Last month, the North Texas Angel Network inked a long-discussed partnership with The DEC Network.
The move effectively saw the local nonprofit entrepreneurial support organization take over the operations of the angel network. And Will Akins, senior manager of operations at The DEC and newly named director of operations at the NTAN, said the main goal is to scale deal flow in the region and beyond.
“It helps on the investor recruiting side," Akins said. "It helps bring deal flow in the companies that The DEC is working with. “It creates a really good pipeline for supporting startups on the resource side and then gives them a path to fundability.”
Launched in 2008, the NTAN is a member-led organization, so that The DEC won’t be making deal recommendations. However, it hopes that its network and ties to the startup community will facilitate more connections between founders and investors. The NTAN also brings to the table an expanded network of investors after merging with the Tyler Texas Angel Network earlier this year.
The NTAN’s focus will remain industry agnostic and will look to source deals in DFW and the rest of Texas. Akins said that while deals are up to individual investors in the network, founders with disruptive ideas and experience in their industries stand out. Overall, he said the NTAN typically looks for early-stage investment deals between $250,000 and $2 million.
“The rest of this year, we’re trying to host the member events, we’re trying to answer any questions we have on the investor side and the startup side, and just facilitate more connections,” Akins said. “At the end of the day, we’re just trying to give the investors as much information about the startup company as they can.”
Akins said one of the biggest changes made so far had been a revamp of the NTAN’s application process to include more specific details about the startup, streamlining the vetting process for NTAN’s members. He added that the organization is actively recruiting new members to accommodate the expected increase in deal flow.
Since its beginnings, the NTAN has invested more than $10 million in startup companies, with notable names among its portfolio, including Fort Worth e-mobility company Linear Labs and Richardson construction foundation systems company Tella Firma. The DEC Network was created in 2013 and offers programming, mentorship and co-working opportunities from downtown, Addison and Oak Cliff.
“We want NTAN to be second to none in the state,” Akins said. “We want to work with partners and other angel groups for deal sharing and syndication so that we can help startups in North Texas and across the state.”
NTX Inno talked more with Akins about the partnership and Dallas’ entrepreneurial ecosystem.
So, is this a relaunch of the North Texas Angel Network?
COVID put a damper on everything. Aaron Gathmann, the previous executive director, did a really good job of pivoting during the pandemic, bringing startups to the investors, doing online events and all that. Now, we’re trying to move towards that phase – and you’re seeing this with Dallas Startup Week – where things are going to be in-person. There are more of those personal connections happening. The whole idea here is just to be a bigger connector in the community, and that’s something The DEC has always done, and NTAN has always done. That’s a synergy we both have.
What changes are being made with the organization?
We’re going to have a larger network to pull startups and investors from. The role is to enhance the deal flow experience, improve any inefficiencies we can, and create more communication between the investors and the startup companies.
What makes Dallas a hub for startup activity?
I think one of the validations that you’re seeing is so many people are moving here, to begin with. You have those keys for creating a good startup environment here. You have many talented people, and whether they’re in the startup community, working in corporations or wherever they may be, there’s all that talent here that’s ready to be tapped. It is a business-friendly environment so that you can get up and running quickly. You can get established. There’s a lot of resources in the community, as well. You have The DEC Network, and you have these accelerators programs that have been around for a long time serving entrepreneurs. It’s hard to quantify, but you have a community of mentors willing to support and help startup companies, and you don’t find that everywhere you go. I’m a transplant from Florida, and when you’re in Texas, I think you find people are very willing to support and help wherever they can – early and often – that translates to the business community.
On the flipside, where can Dallas improve?
Every startup community has areas where it can improve but just facilitating those connections to make sure that startup companies are growing and at that inflection point have access to the funding to help them get to the next level — on the investor side, showing them companies that are good deals, getting good deal flow in front of them.
This interview has been edited for clarity and grammar.
The original version of this article incorrectly spelled the last name of North Texas Angel Network Director of Operations Will Akins.
