I had never heard of an angel investor until last year. It was then that I had to resort to a nontraditional way to get the money I needed to start marketing a product I had come up with. I had several offers from people or companies wanting to buy my product, but I was not ready to cut the strings on it just yet. I wanted to try and make a go of it on my own, but I ran into one roadblock after another. First, the banks said no when I applied for a loan, then the private loan companies did as well.
Even though I had a great product that others wanted to buy, I did not have enough credit on my own to prove that I was worth the risk. Thankfully, one of the companies that wanted to buy it told me that while they would not finance it independently, they could suggest a couple of people who might help me out. That is when I first found out what an angel investor is. They are individuals who are usually very rich, so they can afford to take risky chances when they think that they might be able to make a nice profit on it.
The person who hooked me up with one of these angel investors told me that it is usually hard for a person to get financial backing from one, but my product idea was definitely worth it. The rest is history, really. I met with the investor, and he thought that my product would sell without a problem. He gave me the loan I needed to set up my own production facility, and he was right. Even though he now owns a part of my company, I still have a controlling interest, and I have made both of us a lot more money than even I thought possible. Dreams really can come true with an angel’s help.