How SaaS founders can raise Angel funds
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Slides from a speech I made to the National Science Foundation's annual Phase 2 SBIR program.
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How SaaS founders can raise Angel funds
- 1. The art of small checks How to raise Angel funds in 2016
- 2. Kevin Dewalt kevindewalt.com @kevindewalt Savannah, GA Founder 4x mostly B2B Angel Investor Collabspot , Power Supply, Vericant, Sampler, MadKudu Engineer BSEE, USCGA MSEE, Stanford Former VC NSF Panelist (9 years), Grantee (2x)
- 5. Today’s Scope Checks from private individuals in $10-50K checks Typical: $100-250K round 10 small checks $1M round $500K + small checks
- 7. Today’s Goals 1. Understand current state of Angel funding 2. Have a plan for getting $ 3. Hacks & landmines
- 8. Part 1 Angel funding in 2016
- 10. Nope
- 12. Angels invest their own money
- 13. Incentives: why do Angels invest in startups? You need to know their motivations
- 14. “Love” money - FFF
- 15. Ego
- 16. Access
- 17. Outsized returns
- 18. Outsized returns All Angels believe this is their primary motivation.
- 20. Very, very few Angels have the time to make financially-based investments.
- 22. Part 2 Your plan to get Angel $
- 24. Got that?
- 27. Angels get … ?
- 28. Angels get … ?
- 29. Your fundraising sales process 1. Talk to those who recently raised 2. Set a goal 3. Follow a process
- 30. Step 1 – Talk to someone who recently raised 1. Usual advice: milestone based … 2. ASK SOMEONE WHO JUST DID IT
- 32. 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
- 33. Step 3 – Follow a process • CRM • Ask for intros • Qualify prospects • Engage • Ask! • Pig-headed determination
- 34. Name: Leeroy Jenkins Email leeroy@leeroyjenkins.com Angel List, LinkedIn Recent deals: MassAttack, PickettsCharge Notes: • 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
- 35. Tell EVERYONE. Ask for intros.
- 37. “I wanted to talk to YOU because …” Engage
- 38. Ask!
- 40. Expectations 25 intro requests -> … 50 conversations -> …… 5 qualified meetings-> ……………………….… 1 investment
- 41. Part 3 Hacks & Landmines
- 42. Start early & build advisors “Ask for money & you get advice; ask for advice & you get money.”
- 44. Angels Clueless Don’t think you WANT their $
- 46. 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
- 48. 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
Editor's Notes
- https://upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Stylised_Lithium_Atom.svg/2000px-Stylised_Lithium_Atom.svg.png
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- https://i.ytimg.com/vi/7Q84LQAa6Ek/maxresdefault.jpg
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- Source: bankrate.com
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- https://en.wikipedia.org/wiki/Leeroy_Jenkins#/media/File:Ben_Shultz_Leeroy_Jenkins.jpg
- https://i.ytimg.com/vi/bcJXJA4L7sA/maxresdefault.jpg
- https://upload.wikimedia.org/wikipedia/commons/9/98/Coffee_break.JPG
- https://www.flickr.com/photos/cedwardbrice/5887099054/
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