Getting to Know Our Angels & What They Say About Angel Investing
Meet Mike Wolsfeld (MW), one of our angel investors AND one of our Saskatoon ambassadors. Mike is the Senior Manager of Business Development at Innovation Place, focusing on helping tech entrepreneurs start, build and grow their companies faster. He’s constantly looking to better understand the problems tech startups face and find ways to break roadblocks standing between them and building the next great scale company.
Mike is also an avid consumer of video games, movies, comics and storytelling, which actually led to him penning a small science fiction novel that made the top 200 in the 2021 Watty Awards. He said to me, “maybe that's what I'll do again if I make a ton of money from investing in startups.”
I sat down with Mike to get to know him and to gather his perspectives on startups and angel investing.
AA: Hey Mike. So glad you’re one of our ambassadors now! So tell me, why do you choose to do angel investing?
MW: In my roles at Innovation Place, I’ve spent the last six and a half years trying to help Sask startups start, build, and grow faster. When I saw that StartupTNT was getting involved in Saskatchewan, it was a no-brainer for us to work with them to help unlock more capital and knowledge in the ecosystem.
After getting to know the StartupTNT team better, I got involved personally as an investor because I saw the opportunity to get some skin in the game and accelerate my rate of learning to become a more useful resource to help startups grow. Getting to share the experience with seasoned and novice investors, and dive deep into startups in the due diligence, investment, and follow-up process has been more than worth the price of admission. And maybe someday I’ll be the one asking for money, so building up all that knowledge and an amazing network can only be a good thing.
AA: Really cool! Jesse is the best, and we love how he’s repping us in Saskatchewan. As a newer investor, what do you think is important for people to know about angel investing?
MW: There’s a lot of “fake it until you make it” energy in the startup world. But the people I’ve met who have had success, either investing or as founders, are fundamentally curious people. They thrive on never being the smartest person in the room. If you have a question, always ask it. You’ll learn more, and the founder will learn how to pitch their startup to someone with a different perspective than they’re used to. It’s a good way to pick up on bullshit too. If a founder is talking a lot without being curious and asking questions, they might be in “fake it” territory.
AA: Love it. Ok, so what should founders/startups keep in mind when pitching their companies or ideas?
MW: Investors all have their own biases. You’re going to receive so many different opinions throughout the pitching process, let alone all the feedback you’re getting from friends, family, co-founders, customers, etc. It’s your job to filter all of that feedback with your own insight and ultimately make the call on what advice you’re going to take, and what you’re going to pocket for a later date if ‘Plan A’ goes to shit. That’s really hard to do. I wouldn’t take advice as gospel unless someone has dealt with the exact problem in the last few years. I also wouldn’t entirely dismiss any advice from smart people. Sometimes the craziest advice turns out to be obvious in hindsight. Be open, but don’t pivot with every piece of advice you receive.
TNT: 100% - gotta weed through all the noise and find what’s valuable to you. Ok, so let’s talk about why you joined TNT and became an ambassador.
MW: TNT is my very first experience with angel investing, and I invest with TNT exactly because the organization is different. I invest to learn, and hopefully make a good return. With TNT, I’m never the smartest person in the room. Sharing the investment process with an awesome crew of seasoned and fresh investors is not only a blast, but it makes me a better investor from learning from all of them and the entrepreneurs. It also makes me more confident pulling the trigger with satisfaction knowing a bunch of other smart people are willing to take a risk on a founder with me.
AA: We’re so glad you’re on board with us! Last question - why do you think it's important to invest in local companies?
MW: Personally, I want to invest in local companies because I want to play a role (however small) in building up the city and region I call home. Startups are one of the greatest tools we have for creating upward mobility. High-growth startups have a ripple effect beyond just the founders. They create jobs and opportunities in the community by attracting investment and revenue from around the world. A rising tide lifts all boats, and all that.
AA: Thanks so much for your time today, Mike! Appreciate your time and thoughts. Can’t wait to hang out with you in Saskatoon.
MW: Thanks Amanda!