PHILADELPHIA, April 20, 2005 (PRIMEZONE) -- The Minority Angel Investor Network (MAIN) recently received a $75,000 grant from the Kauffman Foundation to develop a national model for establishing and growing an angel investing initiative for high-growth minority enterprises by replicating the strategy that MAIN has successfully created.
MAIN, a diversity-focused initiative of Ben Franklin Technology Partners of Southeastern Pennsylvania and its Minority Technology Advisory Board, was launched in 2004 to increase the number of minority-owned technology companies in Ben Franklin's investment portfolio. MAIN has distinguished itself as the first and only organized network of angel investors in the U.S. focused on investing in high-growth minority companies. MAIN, which has recruited nearly a dozen accredited angel investors since its inception in 2004, is slated to make its first investment by summer 2005.
The Kauffman Foundation award comes on the heels of MAIN's successful hosting of the Power of Angel Investing seminar, which was held recently at WHYY, Inc. in Philadelphia. The Power of Angel Investing, an exclusive program administered by the Kauffman Foundation, is a tutorial for emerging angels, as well as a refresher course for more seasoned angels. The day-long event received rave reviews from seminar attendees. This grant will enable MAIN and the Kauffman Foundation to continue working together to grow a successful regional initiative into a national model.
"The Kauffman Foundation's support of MAIN is an important endorsement of our efforts here in the region. We look forward to this new opportunity to further enhance our relationship with the foundation and build upon the success that we've garnered thus far," says Terrence Hicks, Vice President of Investments and Entrepreneurial Services, BFTP/SEP and MAIN co-founder.
"This is a very exciting opportunity for MAIN, as well as the Commonwealth. Ben Franklin and MAIN have recognized the need to create innovative capital resources for minority-owned businesses, and have formed an effective network that will support the growth of profitable, diversified companies," noted the Hon. Dwight Evans, Chairman of the Democratic Appropriations Committee, Commonwealth of Pennsylvania. "We are delighted that Kauffman has recognized the program's significance and we are especially pleased that this successful model has its roots here in southeastern Pennsylvania!"
About Ben Franklin
Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has helped grow the region through science, technology and entrepreneurship. BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. Like its namesake, Ben Franklin invests in, builds upon, and delivers solutions that grow communities and create wealth by supporting today's technological ideas and tomorrow's scientific discovery.
About Kauffman Foundation
The Ewing Marion Kauffman Foundation of Kansas City works with partners to advance entrepreneurship in America and improve the education of children and youth. The Kauffman Foundation was established in the mid-1960s by the late entrepreneur and philanthropist Ewing Marion Kauffman. Information about the Kauffman Foundation is available at www.kauffman.org.