At last month’s VEF event BC’s 2011 Angel Investor of the Year Boris Wertz moderated a Angel Investing panel that included Initio Group’s Mike Edwards and Eastside Games’ Jason Bailey as well as Scenario Creation’s Paul Antoniadis, and Seattle superangel Geoff Entress.
We’ve summed up Bailey’s thoughts on angel investing and the story of Edwards climb to Superangel in less than 12 months but for those of you that couldn’t attend the event I thought it would be worthwhile to get back to the basics.
During his panel introduction moderator Wertz shared his advice on how to raise angel money. While Wertz’s climb to angel prominence in the Pacific Northwest hasn’t been as accelerated as Edwards, Wertz’s W Media Ventures has a four-year track record of investing in consumer Internet, SaaS and mobile entrepreneurs.
Here are Wertz’s 5 tips on raising angel money.
- Build product and get initial traction – NO ONE will fund a business plan.
- Have a strong (technical) founder team – NO ONE will fund “suits only”.
- Build relationships and hence social proof (e.g. advisors) – NO ONE will fund immediately.
- Consider joining an incubator.
- Use AngelList.
On the last point, Unbounce CEO Rick Perreault did a masterful job of leveraging AngelList to streamline the fundraising process and should probably write his own version of Joshua Baer’s 9 Tips for Raising Startup Funds on AngelList.