Revenge Of The Angel InvestorLack Of Liquidity Among Venture Capitalists Has A Relatively New Source Of Funding Flying High Karen Mazurkewich Financial Post Monday, July 09, 2007 CREDIT: Steve Murray, National Post Photo Illustration, Getty Images File Photo When Mark Opausky launched an enterprise software company in 2002, he mortgaged his house and raised equity from his inner circle. But when Mr. Opausky started trolling for serious seed capital in 2003, his efforts stalled. Burned by the dot-com bust, venture capitalists weren't biting. That's when an angel came into his life. John Phillips, a retired lawyer and entrepreneur living in Toronto, sussed out Mr. Opausky's firm, BPS Corp., and went where no venture capitalist would go. He personally covered the payroll, keeping the company afloat until it could get a second lease on life. Mr. Phillips had invested in many companies before, but never to this degree. "The three "Fs" -- family, friends and fools -- had already gone in and [BPS] was in a desperate situation," says Mr. Phillips.
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