Marketing firm forms venture capital fund for marine products
By IBI Magazine/Michael Verdon
Home Port Marine Marketing has announced the formation of MarineAngels, a venture capital fund to provide seed money, expertise and advice for the launch of new marine products. "The largest-ever MAATS that is about to get underway is proof that new products drive the market," said Home Port president Jim Georgiadis, in a statement. "But without proper funding and market know-how, many good marine product ideas never get into the market, or are such weak sellers they are soon gone from the shelves. " Home Port COO David Pilvelait told IBI that MarineAngels would be managed much like an investment club. "Ideally, we want to get a group of upwards of 20 individual investors or companies in our industry with lots of experience and know-how," he said. "Initially the investments will be modest and in the early stages of product development. Most of the investments will be under six figures to start with. We need to prove our concept." Pilvelait said that the concept would not be limited to just startup capital, but would include marketing advice and licensing agreements. "Many people have good ideas for a product, but they don't know how to bring it to market," Pilvelait said. "This will create a forum to help determine if it's viable." He said that Home Port has done "a number of product licensing deals", and would consider taking on new clients if the product was interesting enough. The group would meet several times each year at industry trade shows. "We will hear presentations by invited entrepreneurs," said Pilvelait. "After the meetings, members will vote on whether or not to make investments." The first MarineAngels meeting will most likely be held at IBEX.
(19 July 2005)
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