When Bram Daelemans was growing up in Belgium, he knew he wanted to spend one of his high school years in the United States – as his father had done a quarter century earlier. So he signed up for an American Field Service program and requested a city on the water with warm temperatures, thinking he might land in, say, Santa Barbara.
But the 29-year-old Daelemans, who now heads the Wisconsin Angel Network was placed with a family in Port Washington, which was, at the least, on Lake Michigan.
Daelemans thrived and remains close to his host family. He liked Wisconsin so much that he stuck around and attended Carroll University in Waukesha, where he played soccer for four years. (He now plays on the Croatian Eagles Soccer Club in Milwaukee). He spent a year in California after college and then returned to the Badger State to work for Aquamost, a Madison-based water treatment startup.
Then he went to Milwaukee and earned two advanced business degrees from Marquette University. While in graduate school, he worked four years as associate director of Golden Angels, a Brookfield-based investment group with more than 100 members in Wisconsin and northern Illinois
He became director of the Wisconsin Angel Network, which is a program of the Wisconsin Technology Council, in June. Daelemans, who is fluent in three languages, calls the job an ideal fit.
“WAN is a great resource and catalyst for early stage investing in Wisconsin,” he said. “That means we help establish new angel networks and support existing networks and help them grow.”
In addition, he said WAN will help organize and run the Early Stage Symposium, which will be held Nov. 4 and 5 in Madison’s Monona Terrace Convention Center. The gathering will have more than a dozen panel discussions and plenary sessions featuring top entrepreneurs, investors and others tied to the tech sector. WAN is now taking applications from would-be presenters from a wide array of industries, including biotechnology, medical devices, health care, advanced manufacturing and information technology.
Daelemans said angel networks consist of members with so-called deep pockets who are accredited by the federal Securities and Exchange Commission and aren’t averse to risk. To qualify, an individual must have an annual income of $200,000 for two-plus years. The figure is $300,000 for a couple. Another way to qualify is to have a net worth of $1 million, not including a primary residence.
“When I worked with Tim Keane at Golden Angels, we looked at lots and lots of deals, maybe 300 to 400, to pick out just a few,” he said. “It can be a long process from the time you first look at a deal to the time you invest.
“But it’s really rewarding when all the parties are aligned and you finally send them the money to do what they are planning to do,” he said.
To get new angel groups started, he said WAN sets up presentations to educate accredited potential investors.
“We explain to them what angel investing is, what’s expected of them, hopefully get them to be more active in this space and provide funds for new startups,” he said.
Daelemans said Wisconsin currently has about 36 angel groups, with most located in or near Madison and Milwaukee. In June, he said WAN offered an “Investor’s Edge” workshop in Mount Horeb. Two more are planned for September. One will be hosted by the Beloit-based Stateline Angels, which is looking to grow its network. Another will be held in Stevens Point. In Vilas County on the Upper Peninsula border, the Northwoods Angels group was formed a few years ago to back entrepreneurs.
“We are always looking to get more accredited investors involved so we can fund more worthy startups,” he said.
Daelemans praised his predecessors at WAN and said he wants to help existing groups with issues like getting liability insurance for directors and officers of startups. Sometimes they get errors and omissions insurance, which can cost $20,000 for a new company. Directors and officers insurance however, typically costs much less and can be purchased by a group at a discount, he said.
“I also want to make sure there is enough investment money for startups,” he said. “In 2014, we had 113 Wisconsin-based startups getting money versus 86 in 2013. Moreover, new companies received $346 million in 2014 vs. $128 million the year before. Those are trends I’d like to see continue.”
— By Brian E. Clark
For WisBusiness.com
