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Interview with Hall Martin from Central Texas Angel Network

September 4, 2008

Hall Martin was kind enough to spend some time with me this morning discussing the Central Texas Angel Network (CTAN).  The two year-old group is based in Austin and approximately 80% of their dealflow is local, with the remaining 20% primarily coming out of Dallas and other Texas cities.  Hall explained the group meets 18 times per year - 6 rounds consisting of two meetings each (one for screening the other for pitching) and 6 angel education events.  CTAN has approximately 50 members who pay $1,500 per year with 20-30 participating in screenings and pitches.

Interested entrepreneurs apply on CTAN’s website (powered by AngelSoft), submitting a form driven executive summary and a $250 application fee (collected by AngelSoft with 90% being sent to CTAN).  Each deal is screened by a single member who decides whether or not it should be considered in the screening session.  Approximately 20 new and 10 old deals are considered during each screening session.  Based on a simple majority vote (each member gets 4 votes) four deals are selected to pitch at the next session.  Out of these four deals the group usually selects two to fund.

CTAN is looking for ‘go-to-market’ deals.  They are NOT an early stage investment group.  They want to fund companies looking to raise up-to $2,000,000 and usually invest up-to $500,000 in exchange for equity or sometimes up-to $200,000 on a convertible note.  Startups that require more than $1,000,000 MUST bring their own lead investor.  Using the AngelSoft system, CTAN shares their deals (i.e. the two they decide to fund each round) with other investors in Houston and Dallas.  CTAN has sister organizations in San Antonio - STAN and Dallas - NTAN. Hopefully I will get a chance to talk to them as well.

Ready to sumbit your business plan?  Remember, NO EARLY STAGE DEALS! Apply here.

Written by Alexander Muse · Filed Under Blog, Startups 

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