In today’s post, I address the question: what is the process of raising money from angels / angel investing groups? The process I describe is based on the VANTEC angel group (of which I am a member) as well as e-Fund (a vehicle through which I invest in startups). This process will be similar to what startups experience with other angel groups.
Another week has passed. Time for another update on my “Race to 40!” challenge to accomplish three goals I set myself before my 40th birthday on June 26th. Sixteen days of 32 gone. Only 16 left to complete the race and accomplish the goals. This is the half way point!
This week, I score myself: 10/10 on my progress towards Goal 1; 7.5/10 on my progress towards Goal 2; and, 6/10 on my progress towards Goal 3.
Today I begin a series of posts on Angel Investing. Over the last several months I have enjoyed attending several events around Vancouver, networking with angels and entrepreneurs. At these events, I find that I get asked a lot of the same questions from young entrepreneurs looking to raise seed money from angel investors. If I get to the heart of their questions, the questions can be reduced to two, which I paraphrase below:
1. I’ve got a great idea that I am working on; how can I raise money to get my “work in progress” product/service ready to take to market?
2. What is the process of raising money from angels/angel investing groups?
The intent of this posts is to answer the first of the two questions above. In my next Angel Investing post (scheduled for June 16th) I will answer the second question. In future posts, I will also post about deals from the perspective of an angel (e.g. what is an angel looking for in a startup company? what are the motivations of an angel investor?). However, from recent experience, I feel there is still a requirement to educate young/first time entrepreneurs on some of the basics of fundraising for early stage start-ups (covered in this post) and on the process of raising funds from an angel investor and/or angel investor group (to be covered on June 16th).
I can’t believe it has been 9 days since I launched the “Race to 40!” challenge to accomplish the three goals I set myself before my 40th birthday on June 26th.
To recap, the three goals are to:
1. Post to my blog at least once per day; this is a minor goal, but required to bring my blog to life; this week I score my progress towards this goal a 9/10;
2. Compete in my first half marathon; I am targeting a fairly challenging time of less than 2 hours; I consider this a major goal; this week I score my progress towards this goal a 6.5/10; and
3. Finish and self-publish my novella; this is a major life goal of mine; this week I score my progress towards this goal a 4/10.