Notes from the CEO
Five Star Bank to be Title Sponsor of “530” Angels Network
Innovate North Sate announced today the launch of the “530” Angels Network, as well as its associated Northern California Co-Investment Fund. Innovate North State Chairman Steve Gonsalves was pleased to make the announcement, stating “we view the ‘530’ Angels Network and corresponding investment fund as an important implementation measure to address the lack of organized seed capital in the region for high-impact start up and early-stage companies.” He continued, “While we view this as a vital step to grow the regional economy by supporting our most promising young companies throughout the ‘530’ area code, our explicit strategy is also to partner with angel investor groups and other seed investors from throughout Northern California, including the Sacramento, East Bay, Sierra, North Bay, Central Coast and Bay Area regions to maximize opportunities for investment returns and support the best entrepreneurs in Northern California.”
Innovate NorthState is pleased to announce Five Star Bank as the Title Sponsor of the ‘530’ Angel Network. “Five Star Bank is proud to be the Title Sponsor of the new ‘530’ Angel Network,” said Five Star Bank CEO James Beckwith. “We believe there are excellent entrepreneurs with high-growth-potential businesses in the region, and organizing a seed capital source like this is an essential piece of the ecosystem for these companies.” Key to the effort will be Northern California Co-Investment Fund I.
A group of individuals will serve as the GP for the fund, including Bob Bozeman who was a partner with Ron Conway and Casey McGlynn in operating 2 successful seed funds through Angel Investors LP in the early Internet era, which invested in Silicon Valley success stories such as Google, PayPal, Open Table and AskJeeves, and Innovate North State Managing Director Jon Gregory, who previously was CEO of Golden Capital Network which hosted venture capital forums with over 2,000 alumni companies including notables like Pandora Media, StubHub, HealthMedia and A Place for Mom, among many other successful California companies.
ABOUT INNOVATE NORTH STATE
Innovate NorthState was established in April 2012. Its goal is to assist the region’s most innovative companies who have the largest growth potential garner a larger share of their national and global markets resulting in a more vibrant regional economy. It focuses on 5 key industry sectors: Sustainable Agriculture and Food; Manufacturing and Consumer Products; Cleantech and Environmental; Web, Mobile and IT; and Healthcare and Medical Technology. With the mantra of “connecting to compete” InnovateNorthState’s strategy involves helping innovative companies connect with each other and vital resources located outside the region. The mission of InnovateNorthState is: making the North State the most economically competitive non-metropolitan region in the U.S. by 2017.