As part of his Edward Jones Center job, Tom Singleton works with entrepreneurs who apply for funds through the nearly one-year old Springfield Angel Network that he helped found. The network, which matches angel investors with private businesses and entrepreneurs in need of capital, has received a $30,000 grant from the Missouri Technology Corp., part of the state's Department of Economic Development, to cover internal operating expenses.
Q: What is your professional background?
A: I'm semiretired, but I was the co-founder and CEO of Precision Stainless, where we made pressure vessels for the food and pharmaceutical industries. I was a Drury graduate, and Todd Parnell - a fraternity brother and good friend - said they needed someone with experience of going through business and forming a business plan. I've enjoyed it - I've had the chance to meet a lot of very intelligent young people, and I've probably gotten as much out of it as I've given to the entrepreneurs.
Q: How did the Springfield Angel Network start, and who has been helped so far?
A: It was put together by Missouri State University, Drury University and (Springfield Area) Chamber of Commerce. It was meant to encourage young entrepreneurs coming out of those two schools to start their businesses in Springfield. The chamber is involved because they like to see businesses with growth and employment opportunities.
You have to remember we're less than a year old. But of the candidates we have brought before the angels, there have been investments in two organizations. One is U.S. Photonics and the other is Aisle 411.
Q: Why is the angel network important to this area?
A: It's extremely important in Springfield - there's never been an organization like this here. And getting capital from banks right now is extremely difficult; banks have gone from very little regulation to over-regulation. This organization gives entrepreneurs an outlet to seek further investment.
Q: Has the recession made the network's job harder?
A: The recession has made our job more difficult because of the loss of liquidity by private investors. There are a lot of investors sitting on their hands right now, waiting to see when the economy recovers. There have been some who have invested because they'd rather invest their money in an entrepreneurial operation than in the stock market, but it does make our job harder.
Q: Has the economy affected demand for the network's help?
A: There was a real slowdown in the first quarter of 2009, although there seems to be a steady increase in recent months. In the first quarter, entrepreneurs were thinking, "I'm not going to be able to get the money anywhere, so why go forward right now?" It put a lot of them in a holding pattern. But I think that's starting to turn around a little.Interview by Jeremy Elwood.
This installment of Springfield Business Journal’s Architects & Engineers Project Report showcases 26 endeavors by area design and engineering professionals.
