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My idea for an Angel/Entrepreneur Group in Dallas

July 8, 2008

In May I complained about local angel groups who charged entrepreneurs to pitch their startups to entrepreneurs in a post titled, “Should startups pay to pitch?“  I couldn’t imagine that some groups were charging entrepreneurs as much as $2,500 for a 10 minute pitch session with a handful of angels.  My new policy is that I won’t complain about something I am either a) not willing to fix myself or b) not willing to inspire someone else to help me fix.  I talked to a couple of the local angel groups and suggested that they rethink this policy without any success.  So I propose ‘WE’ fix it.  We need angels to fund seed/early stage deals, but we need their advice, their experience and their wisdom too.  How can we get both?

I am looking for a few good men and women who are willing to help me start a quarterly (we can do it more frequently, but lets start with quarterly for now) “SpringStage Angel/Entrepreneur Meetup” (better name to follow).  We would start by forming a committee to review applications made by potential angel investors and entrepreneurs.

First, we would start by building our team of angels.  The committee would review recent investments made by an interested angel investor and talk to the actual entrepreneurs they funded.  We would make sure that the angel has funded at least one deal in the last twelve months (are you really an angel investor if you haven’t made an investment in a year?).  Of course the committee could use its discretion to allow any investor in the group they felt could help local entrepreneurs.  There would be NO fee to join or attend meetings, but we would ask all potential investors who attend to commit 2-5 hours per month providing startups who are interested in presenting at the next meet-up with ‘mentorship’.  For example, they could help a founder understand what angels would be looking for.  What to say, what not to say.  He/She could provide guidance on how to improve their demo or their pitch.  We (i.e. SpringStage) don’t need an angel’s money, we need an angel to inject his experience, know-how and wisdom into the startup community.

Second, the committee (at least the first time) would screen startups interested in pitching to the group and either be selected (perhaps 5-10) or be turned over to an appropriate mentor.  The mentor would quickly determine if he could help the startup get ready to pitch or make a referral/suggestion so that they might be considered for the next event.  We would not charge a fee, but again we would ask certain founders (i.e. the ones we thought were qualified) to provide mentorship to other startups interested in presenting during the next quarterly cycle (i.e. they would explain what the angels are looking for and how to put together a great pitch).

We could easily provide a way (perhaps a wiki) for startups and angels to connect throughout each 90 day cycle.  For example, a wireless startup looking to present next quarter could connect with a wireless executive looking to make an investment.  Maybe a connection is made, maybe not.  Anyway, I have a million ideas, but I scarcely have the time to write them down, much less execute on them.  I haven’t considered all of the problems or issues, but I think it is a start.  Perhaps a ‘pay-it-backward’ approach.  No money involved, just deal flow for angels and mentorship for budding entrepreneurs and startups.  Would you be interested in helping?  Please drop me a line…  If you are a potential/interested angel please fill out this form: Angel Investor Application.

Written by Alexander Muse · Filed Under Blog, Startups 

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