Kentucky entrepreneurs, rejoice! Governor Beshear just announced the creation of the Kentucky Angel Investors Network, a virtual network that links companies pursuing funding with would-be investors from across the state. Those seeking funding can pitch their presentation to potential investors via monthly online meetings through the network. The idea is simple: angel investors provide money to your company in exchange for a percentage of its equity.

The network is open to all entrepreneurs focused on the development of innovation-driven, technology based companies in Kentucky that meet the following criteria:

1. The company must be Kentucky-based; meaning at least 51% of its payroll and property reside within the state.
2. The company must have a negotiated term sheet and lead investor who is willing to share due diligence with other potential investors.
3. The company must be a client of the statewide Innovation Network and have the sponsorship of an ICC (Innovation and Commercialization Center) Director.

The potential investors are all accredited investors as defined by SEC Rule 501 Regulation D, have statewide access to deal flow and make their own investment decisions.

Angel investments are often a great resource for companies beyond the startup phase, but that may need capital to take their business to the next level.