Partner Feature: Mike Thompson of TSAIG

Mike Thompson, Treasurer of the Tri-State Angel Investment Group (TSAIG), has been in the business game for a long time. Recently, we spoke to Mike about the future of entrepreneurship in Appalachia, TSAIG’s investment strategy, and the long term outlook for the SSU Kricker Innovation Hub.

Mike Thompson helped to initiate and organize TSIAG after working for the Bob Evan’s restaurant franchise for over 34 years.

“It was one of those deals where everybody’s standing there…they said we need a couple people to volunteer to help organize and pull everything together. Everyone else took a step backward. Mick (Fosson) and I were the only ones left standing in the front,” chuckled Thompson.

According to Thompson, being a part of a successful investment group means you have had to be successful in business. He explained how his time at Bob Evans propelled him to be a leader in our region.

“Some people think the restaurant business is about food. But, it’s really about the people.” Thompson began with just a single restaurant. Eventually, that number became six. Then fifteen. Eventually, he oversaw over 100 stores across the country as the Vice President of Bob Evans.

“Restaurants work on a pretty fine margin. You really have to learn how to control costs and see what other good business people do.”

Thompson also explained that by working in the service industry, he gained an ability of how to read people.

“That really prepared me. Now, I can read people. I can see if a person is the kind of individual I want to invest money into.”

Thompson believes there are some very specific attributes one must have in order to be successful in the world of business: professionalism, a high work ethic, humility, and honesty.

“The first attribute we are looking for (when we invest) is - can we trust them? Some people can sell a good story but in the back of your mind little red flags are going off. You don’t don’t if you buy it - they are either overselling or underselling it.”

Of course, the TSAIG also cares about profits. When they invest in a business or startup, they expect a return on their show of faith. To date, TSAIG trends towards investing in brick and mortar operations and physical products - rather than technology.

“If we think we can make money off it - we like it,” stated Thompson. “If it is in our Tri-State area we like it even more because it will create jobs. That’s the reason we formed our group. We want to make money, yes, but we also want to help our economy and help our community.”

Thompson is also the Director of the Glockner Dare to Dream High School Business Pitch Program. He works with the Shawnee State Kricker Innovation Hub to host the program - now in its 8th year - in order to foster entrepreneurship in the area’s youth.

“If you want to grow the economy in the Tri-State, then you need people to understand you do that through new business. We teach (the kids) how to do a business pitch and explain the idea of starting a new business. Education is a big part of this program.”

Thompson coordinates with Ohio and Kentucky schools to find students with a passion for starting a business. Those students pitch their ideas and can earn cash prizes. But, high school students are not the only ones receiving training and education. The TSAIG is also a featured sponsor of the Ignite Portsmouth Entrepreneurship Bootcamp and Business Pitch Competition hosted by the Hub.

Ignite Portsmouth was held on Thursday, June 24th. Thompson helped judge the event and explained what he was looking for from participants.

“I needed to see the basic business steps. How do you create a business? How do you pitch a business? We looked to see that they had a good understanding - which is what the entire program teaches. I also wanted them to prove they were going to make money.”

The winner of Ignite Portsmouth, Kristy Cartee, walked away with $5,000 in cash. But, she will also be able to pitch to the Tri-State Angel Investment Group for her idea of the Counting Star Book Lounge.

“I think what the Kricker Innovation Hub is doing is outstanding,” said Thompson. “Here you an opportunity. Word is going to spread about what David Kilroy and the Hub are doing. If you’re interested in starting a business, that’s going to be the place you should contact. Check them out. See what programs they have. The Kricker Innovation Hub is well organized and it’s really going to help Portsmouth and the entirety of Southern Ohio grow business and revitalize the area.”

The Tri-State angel Investment Group is currently starting a new round of funding opportunities. If anyone is interested in becoming an investor, you can email TSAIG at contact@tristateangelinvestment.com or visit https://tristateangelinvestment.com.