Wondering who these crazy people are that keep investing in local startups? Well we’ve been asking ourselves the same question. We’d like to share what we’ve been learning from our own Startup TNT investment community. They have tips to share with founders and first-time investors on investing (and life!).

Meet Colton Wiegers (CW), who has invested in every single Summit since TNT launched in Saskatchewan! Colton was born and raised in Saskatoon, with a finance degree from University of Saskatchewan, and recently completed his CFA exams. 

Colton grew up watching his parents run Wiegers Financial and Benefits (at which he now works). With having parents as entrepreneurs, there was lots of business talk around the supper table, but also a lot of time with Mom and Dad, and the chance to see how entrepreneurship can be flexible and help with work/life balance. The Wieger parents also made sure to encourage their kids to be outgoing and extroverts, which is part of the reason why Colton really enjoys being part of the TNT community. 

Besides the community and connection aspect, Colton also loves being able to see how innovative startups in the ecosystem are approaching problems and developing solutions. It inspires him, and he uses that inspiration and figures out how to be creative and innovative with Wiegers Financial and Benefits. 

Now let’s dive into the interview! 

TNT: Hey Colton! 

CW: Hey Amanda! 

TNT: Jumping right in - why do you choose to do angel investing? 

CW: Well, as a family and as a business, we’re all about supporting the community and being part of the community. We had done some angel investing before TNT, but after being part of the first Summit, I was hooked. I love the way that it’s structured, and the exposure to a variety of companies and investors. I don’t personally have time to vet all the companies and all the deals, and the process of the Summit allows us to find some great gems in our Saskatchewan startup community. 

Supracut is a great example of that. Such a cool company, with a really cool solution, that I would likely not have found on my own. After being exposed to them in the Summit, and going through the due diligence process, I got to learn about their IP, their committed sales, their potential, and more. And I was so stoked to invest in them. 

Plus, with angel investing, it allows us to diversify our portfolio. At Wiegers, we believe in spreading it out, so we have exposure in many areas, including real estate, private equity, and angel investing. 

And lastly, seeing these startups and the products and solutions they’re creating, it really inspires me. The exposure to such smart people, such innovative people, really gets me going and inspires me to find new ideas and processes to apply at Wiegers. 

TNT: Love it. I agree, I find myself continually inspired by the startups that are in our ecosystem. So having done angel investing prior to joining us at TNT, and now have done 5 Summits with us (the longest streak in SK!), what do you think is important for people who are new to angel investing? 

CW: I think it’s important that people commit the time to learn about angel investing, and learn about the companies, and know how much time it’s going to take. 

Like with TNT, there are weekly investor education sessions, due diligence calls, entrepreneur education sessions, blogs, etc. You can join all the meetings, read all the recaps and info articles, and it’s like getting a mini degree in investing. 

Plus, because there’s such a variety of investors, the discussions are so interesting and you get perspectives from all industries, all perspectives. And within those discussions, make sure you ask questions. If you’re going to put your  money into a company, but you’re unsure of the industry, ask the questions. Make sure you get the answers you need, either from the other investors, the founders, or maybe from your personal/professional network. 

I highly recommend that people dedicate a significant amount of time and energy to learning about angel investing itself, but also about the companies you’re thinking of investing in. 

TNT: Agree. There’s so much to learn, and I think our due diligence process does really dive deep, and we talk to the founders A LOT. 

So speaking of founders, what do you think they need to keep in mind when they’re pitching? 

CW: That’s a good one. Well, I’ve seen a lot of pitches, so I definitely have some thoughts. *laughs*

First off, time yourself! Be aware of the time constraints, and stay within the time limit. You need to make sure that you’re giving the investors a tease of your company, in a succinct and genuine way, so that they become interested in doing the due diligence. 

Secondly, make sure you can articulate the strengths of your company, in language that investors can understand. If you get too technical, or use language that’s too complicated, I know, as an investor, that you’re not going to be able to easily explain your company to a client, or the general public.  

Thirdly, as an investor, I want to see that you know how to manage your money. I’ve seen many companies that just run out of money in a year. I want to see if you can be a self-sustaining business - I don’t want a company that’s going to be doing investment calls every 6-9 months. But a word of caution there - don’t put out projections that are overly confident. Make sure your projections are realistic.  

