I found this weeks presentation with Sue Baggot and her husband very interesting and engaging, especially being so late at night. I’ve never heard about Angel Investors before this meeting, but I definitely think they could be useful when it comes to our project.
Since we are just starting with this project, we will have to maintain funding through either Lehigh or the university in the Philipines to begin our preliminary phases of the project. However, I think the group who comes in next year will definitely need to actively start reaching out to Angel Investors as well as larger ones. I think by then after we have had a team on the ground in the Philipines we will have a better idea as to if this machine we are creating will even be feasible and will work for the women at the cooperative. Finding funding now in such an early stage of the project is difficult since nothing is quite solidified yet. We are still in the experimental phase and we may even need to backtrack a bit once the team comes back from the Philipines.
As Sue said, Angel Investors are looking for people and teams who are willing to pivot. We can’t be too set in stone with our original plan especially if we don’t think it’s going to work in the long run. She also mentioned that they look for people who have failed in previous ventures so it’s important for us to remember that it’s ok to fail sometimes. If what we initially create and bring to the Philipines doesn’t work the way we anticipated it to, that is perfectly fine. Flexibility and resilience with projects such as this one are extremely important and will speak wonders when we start applying for funding from larger sources.