Thirty-five years after launching an investment club as a young man, lawyer Stephen Cheifetz has become an active member of the Windsor Essex Capital Angel Network (WECAN).
Cheifetz attended his first WECAN meeting a couple of years ago and after liking what he heard from executives of an early-stage technology company in London, he performed his due diligence and made an investment.
The company, which recently acquired some government funding, creates software for the manufacturing sector.
“I liked what I heard and the more I looked into it, the more I thought their product met the needs of the industrial and manufacturing sectors,” explained Cheifetz, a partner with Strosberg, Sasso, Sutts LLP. “They have a large contract with a major company in the United States and I believe there is potential for growth.”
While Cheifetz acknowledges he won’t know how successful his investment has been until there’s a liquidation event such as the company going public or being sold, he’s confident he made a good investment decision.
“I have no regrets about being involved and my hope is that more Windsor-area investors will get involved in a similar way,” said Cheifetz. “And now that WECAN is affiliated with other angel networks across Ontario, the opportunities are more plentiful.
”Cheifetz said WECAN is also a social network in that it brings together individuals with similar interests.
“It’s not just about the investing, although that’s the important part,” he said. “The social aspect is also fun and interesting, and I’ve met a lot of people I wouldn’t ordinarily have met.