The Angel Training Program
The education and training components of the Angel Training Program were created with support from the Kauffman Foundation and consist of Instructional Videos, Webinars, Learning by Doing, and other activities.
Instructional Videos -The following are instructional videos were produced for the Rising Tide Angel Training Program by the Angel Capital Association and Go Beyond Network US. Each podcast is about 20 minutes in length:
- The role of the angel investor – where we fit in the economic development cycle of an entrepreneurial company. The importance of a diversified portfolio, as part of an investment strategy. (Go Beyond)
- Due Diligence: process and content, including using experts and the importance of reference calls. (Go Beyond)
- Funding start-ups: What is the financing landscape for start-ups: including crowdfunding and business angels. For each type of financing, a description, the benefits/risks and timing are provided (Go Beyond)
- Business Model Fundamentals: What are the components of an economic/business model of a start-up? What are the drivers? How will the company scale? (Go Beyond)
- Introduction to Company Valuations: What are common definitions and methods used to value a startup? How are valuations negotiated with entrepreneurs? (Go Beyond)
- Introduction to Reading Financial Statements: This covers Profit and Loss (P&L), Balance Sheet, and Cash Flow Statements. What do they often look like for startups? What do you look for? What do you avoid? (Go Beyond)
- Introduction to Term Sheets: Which legal documents are often used to make an investment? What is the common structure of Term Sheets/Shareholder Agreements? What are some keys clauses used? What are some insights from experience? (Go Beyond)
- An Introduction to Managing Follow-On Funding (Go Beyond)
- Introduction to Capitalization Tables (Slides) (Simple Cap Table) (Instructions) (ACA)
- Pro Rata Rights and Dilution (ACA)
Webinars ‐ The Angel Capital Association developed six new hour‐long webinars and also connected several archived webinars to the Angel Training Program. These programs are delivered live by top angels – often including the lead investors from our first fund – and archived for viewing at any time. Click on the webinar you wish to view (You will need to submit your name and email in order to view them)
- Angel Investing Portfolio Strategy: what to know before your first investment
- A Beginner’s Guide to Term Sheets
- Key Points of Term Sheets
- Valuation of Pre‐Revenue Companies
- Conduct Due Diligence Like the Pros
- The Basics of Cap Tables
These webinars intentionally overlap with some of the podcast programming in order to build learning and understanding (sometimes people need to hear things twice or in a different way to really understand concepts) and they also provide those participating in the live programs to ask questions. Here are some additional archived webinars from ACA for additional learning: (just click on the one you want to view).
- Top 10 Things You Need to Know Before Your First Investment
- How to Build a Great Angel Portfolio
- What Makes an Investable Company
- Best Practices in Deal Screening
- What Angel Investors Can Expect for Returns
- Seven Exits: Lessons Learned for Angels, Entrepreneurs, and Deal Facilitators
- Driving Angel Returns
Why is there a gender gap in angel investing?
- Many women aren’t aware of opportunities for angel investing
- They aren’t asked to invest
- The don’t feel prepared to make that first investment
- They are risk averse and shy away from making large investments
- They don’t know other angel investors and aren’t part of investor networks
- They don’t see deal flow and aren’t exposed to investment opportunities
Learning by Doing: participants in the program will be able to take part in the screening, evaluation, and due diligence processes over the course of the program. We will also have opportunities to meet in person at various events throughout the year such as the Angel Capital Summit, Demo Days, local get togethers, and more.
Supporting Materials, Building Visibility – The podcasts and webinars are supported with articles, reports, data and other materials produced by the proposal partners. Examples include ARI’s Halo Report (data on trends in angel group investment) and Marianne Hudson’s (ACA) weekly Forbes column on smart angel investing. The topics such as “The Art of Valuing a Startup” and “Simple Term Sheets for Angels and Entrepreneurs” are just some examples.
Training and Education Partners: The following are the individuals and organizations that will be providing these materials for the Rising Tide Angel Training Program.
- Brigitte Baumann, Founder and CEO of Go Beyond Investing (Content development and delivery)
- Marianne Hudson, Executive Director of Angel Capital Association (Grant/program administrator, Webinar leadership, marketing team leadership)
- Bethann Kassman, CEO of Go Beyond Network US (Content development and support)
- Alicia Robb, Founder and CEO of Next Wave (Content development and delivery)
Staff and members of ACA also assisted in delivering the webinars and support program market awareness. In particular, most webinars were hosted by ACA’s Villette Nolon, with curriculum support from leading angel and instructor Bill Payne.