By Martin Swant, al.com

HUNTSVILLE, Alabama -- There is plenty of room for Huntsville to harness the commercial space market, and opportunity lies more with utilizing data than it does with building shuttles, according to former NASA

Griffin in August became chairman and chief executive officer of Schafer Corp., which provides services and products to the defense industry. He was also an eminent scholar at theUniversity of Alabama at Huntsvilleand the architect of a new department of systems studies.

Gulf Coast Angel Network Inks Deal with Angel Investor Management Group

Mobile, Ala. (Nov. 9, 2012) - The Gulf Coast Angel Network ("GCAN") has signed a contract with the Angel Investor Management Group ("AIM") to manage its network, deal flow and due diligence.

 Dr. Michael Chambers, GCAN Chairman of the Board, announced the new relationship stating, "We are very excited to enter into this relationship because it offers our members a uniform, structured due diligence process and increased deal flow."

AIM was founded in 2011 by three investment veterans: Dick Reeves, head of the Huntsville Angel Network, Jim Corman, Professor of Entrepreneurship at Auburn University, and Clay Corman, a former investment banker with private equity experience. Jim Corman, COO of AIM, explained, "adding GCAN to our client portfolio adds a significant number of potential investors to our deals and expands our scope throughout Alabama."

AIM now manages the Huntsville Angel Network, the Central Alabama Angel Network (Birmingham), the Auburn Angel Network and GCAN (Mobile). Mr. Corman, a successful entrepreneur and veteran angel investor, explained that "most new companies that have the ability to ramp up to deliver large returns need substantial capital to make that happen. We now have the ability to access investors across the entire state to provide $1,000,000 or more to a young company." Chambers, currently president of Swift Biotech and former CEO of InnoRx Pharmaceuticals, added, "as an entrepreneur I know that easy, efficient  access to organized capital is critical for a start-up. AIM helps make that happen."

The creation and collaboration of angel groups throughout the state was one of the primary goals identified in the "Commercialization" component of Alabama's Science and Technology Roadmap, commissioned by then Governor Riley.

 Both Reeves and Chambers served on that commission and helped author that section of the Roadmap. Reeves explained that "before the birth of AIM and collaboration among the angel groups, each network had to do its own due diligence. It was an unnecessary duplication of effort by the networks and the companies trying to raise money. Now, entrepreneurs can go through one uniform, organized due diligence process and all members of AIM-managed networks receive the benefit."

Because of the collaboration, investors are also able to require terms that are more favorable to their long term interests. Clay Corman explained, "We grade each company in due diligence and each investor can make his or her own decision. But, we also ensure that if members do the deal they receive key contract terms that protect their investment and have access to required company progress reports."

GCAN and AIM also announced that Bo Megginson of Mobile would serve as Executive Director of GCAN. Megginson stated, "thanks to our efforts together GCAN now has more than 50 members who will hear presentations from Alabama companies and others throughout the Southeast." Investors interested in becoming a GCAN member can obtain more information at www.gulfcoastangelnetwork.com.