On July 17, Ron Kirschner, of the Heartland Angels Private Equity Network, described for SCORE counselors how angel investing works, and what is unique about their funding process.
Counselors learned that Heartland’s preferred company candidate meets these criteria:
* A unique technology, process, or program in the following areas: science-based innovations, retail, manufacturing and distribution, telecommunications, information technology, real estate
* Significant competitive barriers that favor the company
* A 3–7 year exit strategy
* Realistic expectations of significant near term and long-term growth
* Corporate operations within a 300 miles radius of Chicago
* Its plans, records and documents maintained in a manner that allows for a due diligence process
* A management team capable of moving the business through the early stage growth process. The management team will have the following attributes: competence, perseverance, track record, decency, personal financial commitment of their own net worth, burning desire to succeed
* Well-defined intellectual property portfolio or clearly established product innovation (at the prototype or later stage)
* The potential to achieve early milestones leading to demonstrably increased valuation
* A market strategy that enables the business to succeed without a committed and costly national sales structure
* A growth strategy that allows for incremental funding based on performance.
Those companies interested in being considered should email firstname.lastname@example.org
Have a question about how to get funding for your startup or business? Set up an appointment to meet with a counselor at 15 locations around the Chicago area by clicking this link.