Angels coming to Orlando?

Entrepreneurs looking for seed money will be glad to know that a new angel investing group is forming in Central Florida.

The group, which is expected to be loosely affiliated with the University of Central Florida's Business Incubation Program, has yet to officially announce the program or what criteria it will use to select firms for funding. A person with knowledge of the program says organizers are looking for individuals willing to invest a minimum of $50,000. Organizers hope to find 15 people to invest. An official announcement is expected in about 60 days.

Angel investors provide the first round of funding for startup companies that are unable to get money from venture capital organizations or banks.

The creation of an angel investment group in Orlando would be a significant. A similar funding source, the Winter Park Angles, shut down in 2009.

Florida historically has attracted less venture capital and angel investments than other states. In the first quarter of 2011, 14 private companies in Florida received $114.6 million in venture capital according to a MoneyTree survey by PricewaterhouseCoopers and the National Venture Capital Association. During that same period, 270 California companies received $3 billion in venture capital.