Fourth, make sure that there’s a match between you and your investor(s). Working with an investor is a long-term relationship, so make sure that your goals are aligned. Know your path forward, know what you want, and make sure that that’s aligned with your investors. 

And last, but not least, be prepared to answer why your company WON’T work, and what could prevent you from succeeding. It’s extremely important to know the risks and to show your investors that you understand those risks.

TNT: That is a fantastic list for founders to think about for their next pitch! Thanks Colton… love it. Ok, last question! Why do you think it’s important to invest in local companies? 

CW: There’s that quote that for every dollar invested in the local economy, there’s 2-4x return in benefits. And I really believe in that. It’s so important to support local businesses, especially after the pandemic. 

And we have these huge success stories in Saskatchewan - Vendasta, 7Shifts, etc. I want to see more companies growing and succeeding in Saskatchewan. By investing in startups, we’re planting the seeds for the next big company to scale and build in our province. And when the economy does well, everyone does well. Employment goes up, companies grow, more funding comes into the province, etc. 

And as a family company and a small business that has had success, it’s important for us to give back. We’re active in the community, and angel investing is another way to support the community. 

TNT: I love it, and I love that you and your family support the community in so  many ways. Thanks for sitting down with me today, Colton! 

CW: Anytime! Have a great day.

Wondering who these crazy people are that keep investing in local startups? Well we’ve been asking ourselves the same question. We’d like to share what we’ve been learning from our own Startup TNT investment community. They have tips to share with founders and first-time investors on investing (and life!).

I had the chance to sit down with one of our  investors, Joban Bal. Joban’s focus for his entrepreneurial ventures, consulting, and investments is on using exponential technologies to create an abundant future for all. He's the Founder and President of the One Blood For Life Foundation, and holds various advisory and board roles across businesses and non-profit organizations. He’s also currently a fellow and Vancouver site co-lead at HaloHealth, Canada’s physician angel group, and a mentor and judge for entrepreneurship classes at University of Calgary’s Haskayne School of Business. 

He now translates his experiences from various successful ventures to his advisor, operator, and investor roles. He is an MD Candidate and Wesbrook Scholar at the University of British Columbia, and an Abundance360 Scholar in Singularity University’s highest level program.

AA: Hey Joban! Thanks for chatting with me today. Let’s get right to it - why do you choose to do angel investing? 

JB: Hey Amanda! So I came to this space by pursuing things I was passionate about and doubling down on what I excelled at. I really enjoy solving problems, working on innovative ideas, and translating frameworks from different fields to create novel ways of doing things. Angel investing is one way I pursue that. It also allows me to be surrounded with like-minded people who are working on creating innovations to make our lives better and sometimes helping solve some of the biggest challenges we are facing as a society. Plus, I really like working with entrepreneurs and providing whatever support and resources I can. I think that helping to create this value for others has been a key factor in the successes I have had to date. 

AA: That’s so awesome that helping others has led to your own success. Ok, so after your experience in the Life Sciences Summit and Cleantech Summit, what do you now know and want to pass onto others?

JB: There are many ways to approach angel investing, but I think one of the best ways to start is by becoming more involved in your startup ecosystem and solving problems for others. In this positive sum game of entrepreneurship and innovation, by providing value to entrepreneurs and others in the ecosystem, you will become an invaluable resource.

Plus, I think that there are some basics about the logistics that anyone making angel investments for the first time should try to learn. For example, risk management, investment vehicles, investing criteria, illiquidity, etc. Beyond that, experience and expertise of all kinds can be translated in some form when working in the startup ecosystem. It goes without saying, as investors and advisors, we can learn tons from everyone!

AA: Agreed! We can all learn from one another. Alright, so let’s talk about investment groups. What makes TNT different from other groups you've been part of? 

JB: TNT has a very welcoming atmosphere and by design, it provides a path for experienced angel investors to share their wisdom with newer and first-time angel investors. A lot of the investors also come with expertise in complementary areas, creating something that I like to think of as akin to the Swiss cheese model of risk mitigation. Subject area experts can narrow in on the due diligence for certain startups, while others focus on their strengths for each deal (ex. term sheets, IP, competitive market analysis, etc), and collectively, a well thought out decision can be made. Everyone is able to learn in a very collaborative environment, in the best way, by doing.

