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Attracting an Angel - How to get Money from Business Angels and Why Most Entrepreneurs Don't Hardcover – May 1, 2012
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After reading this book, you should be able to look at your own startup (or someone else's) and ask the right questions to have a rough gauge of how ready it is for angel investment.
For those new to the world of startups and/or angel investing, they will instantly be disillusioned from the misnomer that they can get real Angel funding if you are only at the idea stage of a business (thanks for that, Shark Tank).
The truth is, if a startup is only at the idea stage, and its team isn't comprised of accomplished startup or domain veterans, there's almost no chance that it can raise financing aside from friends, family, or fools. Founders are advised to at least develop a prototype of its product and validate its demand with its target market prior to asking for Angel funding. Investors have wised up from the days of investing a combined $41m in a company that hasn't acquired a single customer. You really can't have too much validation (that is, a confirmation that customers are willing to pay for a product) when asking for financing.
Yes, there are some instances where this may not be possible (medical devices that cost five to six figures to patent come to mind), but this is certainly the case for most industries. But even for these types of companies, angels will generally recommend raising grant money wherever possible. This is in part, I suspect, to maximize validation before they invest their own money.Read more ›