The Tech Angel Network launches – looking for startup submissions
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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:
info@mitcef-pakistan.org
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!
1:05 am
Hi,
It’s Qasim here from NUST Institute of Information technology
I’ve liitle confusion actually due to some internet connection problem i submitted my executiver summary one hour late[tuesday 01:00a.m], would my exec summary be considered or not???
10:31 pm
Qasim, I will contact MITCEF and ask them to consider your Executive Summary – don’t worry
7:36 am
Thanks mam for giving favor in this regard. That will be great both for me and my first startup, to which i’m very passionate about.
8:08 pm
Qasim, please send me your email and phone contact so that I can put you in touch with the organisers. I have already spoken to them.
10:26 am
+92-345-5935526
Khawaja.qasim@gmail.com
4:47 pm
The term Angel Investor was brought to Silicon Valley from Hollywood where during the 30s people who used to invest in making movies were called “Angels”
In my opinion, a good angel don’t invest in an idea. If you want to qualify for a really sensible angel investor who knows what he is doing, it’s better to come up with functioning prototype. Such and angel who will have the perspective would actually be looking for a functioning prototype and demonstration of some customer base. So I would suggest that to expect any reasonable output from this experience the entrepreneurs should not just come with an idea. Ideas are cheap, products earn profits. Come with a product. The cost of low burn experimentation is very low in non capital intensive markets these days, so it’s not really that tough. If you don’t have ability to demonstrate a product in low cost, low burn efficient way, why should I an investor be excited about the idea. Angel investor is not a customer, he won’t be using your product so he wont really care how good of an idea you have.
I also disagree that you might not need another round of investment if you are funded by Angels. It depends on the product. In fact Angel investors work with VC in keeping them up to date about the next big thing coming so the VCs can take over in the next round. Anyway I guess this is off topic, and I wish all the best to the participating teams.
And thanks Osama for posting this important piece of information