To support the growth of Minnesota's innovation ecosystem, Akros Advisory collaborated on a pioneering angel investor activation program designed to recruit and engage diverse participants in early-stage investing. Leveraging strategic outreach and close collaboration with our client, collectively we exceeded recruitment goals and delivered actionable recommendations to scale future efforts.
Client Context
A statewide initiative to bolster Minnesota’s innovation ecosystem sought to expand access to angel investment opportunities through a structured cohort program. The initiative aimed to bridge gaps in early-stage funding by activating new angel investors, particularly those from diverse backgrounds, to support startups in high-growth sectors like healthcare and consumer-packaged goods (CPG). Key challenges included tight recruitment timelines, fragmented applicant data, and the need for a cohesive strategy to engage both experienced investors and first-time participants.
Strategic Assessment of Challenges
We identified critical barriers to achieving the initiative’s objectives:
Complex Recruitment Needs: Simultaneous recruitment for two cohorts with distinct sector focuses created challenges in tailoring outreach efforts.
Data Visibility Issues: A lack of centralized applicant tracking limited visibility into outreach outcomes and applicant progress.
Underrepresentation of Diverse Groups: Minority communities faced barriers to participation, requiring more intentional engagement strategies.
Branding and Recognition Gaps: The program lacked a cohesive visual identity to clearly communicate its purpose and value to target audiences.
Recruitment Strategy and Execution
Akros implemented a multi-faceted recruitment strategy to address these challenges and engage participants effectively:
Tailored Outreach and Engagement
Direct Outreach: Targeted 106 individuals through personalized LinkedIn messages and email campaigns, achieving a 9.43% conversion rate.
Strategic Partnerships: Partnered with regional organizations to tap into networks of accredited investors and professionals in key sectors.
Events and Info Sessions: Participated in ecosystem events and hosted live Q&A sessions to provide detailed information and address concerns.
Diversity-Focused Engagement
Developed messaging tailored to underrepresented groups, highlighting pathways into angel investing and addressing common barriers to entry.
Leveraged partnerships with immigrant-focused organizations and professional networks to diversify the participant pool.
Branding and Marketing Enhancements
Proposed the creation of a unified visual identity for the program, including branded materials and video testimonials from past participants to build credibility.
Suggested the use of QR-code-based physical marketing materials for ease of access during in-person events.
Process Optimization
Advocated for the implementation of a centralized applicant tracking system to improve data visibility and streamline recruiter collaboration.
Results
Exceeded Recruitment Goals: Recruited 40 participants, doubling the initial target of 20 across two cohorts (19 in healthcare, 21 in CPG).
Improved Diversity: Successfully engaged 17 participants from underrepresented racial and ethnic groups, including Black, Hispanic, and Asian investors.
Ecosystem Integration: Strengthened relationships with key regional organizations, boosting awareness and participation in the program.
Actionable Insights for Scaling: Delivered a comprehensive memo outlining recruitment outcomes, key learnings, and recommendations for scaling future efforts.
Client Feedback
“Akros Advisory brought structure and clarity to our recruitment efforts. Their strategic approach and actionable insights not only helped us exceed our goals but also positioned the program to make a lasting impact on Minnesota’s innovation ecosystem.” – Managing Director, Venture Capital Firm
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