Columbus-based entrepreneur Carol Clark is giving back to Ohio entrepreneurs with X Squared Angels, an angel group that provides capital to startups with a woman typically in a founder/CEO position.
Clark’s entrepreneurial roots date back to 1981 when she and Fran Papalios co-founded MindLeaders, an online software training company that was sold in 2007. Now she’s looking to give back by supporting startups with a woman in a leadership position.
“My personal experience has always been on mixed management teams,” says Clark, explaining the reasoning behind X Squared Angels’ investment strategy. “I just think we make better decisions!” She adds that she has studied data proving the economic impact is more substantial when a mixture of men and women lead the company.
Clark began her angel work by getting involved with the
Ohio TechAngels following the sale of MindLeaders. She then attended the Angel Capital Association’s international meeting of angel organizations in Austin, Texas, where she met a group called Golden Seeds. “They shared their investment strategy and I went to a couple of their meetings
in New York City,” Clark explains. “They focus on diverse management teams. You have to have at least one woman in a leadership position with equity in the company.” Clark ultimately joined the organization that would go on to inspire her work with X Squared Angels.
Still in their infancy, Clark and X Squared Angels have already begun negotiations for a possible investment with a female-led California-based company. Though Clark maintains there are other criteria that need to be discussed to determine if the young company is viable enough to make an investment. “It’s not a non-profit, it’s an investment fitting our investment strategy,” as Clark puts it.
Moving forward, Clark and her team of 15 investors are focusing on bringing in an additional 35 accredited investors to the group by the end of the year in order to start a fund. “If we have 50 investors, we can have a fund, and have more of an impact on the business,” she says. “The more investors we get and the more our name gets out there, the more applicants we’ll receive. And that can only help our economy.”
Source: Carol Clark
Writer: Joe Baur