AA: And what do you think are some of the big investing mistakes someone can make? 

JB: Simply put, any investor just starting to make angel investments should not over-allocate to any single venture deal and not risk a large part of their net worth to this asset class.

A Mark Twain quote that I find that can be very relevant to investing and risk management and especially relevant to angel investing: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” 

AA: And what do you think founders/startups need to keep in mind when they’re pitching to investors? 

JB: Having heard many hundreds of pitches and seen over a thousand pitch decks, I would say there are some key things that every founder pitching needs: 

• Make sure the audience can tell what it is that your company does, at a high level, within the first minute of your pitch. 

• Make sure to talk about yourself, how you came up with this idea, and why you’re the right founder(s) to execute this plan.

  • Investors and advisors involved with startups at the very early stages are often investing in people first and ideas second. 

• Don’t be afraid to ask for help. I have yet to meet anyone who is not willing to help, whether it’s with advice, with an introduction, or resources. 

AA: Awesome! Love your point about asking for help. Ok, last question. Why do you think it's important to invest in local companies? 

JB: I love giving back to my local community and supporting entrepreneurs and changemakers around me. Many of the charitable initiatives I have been involved in have focused on local grassroots action, and I know exactly how impactful that can be. I also like to support under-represented entrepreneurs and especially underdogs when others might not see their potential. 

AA: That’s so great. Thanks for chatting with me today, Joban! Appreciate all of your insights. 

JB: No problem! :)

Wondering who these crazy people are that keep investing in local startups? Well we’ve been asking ourselves the same question. We’d like to share what we’ve been learning from our own Startup TNT investment community. They have tips to share with founders and first-time investors on investing (and life!).

Sandra is the Director, Digital Health Partnerships for Heart & Stroke.. She’s also worked as a clinician in primary care, a funder with a government agency, a startup executive, and a consultant. It’s no wonder she was interested in our Life Sciences Summit as her first taste of angel investing!

Sandra is also a die-hard, born and raised Edmontonian. She loves the local food scene, knows the River Valley like the back of her hand, and often runs into people she went to kindergarten with, because Edmonton is the biggest small town. She’s married to Scott and raising two fiercely independent little girls, Audrey and Margaux.

I had such a fun time sitting down with Sandra and chatting about her first time investing as an angel! 

AA: Hey Sandra! Thanks for sitting down with me today… So tell me, why do you choose to do angel investing? 

SS: Well, I’ve been involved in the startup ecosystem in Edmonton for about 5 years, and I didn’t really feel like I knew enough about early-stage investing. So I took the Financial Feminist Investing Lab course with The 51. The course really made early-stage investing seem more accessible, and illuminated the process that investors go through, like due diligence and risk assessments. 

After taking the course, I started coming to Happy Hours, hanging with the TNT crew and then coming in as a first-time investor with the Life Sciences Summit. I found that  the $5,000 investment lowers the threshold and makes investing more accessible. I thought of it like an investment in my education, as the due diligence process and investor education sessions were super educational. And the $5K is basically the same cost as a college course. 

I also really liked having the personal connection that you get, when you invest locally. I could see where the money was going, and the direct impact it would have. 

AA: I love the comparison to the $5,000 investment to a college course. What a great way to think about it! Ok, so as a first-time investor, what do you think is important for people to know about angel investing? 

SS: I think people should know that it’s not as intimidating or as scary as you would expect it to be. And being part of a group, a syndicate like TNT, allows the barriers to come down and for me people to be part of it. It takes the confusion out of things like accreditation, and what that all means. Lowering these barriers gives us a chance to have more diverse individuals in angel investing - I want to see the percentage of women angel investors go from 14% to much much higher.  

And you should know that at the end of the day, angel investing is all about risk mitigation. What risks are you willing to take with your money? Do you understand what you’re investing in? What are the factors that make you say yes and make you say no? You should also come in knowing that you won’t see a return quickly or possibly ever - startups take time to build and many fail. 

AA: Love it. Ok, so what should founders/startups keep in mind when pitching their companies or ideas? 

