Ham Lord, Anita Brearton and I gave a talk tonight at Mass Challenge on the top 20 dos and don’ts when dealing with angel groups. I promised I would share the list, so here it is (video is below if you want to see the discussion unfold):
- Don’t send in a plan by email unsolicited without an introduction and expect success
- Do your homework and find out what companies a group likes to invest in (check out their website, or talk to some of their members)
- Do find a deal champion within a group by networking
- Don’t ask a group to sign an NDA
- Do feel free to ask questions about how an angel group works, the profile of the membership and what to expect
- Do pay attention to the presentation guidelines given to you by the angel group that you are presenting to
- Do not use more than a handful or words on a slide and do not use any small font sizes
- Do not use elaborate builds on your slides
- Do not plan a complicated demo or video as part of your pitch
- Do not run over your allocated presentation time
- Do practice your pitch multiple times
- Don’t be flip or glib in your presentation
- Don’t forget your manners
- Do not tell the angel group that “you are not a business person”
- Don’t mumble, whisper or equivocate
- If you are guessing, say so and explain the basis for your guess
- Do not claim you will rely on first-mover advantage and have no competitors
- Do not think that “social media” is an adequate go to market strategy or assert that you will grow by “going viral”
- Do make sure that you have a financial slide in your presentation and do not leave it until the last minute and then hurry through it
- Do not list Google as a potential exit, unless they are are actually a realistic potential exit and you can explain why.
Comments, questions or reactions to this post? Leave a note below and I will respond to your questions.
If you enjoyed this, you might enjoy: What I Look For In An Entrepreneur, Why Angels Chase Electrons, Are Entrepreneurs Wild Risk-Takers?, Pick Your Founder/Co-Investors Carefully & Reflections on the Nature of Entrepreneurs, Delusional Economics, The Overture, That Vision Thing, The Power of An Advisory Board, Loch Ness, Unicorns & The First-Mover Advantage, Should I Wait For A Technical Co-Founder.
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