Salt Lake City, Utah

Formation of Olympus Angels- First Formal Angel Group in the Salt Lake Metro Area

Mr. Alan Hall, CEO of Market Star and Founder of Grow Utah Ventures announced today the formation of the first formally organized “angel” investment group in the Salt Lake metro area- the Olympus Angels.

“This group is made up of a number of very successful business leaders who have come together to provide seed capital and advice to young entrepreneurs just starting out”, said Hall. “The formation of Olympus Angels is a tremendous milestone in broadening the financial resources that are available in the community for early stage businesses.”

Olympus Angels is headed by Mr. Jim Ellsworth, a well known and successful businessman and entrepreneur who has been extensively involved in community leadership over the years.  “As I came to understand and support Alan’s vision about what angel groups could do, I agreed to take on the leadership to get this one organized,” said Ellsworth. “There simply had been nothing done in the Salt Lake area in the past and we needed to form an angel group to support our entrepreneurs.” He continued, “Like myself, the founding members of Olympus Angels have a great interest to give something back to the business community. At this stage in their careers, they have the time and the means to help these up and coming entrepreneurs. We feel strongly that Olympus Angels can really make a difference in their ability to succeed.”

Across the country, angel groups have proven to be critical in stimulating and growing businesses. The Angel Capital Association, of which Grow Utah Ventures is a member, indicates that there are some 1,500 such groups with the numbers increasing. Up until now, none have been organized in the Salt Lake City metro area. This has been a significant gap in what the community does to support and encourage entrepreneurism.

Formally organized angel groups, such as Olympus Angels, adopt by laws, establish procedures for reviewing businesses and follow investment criteria to guide their decisions. They meet regularly with entrepreneurs to consider their business. The seed capital that is invested ranges from $50,000 to $200,000. And once an investment is made, the angels themselves serve as advisors and mentors to the business.

Grow Utah Ventures led the effort to introduce the concept of angel investing to a select group of Salt Lake City business leaders. “We spent some six months meeting with potential angels to help them understand the benefits and practice of investing as a group”, said T. Craig Bott, President and CEO of Grow Utah. “We approached the very best in the community, those who had the experience and the means to really make this group successful. A lot is required of the angles. They have to be willing to take their time to work with young entrepreneurs and of course have to be willing to invest their own money in the businesses they choose”. Mr. Bott continued, “I am really pleased with the quality and caliber of the founding members of Olympus Angels. Any entrepreneur would be well served to learn from such leaders.” Grow Utah will continue to consult with and advise Olympus Angels and will be one of the sources of businesses they consider for investment.

Over time, additional members will be added to the Olympus Angels founding group of fifteen. “We will gradually expand this group,” said Ellsworth, “so that we have an even larger group going forward. We feel that Olympus Angels will be the premier angel group in Salt Lake City and will foster the growth of many new businesses.”

For additional information on Olympus Angels or to submit a business plan for consideration by the group, please call Grow Utah Ventures at 801- 479-5525 or visit the web site for Grow Utah Ventures at www.growutahventures.com.

Grow Utah Ventures is a privately funded organization dedicated to assisting the growth of Utah’s early stage businesses. Comprised of a team of successful and experienced entrepreneurs, business leaders and private investors, Grow Utah Ventures has as its mission to help stimulate, unlock and develop the entrepreneurial potential and business opportunities across the Wasatch Front. The initiatives of Grow Utah Ventures include: —promoting a community environment that is conducive to entrepreneurism, —facilitating private investments in early-stage Utah businesses and —rallying the financial and leadership resources of Utah investors to support leading entrepreneurs.