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COMMUNITY INVESTING TonTon reaches investment target By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Jun. 5, 2015 @ 2:00 am Updated Jun 5, 2015 at 5:13 PM By Greg Stiles Mail Tribune Posted Jun. 5, 2015 @ 2:00 am Updated Jun 5, 2015 at 5:13 PM » Social News p bs:newslist StartDate="20121121" EndDate="p bs:datecalc Months="3"" DateSort="1" UseObjects="1" ObjectClass="81" Taxonomywords="2325,665" ExactTaxonomyMatch="1" Image="1" Count="4" --> TonTon's Artisan Affections is the third company to reap the benefits of Oregon's community public offering program, cashing in on the heels of two Willamette Valley firms. TonTon reached its minimum $10,000 target, with an overall goal of $150,000, last month. An individual can put as much as $2,500 into each company or start-up that has registered with the state and paid a $200 fee. The companies can take on investments up to $250,000 and are required to produce 80 percent of their revenue within Oregon. So far, more than 200 investors have invested close to $210,000 in Oregon companies. There were nine companies, including four from Jackson County, in the first cohort backed by Hatch Oregon, which championed the movement. A second round of businesses is expected to launch this summer. Subscribing to the theory that half a loaf is better than no bread at all, Michael Antonopoulos is happily revising his short-term goals to incorporate available funds. "We won't get everything I wanted, but this will at least allow us to lease equipment we needed," said Antonopoulos, who began making gluten-free hummus products at a commercial kitchen in 2012. "We've got a couple hundred over our $10,000 minimum, and a few other prospects are about to come on board." Still, he hopes to see another $50,000 from investors when the offering window closes the middle of next January. As of this week, 21 investors had bought $125-per-unit convertible notes, ranging from two shares to the maximum $2,500. "It's a dance with each investor and a different dance for every one," Antonopoulos said. "For every five you meet, maybe two will invest. There's a timeline for all that, and it's been a lot of work." Indeed, Antonopoulos estimates 30 to 40 percent of his business time is now consumed in pursuit of investors. "At least two hours a day talking and emailing," he said. Antonopoulos is in the process of ordering container-sealing equipment that will extend shelf life for his hummus. He is also adjusting his recipe for post-production, high-pressure pasteurization, either in Portland or Sacramento, opening the door to shipping his hummus to a wider geographical area. Each company in the public offering program sets its own minimum standard based on its overall investment need. Progress can be followed at https://secure.hatchoregon.com . As of early June, Red Wagon Creamery of Eugene had achieved 62 percent of its $74,500 goal, while Agrarian Ales had reached 36 percent of its $59,800 goal. Until minimums are met, the percentage of investment is based on the minimum, said Amy Pearl, founder and executive director of Hatch Innovation, the nonprofit entrepreneurial support group that pushed for state adoption of community funding. Once minimums are achieved, the percentage on the website reflects the overall goal. She said the movement is evolving as it prepares for its next round. Pearl said six firms are in the second cohort from the newly christened InvestOr Ready Accelerator. "We want the entrepreneurs to know there is an element of professional and personal readiness to this," she said. "This is not what you do in your free time. A lot of these people haven't raised money before and haven't realized it's actually work." Another emphasis in this round is for the business to have a team in place. "This isn't going to be something they do all by themselves," Pearl said. "We want to make sure they understand that." She said the organization is seeking state, regional and federal grants to better prepare Oregon companies for the program. "We need to create an ecosystem for rural investment that can work across the rest of the state," Pearl said. Reach reporter Greg Stiles at 541-776-4463 or [email protected]. Follow him on Twitter at www.twitter.com/GregMTBusiness , on Facebook at https://www.facebook.com/greg.stiles.31 , and read his blog at www.mailtribune.com/EconomicEdge . By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Jun. 5, 2015 @ 2:00 am Updated Jun 5, 2015 at 5:13 PM » Comment or view comments /* $( document ).ready(function() { // Jquery mobile is trying to style the button and leaving a blank gry button on top of a white button $("#viafouracoms .vf-comment-controls li.vf-right").html(' Submit '); });*/ » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. 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