Breakthrough 307 Is Wyoming’s First Startup Angel Fund
Breakthrough 307 has a mission to help startups. When we say “everywhere else” we mean it. Since 2011 Nibletz has been the voice of startups everywhere else bringing you startup stories from every nook and cranny in the United States. Today is no different.
21 accredited investors have pulled their funding together to form an angel fund for startups. This isn’t by any means a new concept, however it is for starving startups in Wyoming.
Breakthrough 307 was founded by serial entrepreneur, Jerad Stack, banking veteran, Ron Wright and Charles Walsh an experienced entrepreneur and angel investor. Before moving to Wyoming in 2006, Walsh founded the first organized angel fund in Dayton Ohio, Angel Partners LLC. He was also President of the Wright Center for Innovation.
The new organization gets it’s name from Wyoming’s area code, 307.
Each accredited angel investor put in $100,000 into the opening fund, where they plan on investing in, and helping grow, new statup companies to fuel the economy in Wyoming. According to the Wyoming Tribune Eagle, this year the state’s economy was ranked last out of the 50 states.
“This year Wyoming’s economy was last in the nation. We want to help diversify and improve Wyoming’s economy by investing capital into start-up companies and entrepreneurs with promise and potential. We are going to invest our time, talent, and treasure to help entrepreneurs succeed… to help our state succeed. Think Shark Tank only cowboy style,” Investor, Amy Surdam of Cheyenne commented.
“I view [investing in Breakthrough 307] as an excellent way to help the community and promote small businesses in Wyoming. I’m excited to have exposure to opportunities outside of my normal purview,” added Dr. Eric Cubin of Casper.
Each investor in Breakthrough 307 is required to not only participate with funding, but with mentorship as well. They are also seeking mentors in the Wyoming community without putting investment in, in a program they call Breakthrough 307:Connections. The group is comprised of doctors, lawyers, accountants, marketers, product developers, software developers, business owners and other entrepreneurs.
The organization is six months in the making. Walsh and Stack teamed up to help spur the economy in Wyoming through startups “there have been multiple efforts to expand our economic base but one constant gap is the ability for a start-up company is to access capital in their early stages.” Walsh said in July.
They will also hold workshops to help local entrepreneurs and startups. On February 9th they are hosting “Time Management for Entrepreneurs” at the Wyoming Technology Business Center.
Check out Breakthrough 307 here.