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Working With Your Angel Investors

Make sure your angel investors won't hold your business back when it's time to graduate to larger investors.

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This story appears in the November 2005 issue of Entrepreneur. Subscribe »

These days, investors at medical services company Inoveonin Oklahoma City are a pretty happy lot. The company recently celebrated its 40,000th customer and revenue has passed the $1 million mark, so investors have much to celebrate. But Inoveon co-founder Dr. Lloyd Hildebrand will tell you that bringing together three founders, seven angel investors and five VCs was not always a party.

When Hildebrand, 48, and his partners decided to commercialize the technology they had been working on at the University of Oklahoma, they started the way most entrepreneurs do--by digging into personal savings and asking friends and family for help. In total, the three founders and seven outside investors put together about $250,000 in seed capital.

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