When you're an entrepreneur with more ideas for a start-up business than cash, an "angel" is just what you wish for to get your budding empire off the ground. And in Utah, the man considered to be the top angel investor is Scott Frazier.
Frazier was honored Tuesday as the inaugural Angel Investor of the Year by his peers during a ceremony at the Hilton Salt Lake City Center. The event was hosted by FundingUniverse, a South Jordan-based company that connects entrepreneurs with investors and lending sources.
Frazier, a Utah native living in Salt Lake City, said he was surprised to be honored, but was grateful for the recognition. He said he has been investing in start-ups for 14 years since moving back to Utah from Minnesota, where he was a health-care company executive.
"Frankly, it's fairly hard to find a business to start yourself, so it's much easier to find somebody else that's got one that's got a great idea ... to just help them move it along.
"I've got about 30 businesses that I work with," Frazier told the Deseret News. "Mainly, the thing they need is some cash and the second thing is some contacts to help extend their (professional) network."
In exchange for his financial risk, Frazier said, he gets an equity stake in those companies — about half of which never make it, he added.
He said he hopes his efforts to help young entrepreneurs get started sets a good example for his eight children, who range in age from 10 to 29.
"The oldest daughter got her (MBA) recently, and she's working in business," he said proudly. While some of his other children have chosen different career paths, "generally, they kind of liked what Dad did," he said.
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