These are individuals or groups providing capital to early-stage companies in the metropolitan area, typically in exchange for equity. They fill a crucial funding gap for businesses too new to qualify for traditional bank loans or venture capital. For instance, a tech startup developing a novel application might seek funding from this source to scale its operations.
Their presence is significant for the local economy, fostering innovation and job creation. Access to capital from this source enables entrepreneurs to develop and market their ideas, driving economic growth. Historically, a strong network of such financiers has been associated with thriving entrepreneurial ecosystems.
