I recently posted in the Austin Business Journal about the rise of the open angel group model. In our most recent Texas Entrepreneur Network Funding Forum in Austin on June 8th, I saw the benefits of such a model in action. From the event, five of the presenters received interest and three are in discussions to receive funding. The event brought over fifty people into the room --some were investors who expressed interest in the deals but most were entrepreneurs watching the pitches and listening to the panelists’ questions. This provides mentorship to those who are considering raising funding. In talking with several entrepreneurs afterwards some expressed interest in joining the next round (Sept, 2011) while others talked about the work they need to do in advance of pitching.
To be successful in the Funding Forum you need to have a:
--solid product with some differentiation
--clear and focused target market
--competent management team
--some proof that the product will sell
Also, investors interested in pursuing startup investing find the Funding Forum educational as one learns the most from listening to the questions the other investors ask.