How to Meet Angel Investors in Austin
Find out from an experienced entrepreneur and angel investor how to meet angel investors in Austin and answer questions from the audience. Joshua Baer helps people quit their jobs and become entrepreneurs. In 2008 he founded Capital Factory, a startup incubator and co-working space in Austin, Texas. Josh founded his first startup in 1996 in his college dormitory at Carnegie Mellon University and now teaches a class at the University of Texas for student entrepreneurs. Josh was recently recognized as the Austin Community Leader of the Year, Tribeza Person of the Year, Henry Crown Fellow at the Aspen Institute, Eisenhower Fellow and a member of the National Committee on US-China Relations Young Leaders Forum. Josh lives in Austin with his wife Amy and three children. You can follow him on Twitter @joshuabaer Capital Factory is the center of gravity for entrepreneurs in Austin. Last year more than 50,000 entrepreneurs, programmers and designers gathered day and night for meetups, classes and coworking. We meet the best entrepreneurs in Austin and introduce them to their first investors, employees and customers. We have a series of matching funds so that a startup can convince 2 of our mentors to invest personally it can unlock hundreds of thousands of dollars in additional automatic funding.
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How to Meet Angel Investors in Austin
- 3. How to meet Angel Investors by @JoshuaBaer
- 5. Do your homework online • Paul Graham on Fundraising paulgraham.com/fr.html • VentureHacks venturehacks.com/archives • VC Economics from Wealthfront blog.wealthfront.com/venture-capital-economics/ • Sam Altman’s Startup Class interview with Marc Andreessen, Ron Conway, & Parker Conrad clip.mn/video/yt-uFX95HahaUs • Sam Altman’s Startup Playbook playbook.samaltman.com
- 7. What’s different about Fundraising in Austin?
- 11. How to meet angel investors 1. Leverage your personal network 2. Go where the investors are - bars, coffee shops, events, Capital Factory 3. Follow them on Twitter twitter.com/joshuabaer/lists/austin-angels 4. Create an AngelList profile (and email it to me) 5. Post to Austin Angel Investors Facebook group 6. Office Hours with CTAN 7. Epic Office Hours at Capital Factory 8. Apply for an Accelerator 9. Participate in pitch events and competitions
- 12. Step by Step 1. Do your homework online 2. Create a 1-2 page PDF overview of your team, product and progress 3. Find a friendly angel investor or entrepreneur to give feedback 4. Create a real pitch deck and get lots of feedback 5. Get your first few angel investors on a convertible note 6. Apply to an Accelerator 7. Raise $500k to $1.5m on the convertible note from angels, angel groups, and VCs 8. Raise $3-6m Series A from a VC
- 16. • One of the most active angel groups in the country • Not just tech • 5x/year application cycle • Monthly office hours • Rick Timmins is the Chairman (and CF Mentor) • Claire England is the Executive Director
- 19. Find investors, intros & advice at Office Hours
- 20. Office Hours • Think of this as speed dating • Don’t expect them to commit on the first date • Research their background beforehand • Professional on LinkedIn • Investments on AngelList • Personality on Twitter and Facebook • Ask for a followup meeting to show progress
- 21. Program Funding Equity Focus Athena Health MDP $50,000* 3%* Health Capital Factory $100,000 3%* Tech International Accelerator $50,000 15% International SKU $8,000 4% or 8% CPG Techstars $120,000 9% Tech UnLtd, USA $5,000 0% Social Good Austin Accelerators * actual amount varies from company to company
- 22. Valuation • Average is $3m (it’s double in Silicon Valley) • On a note, think of the cap as the valuation • Higher because of traction or track record - up to $8m • Higher because it is capital intensive • If you have to justify it, then it’s too high • Bigger is not always better
- 23. Time • Usually takes 6-12 months • Really fast is 2-3 months • If only 2-3 investors can happen in 1 month • Sometimes drags out over 18 months • Entrepreneurs usually think it’s going to happen faster
- 24. Get used to hearing NO
- 25. Say you’re going to do something. Then do it.
- 27. Ask Us Anything