Top Five Angel Insights From An Entrepreneur in Residence at AngelLoft

The following is a guest post from Pete Sanders, the CEO of BrixHQ and an Entrepreneur in Residence at AngelLoft:

In March we were privileged to be accepted into the AngelLoft ¬†Entrepreneur in Residence program. In summary, AngelLoft’s mission is to provide angel investors and entrepreneurs with the ideal environment within which to have a meeting of the minds. The group is based in Sydney and is open, by invitation, to angel members and entrepreneur pitches from anywhere in the world.

We’re ecstatic to part of AngelLoft and the Entrepreneur in Residence program.

We attended our first Angel Loft dinner in late March and introduced ourselves and BrixHQ to the group which included a seriously impressive range of angels and other entrepreneurs.

The evening was a fantastic opportunity to meet the angels, understand their backgrounds and start to build a relationship with some of the angels, even if only for feedback at this early stage. The feedback and comments that we’ve received from a range of angels & VC’s that we’ve spoken to since the first dinner include the following;

* Who are you competitors?

* How are you different to your competitors?

* What’s your business model (i.e. how do you make money)?

* How are you currently funded? and so on.

There are always two sides to these conversations however and some of the key questions that we’ve sought to understand from the angels are;

*What types of businesses do you typically invest in?

* What are the key things you look for when you are considering investing in a business?

* Do you have any feedback or comments for us?

The first question is crucial, it is important to firstly qualify what sort of businesses the angels are interested in. Plus, if you are time poor and want to have a meaningful conversation and future relationship then it is best to get off on the right foot or you can be wasting everyones time.

From our experience the top 5 key things angels are looking to invest in are;

1. a solid business idea that is being executed on,

2. the business has to be scalable (i.e. how big can it become?),

3. revenue – the business has to be on the right trajectory with revenue and growth, it’s great to have a lot of customers but if you dont have revenue then you don’t have a business.

4. management team – who are they, what experience do they have and have they done this before.

5. how long can you keep funding yourself through current funding sources.

The great thing about angels is that they will have feedback and comments for you, it might just be that it’s not for them and they’ll explain why or give specific comments or advice or direction that can help to move your business forward.

There’s nothing new or different in these 5 points above, but all serve as a fantastic litmus test for any business which is in start up mode or looking to raise funding in the future.

Also know your business intimately, be able to speak at a high level about your vision and your market, but be prepared to dive deep into the detail when appropriate.

AngelLoft Launches Unique Program To Assist Entrepreneurs

At AngelLoft we’ve launched a unique Entrepreneur in Residence Program, which is designed to assist entrepreneurs in the growth of their new ventures and prepare them for securing funding.

The program extends both the range of involvement and the impact that AngelLoft’s angel investor members can have with entrepreneurs.

As I see it, the EiR Program exponentially increases AngelLoft’s value proposition as an angel investor group from being deal driven to now also assisting a select few entrepreneurs by acting as a mentor and sounding board for them.

Participants in the Entrepreneur in Residence Program get a seat at AngelLoft’s Dinners at which they can interact with the group’s high powered and highly experienced members. In addition, some of the group’s members also provide the Entrepreneurs in Residence with ongoing mentoring.

Once they are ready to secure funding, the entrepreneurs are guaranteed a much sought after pitch slot at an AngelLoft Dinner.

AngelLoft has appointed its first two Entrepreneurs in Residence – Sara Lucas, founder of EnrichMe, and Pete Sanders, founder of BrixHQ.

With solid blue chip experience in the finance sector, Sara saw a yawning gap between what smart women want from their money and how to get it. Some 89% of Australian women have no money plan in place. She set up EnrichMe to provide women with reliable money information and to empower them to make good choices.

Speaking on being chosen for the program, she said, “I’m thrilled to be accepted to this groundbreaking AngelLoft Program. This opportunity is unique in that it provides unfettered, yet structured access to a select group of angel investors who are themselves leaders in their field, committed to accelerating the sustainable growth of companies like EnrichMe.”

Pete has had experience in financial services software and has translated his passion for creating quality solutions that make life easier and more efficient for users into developing an agile project management system.

BrixHQ’s 1.0 version provides a flexible dashboard with wall, gantt chart, task and graph tabs. The product can be used by everyone who runs agile projects, be they software developers in a small team or marketers in a large enterprise team.

Sara and Pete will be attending their first AngelLoft Dinner on Tuesday, 29th March.

Announcing AngelLoft, the new angel + executive network

I’m very excited to be announcing AngelLoft, the new angel + executive network. It’s for serious investors and executives and it’s seriously Sydney.

The premise behind AngelLoft [website coming soon] is to provide a premium invite-only forum within which to bring together a group of angels, aspirant angels and top business executives.

The first AngelLoft dinner will take place on Wednesday, 15th December in a private loft at a top Sydney restaurant. The speaker will be Yammer’s newly appointed head of the Asia Pacific region. He’ll be speaking hot off the plane from Silicon Valley and will have some incredible insights to share with you.

In addition, one quality venture will be doing a pitch. In fact that is our mantra at AngelLoft: its about quality – of company, of speakers, of pitches and, of course, of dining.

As readers of Metarand, I am extending an invite to you to join AngelLoft and we’d love to see you at the first dinner. Can you please let me know asap whether you would like to attend on the 15th December. Places are limited and we’ll let you know if you’ve reserved a seat within the next few days. Cost for the dinner will be $250 a head, payable on the night by cash or via Paypal bump.

Let me know by emailing me at randal at seggr dot com.