SS: They need to find the balance between being polished and being authentic and realistic. Founders should avoid overly grandiose statements, like “There are absolutely no competitors in this market!” My bullshit meter is finely tuned and when I hear statements like that, it worries me.

And know that the due diligence is thorough. Investors are going to go past the pitch, and look under the hood. They’re going to investigate and look at the opportunities, the threats, and the weaknesses of a business. They’re also going to look hard at the founder and the team, to see who they really are. So make sure you’re prepared, organized, and ready to build a deeper relationship. 

AA: Great tips, Sandra. Last question - why do you think it's important to invest in local companies? 

SS: I think that local entrepreneurs are the heartbeat of the local economy. If you want to have an economic impact locally, you need the innovators, the dreamers, the big-thinkers. And if you want to keep the innovators, you need to have a good pool of funding.  

And on a more personal level, my investment thesis relies heavily on having an impact, financially and socially. When you invest in local companies, there’s a clearer line of sight of the impact you’re having. I like meeting the founders and being in the ecosystem, and being able to go for a coffee or a beer with them, and discuss their business. 

AA: Love it. Can’t wait until we can go for beers, haha. So glad you joined our syndicate, Sandra, and thank you so much for your time today! 

SS: Anytime! Thanks for having me.

Wondering who these crazy people are that keep investing in local startups? Well we’ve been asking ourselves the same question. We’d like to share what we’ve been learning from our own Startup TNT investment community. They have tips to share with founders and first-time investors on investing (and life!).

Next up are Kenzie and Kevin Bergeron, a supremely cool couple that I got to sit down with and chat with earlier this month. They’re SO NICE… I wanted to sit down and have beers with them and hang out all day. Alas, I am in Edmonton and they’re in Saskatoon, so that’s not meant to be. 

Kenzie has spent the last 15 years focusing on insurance and financial services. But she’s also an entrepreneur who has a tech startup called ‘Well’N’ and an investment company called SilveRock Investments. Kenzie has invested in over half a dozen SK companies in the last 2 years, and on top of all of that, she’s also a mom to 3 kids under 6! Seriously, when do you have time to sleep, Kenzie??? 

Kevin is currently the President & CEO of miEnergy, one of Western Canada's leading renewable energy EPCs. Kevin also co-owns and operates Polar Refrigeration, Greenline Electric, as well as SilveRock Investments. Kevin is a born and raised Saskatoonian, and on the way to be a busy busy entrepreneur, he snagged a degree from the College of Commerce with a triple major in Finance, Business Economics and Marketing, completed the Executive MBA program through the Kenneth Levene Graduate School of Business in Regina, AND holds his 4th Class Power Engineering Certificate and Process Operator Certificate from SIAST in Saskatoon. All of that, and father to 3 kids too. 

Kenzie and Kevin are such a power couple and I’m so glad that I got to pick their brains about angel investing. 

AA: So let’s kick this off! Why do you choose to do angel investing? 

Kenzie: For me, there are 3 reasons. Obviously there are potential financial returns, but more importantly, it gives us the opportunity to be part of the community and around like-minded people, and to have great conversations about companies and strategies, etc. And for me specifically, when we first became involved in angel investing, I often would not see other female angel investors at the table. When there is little representation from female investors, it creates barriers both for female founders trying to raise capital as well as recruiting new female angel investors. The more diversity we have in our ecosystem, the more successful it will be.

Kevin: I echo what Kenzie said on the first two points, and for me, it’s also the problem-solving component. I am the type of person where I can’t stop moving—I’m always thinking and strategizing and looking for a way to do things better. Which is part of why the startup world is so intriguing for me. It broadens my views and gives me inspiration for the way people are trying to solve real world problems. I immerse myself in how they do things and how I can help. 

AA: What do you think is important for first-time angel investors to know? 

Kenzie: That working together in TNT is really helpful, because you’re in a group. There’s a lot of barriers in angel investing, and knowing that you can be part of a due diligence process, and you can hear from other perspectives, and gain education, it is really valuable. It allows you to broaden your perspective and be exposed to different expertises. 

