The art of small checksHow to raise Angel funds in 2016

Kevin Dewaltkevindewalt.com@kevindewalt

Savannah, GA

Founder4x mostly B2B

Angel Investor Collabspot , Power Supply, Vericant, Sampler, MadKudu

EngineerBSEE, USCGAMSEE, Stanford

Former VC

NSFPanelist (9 years), Grantee (2x)

Mostly …101001

… fewer …

Seed?

Angel?

Round?

A..B..?

Today’s ScopeChecks from private individuals in $10-50K checks

Typical:$100-250K round 10 small checks $1M round $500K + small checks

X

Today’s Goals1. Understand current state of Angel funding2. Have a plan for getting $3. Hacks & landmines

Part 1

Angel funding in 2016

Angels Investors?

Nope

Angels are everywhere

Angels invest their own money

Incentives: why do Angels invest in startups?

You need to know their motivations

“Love” money - FFF

Ego

Access

Outsized returns

Outsized returns

All Angels believe this is their primary motivation.

Other options are terrible

Very, very few Angels have the time to make financially-based investments.

Crowdfunding? Not yet.

Part 2

Your plan to get Angel $

Fundraising is sales

Got that?

Fundraising is sales

You sellEquityTime

You get$

AdviceIntroductions

Credibility

Angels get … ?

Angels get … ?

Your fundraising sales process1. Talk to those who recently raised2. Set a goal3. Follow a process

Step 1 – Talk to someone who recently raised1. Usual advice: milestone based …2. ASK SOMEONE WHO JUST DID IT

Step 2 – Set a Goal

Close $X by Y date through Z

Close $500K round by 9/1/2016. $200K in Angel + $300K Samsung investment

Step 3 – Follow a process• CRM• Ask for intros• Qualify prospects• Engage• Ask!• Pig-headed determination

Name: Leeroy JenkinsEmail leeroy@leeroyjenkins.comAngel List, LinkedIn

Recent deals: MassAttack, PickettsChargeNotes: • Met at Blizzconf. Wants to do a Skype call week of July 9.• Thinks our strategy is too timid. Called us “chickens”.• Yells a lot >>>> will he fit with our culture?

Use a CRM to track your process engaging Angels

Tell EVERYONE. Ask for intros.

Qualify

Qualification questions …. ?

“I wanted to talk to YOU because …”

Engage

Ask!

Pig-headed determination and discipline

Expectations

25 intro requests ->… 50 conversations -> …… 5 qualified meetings-> ……………………….… 1 investment

Part 3

Hacks & Landmines

Start early & build advisors

“Ask for money & you get advice; ask for advice & you get money.”

Angels

Clueless

Don’t think you WANT their $

Dear Mr. Dewalt …Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx Xxxx xxxxx xxxxx xxxx

Summary• Start early, build email list of advisers.• Get a CRM• ”Access” is under-valued motivation for Angels.• Have a specific goal based on recent transactions• Follow a sales process – perspiration, not inspiration