Thursday was an important shopping day for some folks in Northeast Ohio. But they weren't looking for holiday gifts.

The first Cleveland Angel Fair put 20 young companies on display, inviting wealthy individuals and venture capital firms to look them over for potential investment.

Through a competitive process, 12 companies were selected to give 15-minute presentations and another eight were invited to put up exhibits at the fair, held at Cleveland State University.

Before a crowd of 100 people with deep pockets, the entrepreneurs pitched their new inventions or unique product ideas while laying out their financial needs.

Attendees learned about new technology that allows coal miners to be tracked underground, an imaging system that might one day replace mammograms, and the success of a company selling pet insurance.

Some of the presenters specialized in the growing field of
coatings, others dabbled in sensors and electronics, another sold interactive education software.

Gordon Schorr and John Myers of the Akron ARCHAngels said the five-hour affair was a rare opportunity to chat with investors, chief executives, researchers and economic development groups under one roof.

''We believe that money is a very poor surrogate for good relationships, and the networking that takes place at something like this is much more important than one person stepping forward with money,'' Schorr said.

The ARCHAngels doesn't invest itself. It serves as a networking group for all segments of Northeast Ohio's entrepreneurial world. But because some of its members are investors, Schorr and Myers were paying careful attention to Thursday's presentations.

''We want to know what kind of companies are out there so we can help our investors — who want to remain anonymous until they're ready to talk to the entrepreneurs — find a company that fits their profile,'' Myers said.

Helios Coatings Inc., a Canton-based company in the exhibition, was hoping to lure local dollars to an effort that has already won funding from New York venture capitalists.

''We'd love to bring local angel investors into this opportunity,'' said the company's chief executive, Mark Leininger.

Helios' durable and environmentally friendly metal coating was voted the top innovation in the coating industry for 2006 by the trade magazine Finishing Today. And its wheel coating was selected for the 2008 Daytona 500 pace car as well as driver Michael Waltrip's NASCAR racing team.

Northeast Ohio ''needs more of these events to foster entrepreneurship,'' Leininger said. ''Manufacturing has had some dark days here and we really need to regenerate and finance all the great ideas percolating through this area.''