Kevin: I think first-time angel investors need to know that it can be hard, because you don’t know where to start. You just have to go out on a limb and try it. Also, everyone tends to start with the thought that angel investing is risky and you might lose your money. While that’s true, you have to flip the script and look at the benefits. Keep an open mind, and think about the fact that you’re going to be immersing yourself in a community, increasing your network, learning new things, etc… instead of just thinking of it as pure financial play. 

AA: And what are some of the big investing mistakes someone can make? 

Kenzie: Sometimes as investors, you can get lost in the problem and how important it is, and how the tech can solve this big problem. Instead, I think you should look at the leadership and the team behind the tech. Because you can have the super important problem, the best tech and the data, but without the right leadership in place, it can fail. 

Kevin: I think a big issue is that investors will ignore red flags because they’re emotionally connected to the problem/tech, or personally connected to the founder. 

And a second big issue is not being unique with your own investment philosophy. A lot of investors will try to replicate or try to use someone else’s perspective when they’re making their decisions. Instead, investors need to define their own roadmaps of what’s important to them and what they want from a deal. They need to know how to analyze and what are the quantifiable measurements that will help them to decide where to invest. 

AA: What should founders/startups keep in mind when pitching their companies or ideas? 

Kenzie: Pitches are so short, just 2–5 minutes, and founders get lost in using industry terminology or in big explanations, and they never get to the core of what their product is. Founders will use high-level terminology or abbreviations to make themselves look smarter, which can confuse investors, and also doesn’t translate properly to the audience in such a short amount of time. Founders need to hook investors in so that AFTER the pitch, they’re willing to go and do the due diligence. They need to hone in on their messaging and understand that the person/people you’re pitching to, might not have the same background knowledge that you have. 

Kevin: Agreed. You need to hit it big and get the messages right. Once you get past the pitch, and get into due diligence, you can get deep into data and tech and terminology. But don’t go deep and complex in pitches. They confuse investors because they don’t have the context that founders have. Simplify the message and really try and understand what the investors need to know, vs what you, as the founder, wants to talk about. 

The best pitches tell a story, and leave the audience wanting more. 

AA: Why do you think it's important to invest in local companies? 

Kenzie: We’re both born in Saskatchewan, and we’ve chosen as a family to keep our roots here. We want to see the people around us succeed, and also see our kids, and the future generations succeed. We want to create a legacy of success for Saskatchewan. 

Kevin: And investing in the local ecosystem is just part of who we are as people. We want to lift others up around us. The best situation is when everyone is collectively working together to make the world better. I think the startup community really facilitates that… the community is trying to solve problems to make the world a better place, and since they’re starting small and starting locally, the local community is the one to benefit first. 

Also, in our own entrepreneurial journeys, there have been a lot of people to help us out, in small and big ways. So it’s time to pay it forward. Little things on a daily basis can really change the momentum and make a difference. 

AA: Lastly, what makes TNT different from other investing groups you've been part of? 

Kenzie: The group dynamic that I mentioned above… It's so key and a differentiator. It gives us a chance to discuss and challenge others, and have a constructive feedback loop. 

Kevin: It also challenges me as an investor. I’m naturally biased to cleantech, but what interests me are the industries I get to learn about. If I was a single investor, I wouldn’t challenge myself as much as I do with TNT and the Investment Summits you have. 

AA: Thanks so much for your time today, friends! I really appreciate all of your insights and your kind words!

When people hear the term “accredited” they often think of tests or some kind of professional designation. There's no test! It's just a silly choice of wording.

Across Canada, individuals qualify as accredited investors if they meet at least ONE of the following criteria:

• You had net income before taxes of more than $200,000 over each of the past two years, and you have an expectation that this income threshold will be met in the current year

• Combined with your spouse, you had net income before taxes of $300,000 over each of the past two years, and you have an expectation that this income threshold will be met in the current year

• Combined with your spouse, you have net financial assets worth more than $1 million (net of related debt). This includes cash and securities, including the value of any private companies you have investments in/ownership of.

• Combined with your spouse, net assets worth more than $5 million (net of debt). This includes cash and securities, and real estate. (The key difference here versus above is that this category includes your house. If you have a $4M+ house and less than $1M invested elsewhere you still qualify.)

While some folks classify as accredited investors because they are registered advisors and dealers, the vast majority of people classify as accredited investors through the above wealth threshold.

Accredited and interested in building the startup community?