Angel Investor Spotlight: Colton Wiegers

Wondering who these crazy people are that keep investing in local startups? Well we’ve been asking ourselves the same question. We’d like to share what we’ve been learning from our own Startup TNT investment community. They have tips to share with founders and first-time investors on investing (and life!).

Meet Colton Wiegers (CW), who has invested in every single Summit since TNT launched in Saskatchewan! Colton was born and raised in Saskatoon, with a finance degree from University of Saskatchewan, and recently completed his CFA exams. 

Colton grew up watching his parents run Wiegers Financial and Benefits (at which he now works). With having parents as entrepreneurs, there was lots of business talk around the supper table, but also a lot of time with Mom and Dad, and the chance to see how entrepreneurship can be flexible and help with work/life balance. The Wieger parents also made sure to encourage their kids to be outgoing and extroverts, which is part of the reason why Colton really enjoys being part of the TNT community. 

Besides the community and connection aspect, Colton also loves being able to see how innovative startups in the ecosystem are approaching problems and developing solutions. It inspires him, and he uses that inspiration and figures out how to be creative and innovative with Wiegers Financial and Benefits. 

Now let’s dive into the interview! 

TNT: Hey Colton! 

CW: Hey Amanda! 

TNT: Jumping right in - why do you choose to do angel investing? 

CW: Well, as a family and as a business, we’re all about supporting the community and being part of the community. We had done some angel investing before TNT, but after being part of the first Summit, I was hooked. I love the way that it’s structured, and the exposure to a variety of companies and investors. I don’t personally have time to vet all the companies and all the deals, and the process of the Summit allows us to find some great gems in our Saskatchewan startup community. 

Supracut is a great example of that. Such a cool company, with a really cool solution, that I would likely not have found on my own. After being exposed to them in the Summit, and going through the due diligence process, I got to learn about their IP, their committed sales, their potential, and more. And I was so stoked to invest in them. 

Plus, with angel investing, it allows us to diversify our portfolio. At Wiegers, we believe in spreading it out, so we have exposure in many areas, including real estate, private equity, and angel investing. 

And lastly, seeing these startups and the products and solutions they’re creating, it really inspires me. The exposure to such smart people, such innovative people, really gets me going and inspires me to find new ideas and processes to apply at Wiegers. 

TNT: Love it. I agree, I find myself continually inspired by the startups that are in our ecosystem. So having done angel investing prior to joining us at TNT, and now have done 5 Summits with us (the longest streak in SK!), what do you think is important for people who are new to angel investing? 

CW: I think it’s important that people commit the time to learn about angel investing, and learn about the companies, and know how much time it’s going to take. 

Like with TNT, there are weekly investor education sessions, due diligence calls, entrepreneur education sessions, blogs, etc. You can join all the meetings, read all the recaps and info articles, and it’s like getting a mini degree in investing. 

Plus, because there’s such a variety of investors, the discussions are so interesting and you get perspectives from all industries, all perspectives. And within those discussions, make sure you ask questions. If you’re going to put your  money into a company, but you’re unsure of the industry, ask the questions. Make sure you get the answers you need, either from the other investors, the founders, or maybe from your personal/professional network. 

I highly recommend that people dedicate a significant amount of time and energy to learning about angel investing itself, but also about the companies you’re thinking of investing in. 

TNT: Agree. There’s so much to learn, and I think our due diligence process does really dive deep, and we talk to the founders A LOT. 

So speaking of founders, what do you think they need to keep in mind when they’re pitching? 

CW: That’s a good one. Well, I’ve seen a lot of pitches, so I definitely have some thoughts. *laughs*

First off, time yourself! Be aware of the time constraints, and stay within the time limit. You need to make sure that you’re giving the investors a tease of your company, in a succinct and genuine way, so that they become interested in doing the due diligence. 

Secondly, make sure you can articulate the strengths of your company, in language that investors can understand. If you get too technical, or use language that’s too complicated, I know, as an investor, that you’re not going to be able to easily explain your company to a client, or the general public.  

Thirdly, as an investor, I want to see that you know how to manage your money. I’ve seen many companies that just run out of money in a year. I want to see if you can be a self-sustaining business - I don’t want a company that’s going to be doing investment calls every 6-9 months. But a word of caution there - don’t put out projections that are overly confident. Make sure your projections are realistic.  

Fourth, make sure that there’s a match between you and your investor(s). Working with an investor is a long-term relationship, so make sure that your goals are aligned. Know your path forward, know what you want, and make sure that that’s aligned with your investors. 

And last, but not least, be prepared to answer why your company WON’T work, and what could prevent you from succeeding. It’s extremely important to know the risks and to show your investors that you understand those risks.

TNT: That is a fantastic list for founders to think about for their next pitch! Thanks Colton… love it. Ok, last question! Why do you think it’s important to invest in local companies? 

CW: There’s that quote that for every dollar invested in the local economy, there’s 2-4x return in benefits. And I really believe in that. It’s so important to support local businesses, especially after the pandemic. 

And we have these huge success stories in Saskatchewan - Vendasta, 7Shifts, etc. I want to see more companies growing and succeeding in Saskatchewan. By investing in startups, we’re planting the seeds for the next big company to scale and build in our province. And when the economy does well, everyone does well. Employment goes up, companies grow, more funding comes into the province, etc. 

And as a family company and a small business that has had success, it’s important for us to give back. We’re active in the community, and angel investing is another way to support the community. 

TNT: I love it, and I love that you and your family support the community in so  many ways. Thanks for sitting down with me today, Colton! 

CW: Anytime! Have a great day.