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Angel Financing: Matching Start-Up Firms with Angel Investors

The hardest time to receive financing for a venture seems to be the time it is needed most: throughout the development and start-up stage. Unlike relatively established firms, new ventures do not have past performance to rely on to easily show potential investors its merits. Additionally, these businesses are among the riskiest investments that investors can make. Because of this, finding financing for an early venture requires lots of time and hard work, which can be frustrating at times. A typical entrepreneur begins by using personal savings or borrowing from friends and family to fund his/her venture. As the venture takes off, more financing will be needed. Until it proves successful, however, it will be hard to receive funding from banks and venture capitalists—firms that are organized as limited partnerships that provide funding for well developed firms usually in early-growth and rapid-growth stages of development. This creates a gap in financing that is often bridged through a source of funding called Angel Financing. One of the best providers of early stage funding is angel investors. In the chapters that follow I will explain what angel investing is, how they work, and what angels look for. This information will help entrepreneurs be better equipped to find an angel investor that matches with their venture and ultimately result in financing. However with all the angels that are out there, it is important to note that no two angels are exactly alike or will have the same investment criteria. This paper will discuss an array of criteria that goes into an angels decision to invest and will look specifically into Tech Coast Angels, an angel network, and what factors are most important to them based on their history of financing. The term entrepreneur has a wide range of meanings. It originates from the French word, entreprendre, which means " to undertake " (Quick MBA). In a business context, an entrepreneur is simply a person who starts a new business venture. A more elaborate definition however, is " a process through which individuals identify opportunities, allocate resources, and create value " (Entrepreneurship, Education, and Ethics). When we think of this definition we usually think of famous entrepreneurs such as Bill Gates, Steve Jobs, and Oprah Winfrey, among many others. When it comes to entrepreneurs, such as these and their new ventures, it is crucial to gain the most comprehensive information about the various funding …