757 Angels Inc

757 Angels Inc is a nonprofit organization classified as a 501(c)(4) social welfare organization, focused on community improvement and urban economic development. The organization is part of Reinvent Hampton Roads, a community leadership initiative aimed at fostering economic growth and job creation within the Hampton Roads region of Virginia.

Mission and Activities

The mission of 757 Angels Inc is to enhance the regional economy by connecting early-stage businesses with accredited investors. It primarily invests in startups operating in the Hampton Roads area, provided these businesses have a strategic plan to generate revenue from outside the region. What sets 757 Angels apart is that its members do not make collective investment decisions; instead, each member decides individually whether to invest.

The organization supports the growth of high-growth, early-stage companies by facilitating access to capital. This approach helps build a resilient innovation ecosystem in Hampton Roads and promotes local economic development.

Leadership and Partnerships

The organization includes a diverse group of leaders from various industries. Key figures involved in the board include prominent business leaders, ensuring a strong network of expertise and resources for supported startups.

Impact

757 Angels Inc has played a significant role in boosting the regional startup ecosystem. By connecting investors with vetted, high-growth startups, it has contributed to the economic vitality of the area. Additionally, it provides educational resources and networking opportunities, further enriching the local entrepreneurial environment.

Financial Overview

The organization's revenue primarily comes from contributions and program services. In recent years, 757 Angels has invested substantial amounts into entrepreneurial ventures, demonstrating its commitment to local economic development. Executive compensation represents a significant portion of the organization's expenses.

Critique and Debate

As with many nonprofit organizations, there may be discussions about the tax implications of being a 501(c)(4) organization, including that donations are not tax-deductible. However, the organization's focus on community welfare and economic development aims to justify its operational structure.