Hits and misses, but rewards are there

Bill Payne. Photo / Steven McNicholl

American Bill Payne is a long-time angel investor.

A former engineer, he worked for 10 years before starting up his own company, Solid State Dielectrics, in 1971. Eleven years later he sold the business to science giant DuPont.

Payne has helped set up four angel investment groups in the United States and has personally invested in 51 ventures.

He admits around 25 of the companies he has backed failed to succeed.

However, he has also seen some big wins. One company worked its way from nothing to $50 million in revenue by the time it was sold.

"I made a nice tidy profit on selling that one, but it took 15 years."

Payne is in New Zealand for six months as the Icehouse's entrepreneur in residence.

For him growing a company big enough to attract buyers is the real reward. "The start-ups and ends are the most exciting parts."