‘Sheikh Tank’ Night to Kick Off Fall Investing for Ark Angel Fund BY PAUL NATINSKY Passing the hurdles of funding its first project and meeting its $1 million capital goal, the Ark Angel Fund is getting ready to host its own version of the popular venture capital reality TV show, “Shark Tank.” In Shark Tank, a panel of wealthy celebrity investors hear pitches from eager entrepreneurs peddling everything from dog accessories to hightech gadgets and energy drinks. In the Ark Angel version, there will be panelists and pitches, but the structure will be more like the singing contest, American Idol - hearing proposals and choosing a winner - said Fund Advisor Tommy Haji. The talent on the advisory board is indisputable. Haji has a background in manufacturing and has 20 years’ experience with Ford Motor Company. He has two engineering degrees as well as experience in real estate, logistics and retail. Martin Manna, the Fund manager, has a long history of working in the nonprofit business and has an MBA focused on banking and securities. Andrew Dickow, another Fund advisor, is the Managing Director of Townsend Street Capital, a leading lower-middle-market private equity fund based in Birmingham. Dickow was formerly a finance leader for General Mills. Saber Ammori and Nick Sandiha round off the advisory panel. Ammori is Chief Executive Officer and co-founder of Wireless Vision. He has over 25 years of experience in business management and operations. His entrepreneurial drive has led him to start several successful businesses, most of them retail oriented. Sandiha is a Managing Partner at Keystone Capital Management, a domestic limited liability company that has been in operation for almost 13 years. Slated for a September date at the Chaldean Community Foundation’s Wireless Vision Gymnasium, the event will feature an audience, five panelists and four presentations, with details to be determined. Haji said Ark Angel Fund will begin promoting the September event in July. A key feature of this event is Tom Haji that all of the presenters will be from within the Chaldean Community (the fund generally hears pitches from the community at large) and money may be awarded on the spot. Haji said all of the evening’s contestants will be thoroughly vetted so There will be panelists and pitches, but the structure will be more like the singing contest, American Idol — hearing proposals and choosing a winner. Andrew Dickow that the fiscally prudent Fund can be confident that the winner meets the Fund’s criteria and risk threshold. Haji said the idea for the ‘Sheikh Tank’ event preceded the Ark Angel Fund. It is a happy coincidence that the Fund provides a space for the event and that the event can help the Fund find qualified inventors and entrepreneurs. Founded in September 2020 under the umbrella of the Chaldean American Chamber of Commerce, the Fund seeks to kick-start new and early-stage businesses. The Fund makes awards of $25,000 to $100,000. Profits are distributed to the members. Saber Ammori To date, Fund committee members have heard about seven pitches. They have invested in a car servicing business, but other presenters have not met the committee’s standards. The name of the startup is Fix My Car. It provides mobile repair technicians to your home or office to handle common vehicle repairs, service and inspections. The whole idea is to save on time and cost versus traditional repair shops. As for the others, Haji said there has been no shortage of compelling business ideas including: a scrolling billboard; infrastructure for a camera-guided traffic control system; an augmented reality system that creates virtual, changeable real estate models; and a modern furniture manufacturer. Despite impressive presenters and interesting ideas, Haji said several of the companies presented with uncomfortably high valuations of their businesses and most were seeking loans, which the Fund does award. Committee members prefer equity investments. Ark Angel plans to continue hearing two or three pitches a month with the eventual goal of making six to eight investments per year. The Sheikh Tank event will give the Fund a push in that direction, with the dual benefit of helping Chaldeanowned businesses and benefitting the Chaldean Community Foundation. The September event is seeking Chaldean inventors and entrepreneurs in the technology, food and beverage, consumer product, retail, or e-commerce sector. The aspiring company must be based in the United States and have a valuation of less than $10 million. They also require a total addressable market (TAM) of over $250 million as well as a clear exit strategy. The prize is a potential investment of up to $100,000. The end goal for the fund remains to scale and sell companies, returning a profit to investors. For its part, the Fund will use its endeavors to benefit the Chaldean community. “We’re doing this primarily to support start-up businesses and provide long-term support to the Chaldean American Chamber of Commerce,” said Haji. “Our management fee will go toward the Chamber’s mission and core services.” 26 CHALDEAN NEWS <strong>JULY</strong> <strong>2021</strong>
<strong>JULY</strong> <strong>2021</strong> CHALDEAN NEWS 27