By Tim Simmers - 09/30/2006 San Mateo County Times

The Maverick Angels, a Southern California-based angel investment group, launched a new Silicon Valley chapter Friday, hosting some eager entrepreneurs and hard-boiled investors.

The early-stage investment group is looking to expand beyond its bread-and-butter high-tech funding candidates. It plans to explore consumer products like food and beverage companies, real estate and even investments in independent films.

"We want to expand into the Bay Area," said John Dilts, the founder of the Southern California group and president of the new Northern California chapter. "We're a roll-up-your-sleeves group and want serious investors."

Dilts grew up in San Mateo and spent many years as a lawyer in Silicon Valley. He's seeking investments in companies "that are beyond the napkin stage," with prototypes and distribution channels.

The Maverick Angels have an "entrepreneurial approach," Dilts said. That means he wants investors who will be more involved in companies, develop close relationships with entrepreneurs and offer mentoring and advice. Many of the angel investors are high-net-worth individuals who have made their money in previous fields.

The new group is different from traditional angel investors in the Bay Area, which primarily look at early-stage regional deals, most often in technology, Dilts said.

For example, he named a media company run by a woman - Creanspeak Funding, founded by Kelly Crean - that funds independent films. And he hopes to later present that group to investors.

"This is not the typical angel deal," Dilts said.

Angel investors typically invest $250,000 to $500,000 in startups. They go as low as $25,000 to $50,000 in some cases. They aim to get a stake in companies they invest in, and hope to generate returns of three to five times their investment, Dilts said. "Show me the money," said John Gardner, chief executive officer of Logos Health Systems, who pitched his startup for potential funding at the group's inaugural meeting in San Mateo.

Logos has technology that improves hospital documentation of medical procedures, and delivers it faster and more accurately. "We're just trying to get some investor connections here in the Bay Area," said Gardner, whose group is based in Southern California.

Thomas A. Trenker, a Redwood City financier, likes the idea that the Maverick Angels have broadened their scope beyond technology.

Trenker invests in films, and wants to explore investing more in independent films.

"Compared to investing in films at the early stage, this seems like a lower-risk opportunity," said Trenker, who is considering joining the new group.

Keith Koegler, a partner at Montgomery Law Group in Menlo Park, said he liked the approach of the new Maverick Angels chapter, and is also considering joining.

"I liked that the companies (presenting) were real companies," Koegler said. Dilts launched the Maverick Angels in Los Angeles in March and has 40 members. He hopes to have 50 investors in the new group by next year.

For more information, go to Maverickangels.com.