Pictured above: Richard Coon receiving a standing ovation at his retirement event.
Angel Investors Marlborough farewelled founding chairman Richard Coon with a standing ovation and life membership at its meeting earlier this month.
Richard Coon set up the organisation almost seven years ago, and has built it to one of the most successful angel investor groups in the country, with an international reputation.
Speakers at the meeting praised Coon’s active engagement in assessing potential investments and then his significant support for founders and startups, often as board chair. They also praised his backing for local businesses and community groups.
Mayor Nadine Taylor says Marlborough is lucky that Richard had set up AIM. Not only has he built a supportive culture in AIM where founders receive funding, knowledge, and expertise, but Coon has also given back to many groups in the community.
“You’re enabling… Tech in Marlborough is taking off as part of our identity. You’re opening our eyes to that.”
Investors Rick Osborne and Mark Unwin say Coon has done huge amounts of work to set AIM up so well, and now investors are enjoying the fruits of his labour in one of the most successful angel investor groups in the country.
Osborne says belonging to AIM has brought great pride and pleasure to members – it has been fantastic and an absolute honour to work with startups and founders.
Unwin says Coon has been the backbone of the group, and a champion for founders. He has brought “magic” to the group, making it a beacon of success, not just across Marlborough, but across New Zealand.
Founder spokesperson Dianne Jones says startup businesses can be challenging, but Coon has given vital support to founders through their journey.
She says Myvolt is grateful to have had Coon as chair for the past four and a half years, for his time and commitment to the company.
“We have really enjoyed working with him… It is the view of the angel investment community that Richard is one of the hardest working chairs out there.”
Endorsements of Coon’s huge role in the angel investing community were read out, including from the immediate past chair of the New Zealand Angel Investors Association Suse Reynolds. “Richard Coon is just the bomb!” The association awarded Coon the Puawaitanga Award in 2022, an award recognising founders and investor directors who exemplify what can be achieved when committed people draw on their collective skills and experience.
On behalf of the AIM Board, Tracy Atkin says Coon’s vision and leadership has driven AIM’s success. In its seven years, it has grown membership by 25 per cent year on year. The organisation has a portfolio of 67 investments valued at $27 million.
She praised the impact he has had, not just on the group and its investments, but on the Marlborough region as a whole.
Coon has not only been given life membership in Angel Investors Marlborough, but has also been appointed the group’s patron.
Coon says he wouldn’t have done the job if it hadn’t been fun.
After a highly successful business career founding and exiting his own companies, he says he finds angel investing “incredibly exciting” and it enabled him to “live your dreams vicariously through others”.
“Part of our philosophy at AIM is about being very active investors. We really do make a difference.”
On the future of business in NZ
Small companies are job creators, Coon says. Angel investors play a big part in helping small companies get started and create jobs.
“With angel investing, typically we put money into firms when they have one or two founders, they then take on staff. Sovereign, which I was involved in, had two staff at the beginning, and when we sold, it had 800.
“I think the pattern of work will change. Getting a job will become much harder. People will transition to doing their own thing, starting their own business, having more of a portfolio career.
“It’s great to be part of that and the future, through angel investing.”
This trend to working for yourself and having a portfolio career is something Coon has seen building for the past 40 years.
He was previously part of programmes Xerox set up in the 1980s to encourage people to move to networks with multiple employers, and also to move out to their own businesses.
“It made me very aware of how people work.”
That trend to “flexible careers” has been exacerbated with the pandemic and AI, he says.
“If you look at those two things, the pandemic has promoted working from home. No-one wants to go back to working in an office. Technology is such that you can work from home. You have everything you need except the social side.
“If you think also about AI, what that’s doing means it is easier for you to work, but going to replace a whole range of tasks. It will create more opportunities but will require people to be more flexible in how they go about their work and ability to handle change.
More people will have a portfolio career he says.
“Going forward, look at the layoffs happening from the bigger companies. The days of job security in a big company are gone.
“Look at all the trends, will see an increase in people working for themselves. They may have a prime customer, but may have a number of customers.”
Coon says young people have approached him through AIM to learn more about working and how they might set up their own businesses.
There is much more of an education and support ecosystem to equip people more to work for themselves.
After a highly successful business career founding and exiting his own companies, he says he finds angel investing “incredibly exciting” and it enabled him to “live your dreams vicariously through others”.
