Experience Counts The hunt for angel investors is tough enough. Finding one who offers more than money adds to the challenge--but it's worth it.
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Laura Bennett found her angel investor in a mentor at Canada Life, her former employer. The life insurance executive asked Bill Acton, executive vice president of the company's European division, for advice on starting Embrace Pet Insurance, the Mayfield Village, Ohio, business she was launching with Alex Krooglik, 35. Acton was intrigued, and he invested $50,000 in the company, which wrote its first policies in 2006.
Acton had enough industry experience to sense that Bennett's idea for a niche insurance business held promise. Once he committed to Embrace, he stayed involved, offering guidance as Bennett, 42, searched for a major insurer to serve as a partner in the company. So far, the results are encouraging: Bennett expects to write more than $2 million in policies this year.