused on early-stage ventures, will help get more capital into the hands of founders who are creating foundational change through their innovations.”
“Canyon Angels is dedicated to building the entrepreneurial spirit across the Southwest and specifically the underserved westside of Phoenix. Investing in startups is the most exciting asset class because it embraces the endless creativity of humanity to serve one another,” said Tim Kelley, Canyon Angels Chair. “There is infinite opportunity and the technology at our fingertips is growing exponentially. We work side by side with brilliant GCU college students to solve the greatest challenges of our time.”
Along with 52 organizations from 35 states nationwide, SEED SPOT and Canyon Angels will receive a portion of the $35 million deployed to support entrepreneurship, acceleration of company growth, and increased access to risk capital across regional economies from the U.S. EDA.
SOURCE SEED SPOT