Angel investor hangs up his wings after securing £8.5m in funding
A Coventry man who has helped 60 technology businesses secure more than £8m of angel funding has retired.
Tim Powell has run Minerva – the University of Warwick Science Park’s Business Angel Network – since 2009.
The operation was set up to give companies in a variety of sectors, the opportunity to bolster their chances of growth with angel investor backing.
Enterprises supported across the Midlands have ranged from innovative scientific and medical devices and technologies to every day apps and digital based services.
Mr Powell, an ardent Coventry City fan – who has followed the club through thick and thin since 1961, was presented with a CCFC cake during a send-off attended by colleagues, investors and businesses he has supported over the years.
Leaving Midland Bank in 1995 after 23 years, Mr Powell embarked on a new career as a business consultant assisting young businesses to grow. This led him to join the science park in 2002, where he managed one of only three national pilot Investment Readiness programmes.
During the next three years he created the bedrock of a programme that engaged with 347 businesses and provided in depth support to 180. From this, 85 jobs were created, a further 192 were safeguarded and 59 were helped to secure over £5m of funding.
He later joined AEGF, a West Midlands co-investment venture capital firm, where he worked with Business Angels for the first time, but came back to the science park in 2009 to lead the Minerva programme, securing £8.5m of funding for businesses.
Mr Powell said: “I have so much respect for entrepreneurs starting out on their own – it has got to be one of the hardest things you can do – but it’s been a privilege and I have really enjoyed helping people grow or turn their business idea into a flourishing enterprise.
“I would like to wish Steve Martin every success as he takes over at Minerva and thank David Grindrod and, before him, David Rowe for allowing me to try something different in the Angel Investment market and for the support I’ve had from the team and my family over the years.”
