A new network of angel investors called IMNPACT Angels has recently formed in affinity with Gopher Angels. Their purpose is to “invest for impact and profit,” according to Brad Brown, Chief Coordinator with IMNPACT Angels.
“Impact Investments are made into for-profit companies with the intention of generating measurable social or environmental impact alongside a financial return,” he explains.
“Traditional investors have their bottom line, whereas we are about the ‘double bottom line’.”
The group will be consider a range of startups across multiple industries, but tech is “an area where real innovation and social scalability is at.” Specifically, he cites software, mobile apps, e-commerce in:
- Online education, classroom management, inverted classroom
- Tools for nonprofit capacity building and fundraising
- Health technology for under-served markets
“We’re looking at what the business model is when combined with the social value. The real test is how the social purpose that you’re serving coexists with the profits.” He points to software that helps nonprofits function more efficiently or a mobile app that helps consumers to reduce energy consumption as general examples.
Prior to coordinating IMNPACT Angels, Brown was the Executive Director of Social Venture Partners Minnesota, a group of philanthropic individuals who make financial grants and donate resources to area non-profits.
IMNPACT currently counts eight angel members with a goal of ten by the end of this year with a collective capactiy of $50k – $1m per deal he says. The first pitch session is slated for October and interested Minnesota tech startups who “place their social purpose equal to or above profits,” can email Brown (email@example.com) for consideration.