[Updated] ICAD announces informational meeting for Eastern Iowa Plains Angels

[Updated] ICAD announces informational meeting for Eastern Iowa Plains Angels

UPDATE, Jan. 17, 5 p.m.: More chances for startups to present to accredited investors and more chances for investors to learn from each other – that’s the motivation for expanding Plains Angels to eastern Iowa. Mike Colwell, executive director of Des Moines’ Business Innovation Zone, said the expanded Plains Angels will likely function as one large group that hosts separate meetings. Entrepreneurs and other speakers would present at the Des Moines meetings, which fall on Mondays, before presenting in The Corridor on Tuesday. Colwell launched Plains Angels in Des Moines in 2012. The group has more than 60 accredited angels, including several from Eastern Iowa, he said. Although the meetings are already recorded and made available to members online, there is value in getting people together in the same room, he said. Colwell cited the example of an 80 year old member and a 23 year old member – both self-made entrepreneurs, with a lot in common, but who wouldn’t have met otherwise. “Iowans aren’t big on bragging on wealth – you get in a room and you meet people you didn’t know of,” he said. In the 18 months the group has been active, the Angels have seen 30 presentations and made five investments, totaling just over $1 million. The participating angels make individual investment decisions, but can work together to evaluate deals. Josh Cramer, an Iowa City entrepreneur and angel investor, said he sees benefits to both the entrepreneurs and investors who participate. For entrepreneurs, being accepted to present means a chance to meet with dozens of  investors without having to round up dozens of meetings. Investors…