Inside Texas Angel Investing: How the Central Texas Angel Network Funds Startups Across Texas
In this episode of The Building Texas Show, host Justin McKenzie sits down with Gary Forni, Chairman of the Central Texas Angel Network, for a deep, behind-the-scenes conversation on how angel investing actually works in Texas.
If you’re an entrepreneur raising capital, a founder trying to understand investor decision-making, or a community leader working to build an innovation ecosystem in your city, this episode delivers rare clarity.
Gary breaks down what most people never see:
What an angel investor really is (and is not)
Why angels invest their own money—and how that changes everything
How angel networks reduce risk through discipline, governance, and process
Why Texas angel investing is becoming increasingly distributed
How rural and mid-sized communities like Abilene can participate in venture-backed growth
What founders must do before pitching to avoid common red flags
The conversation walks step-by-step through the Central Texas Angel Network’s full diligence and investment process, from reviewing over 100 applications per cycle to ultimately investing in just 1–2% of companies. Gary explains how structured screening, peer expertise, and multi-layer voting help angels avoid costly mistakes—and help founders become stronger, more investable companies even when the answer is “no.”
You’ll also hear how CTAN collaborates statewide through syndication, why angel education matters just as much as capital, and how angel investors actively give back through mentorship, ecosystem building, and early-stage feedback.
This episode is not theory—it’s real-world insight from someone who has evaluated hundreds of startups annually and helped guide companies from first checks to IPOs.
Topics Covered in This Episode:
• What defines an angel investor vs. venture capital
• Why angel networks exist—and why lone angels often lose money
• The real math behind angel investing (10x returns explained)
• How Texas angel groups collaborate instead of competing
• The full startup screening and due diligence pipeline
• Why most startups are told “no” (and how to fix it)
• How angel investing strengthens local and rural economies
• Building the entrepreneurial flywheel in Texas communities
Why This Matters for Texas
As Texas continues to grow beyond its major metros, angel networks like CTAN are playing a critical role in distributing capital, knowledge, and opportunity across the state—from Austin to Abilene and beyond. This episode offers a blueprint for how innovation, investment, and community development intersect.
