Part of the club
Some 36,000 entrepreneurial ventures attracted $15.7 billion in angel investments last year, according to the University of New Hampshire's Center for Venture Research (www.unh.edu/cvr). Anywhere from 150 to 175 angel networks -- dinner clubs and the like -- are in operation across the United States, with each having about $5 million to $20 million in capital under management, various industry estimates show.
The Maryland Angels Council, which meets 10 times a year at Chevy Chase's Columbia Country Club, has eight portfolio companies, including local security software firm Bluefire Security Technologies.
Along with the dinner club concept, a new model May has launched is Active Angel Investors. Individuals are organized in a club but make their own investments on a deal-by-deal basis. Members could join with less money up front -- $5,000, as opposed to $100,000 or more, to join dinner clubs -- and would have greater flexibility to try their hand at high-tech investing.
"Sophisticated money is still feeling pretty burnt," May said. "Active Angel Investors is an opt-in thing. I think folks here should look at that model before they look into a club."
Private investing
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