They say
that there are no free lunches in the world. You have to earn everything. Same
is applicable and holds true, when it comes to applying for angel funding to
help a startup grow, bloom, and expand its wings in the cutthroat world of
business. You have to earn it by wining investor’s trust.
Startups and
new businesses often turn to angels for procuring the necessary funds. But you
need to set your expectations right before approaching them. You need to
prepare yourself for pitching your business idea in front of them.
For that, it
is imperative to know what selection procedure to expect from them. Angels make
the potential startups go through a serious of steps and processes to filter
the ones with highest potential.
Typically
you can expect angel investors to ask for application followed by
pre-screening, screening, investment meeting, due diligence, and term sheet.
However, you must remember that these steps can be conducted in any order and
not necessarily the one mentioned here.
While
applications and screening procedures are aimed to ensuring that a startup meets
the required criteria; investment meeting involves angels hearing out the pitch
by entrepreneurs seeking funding.
Therefore,
entrepreneurs are advised to come fully prepared with an impressive pitch. The pitch must be thought out and
well researched with focus on how the startup intends on using the funds for
growth. Singapore Innovation League, founded by Niraj Goel and other in
Singapore, is looking for promising tech entrepreneurs.
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