Sirti Forms Alliance With Venture Capital Network

Lucky companies working through the Spokane Intercollegiate Research and Technology Institute could be hearing soon from angels on high, as in finance.

The institute has hooked up with the Northwest Capital Network, a clearinghouse that matches start-up companies looking for financing with investors - also called angels - willing to put capital into such risky ventures.

Terry Chambers, manager of SIRTI’s Digital Technologies Center, said the network includes about 850 angels. By working through the network, they protect their anonymity until they have selected a business in which they might want to invest.

When the financial angel contacts the company, he said, the network steps aside to avoid violating securities laws.

“Developing innovative technologies is only one step in commercializing products,” Chambers said. “It is also critical to adequately finance these ventures.”

He said the process begins when businesses contact the Spokane Small Business Development Center at SIRTI. Graduate students from Gonzaga University, Eastern Washington University or Washington State University then work with the owners to compress their business plan into a one-page, rigidly formatted summary.

The network passes along the plan, with the company identified by code, not name.

Chambers said members of the network advisory board help screen the plans to assure that only those with promise are forwarded to investors.

Chambers is the board’s first Eastern Washington representative.

He said the financial angels want a steady flow of deals. SIRTI, he said, is developing several technologies that should attract their attention.

The non-profit network has offices in Seattle and Portland.

, DataTimes