The Tech Angel Network is an initiative of MITCEF – the organization that was also behind BAP. They have formally launched the Angel Investment Network that we had spoken about a while ago.
They are looking for premier startups to support through the program. Their requirement is a 2-page Executive Summary by Monday that can clearly outline how the investment round fits within the organizations roadmap and how their support can help the startup increase their sales and penetration into the market of choice.
Remember guys, Angel Funds are not necessarily for helping you scale massively, but for penetration and settlement into a niche; for building barriers for future potential competitors; for proving your case in the market; and for setting yourself up for scale (i.e. for helping to build up operations in sales, support, marketing and more). Angel rounds are typically not for helping you build the app from scratch or from a prototype. So for the best chance of success, you should have been able to demonstrate (with live examples) that there is business worth in your idea or product.
Ofcourse, exceptions to the rule may apply in that you might be onto the next $B half-built app where a first impression can clearly show the worth of the system you protect.
If you do it right, you shouldn’t need any additional funding after your Angel round (this is because doing it right should allow you to self-fund your growth from revenues).
In any case, the reason (I think) this is called Angel investment is because it can often feel like a God-sent and can provide incredible depth in the support, encouragement and ratification that a lonely startup struggle needs.
To submit your executive summary, please email:
Pointing to Dr. Zahir Syed, or Mr. Azhar Rizvi
Successful startups will be able to meet Ken Morse, founder of 3Com Corporation and MD of the MIT Entrepreneurship Center, to pitch their plan to in Karachi on March 13.
Hurry! Chances like this are few!