Active Angels Investors：活跃的天使投资人.doc

Active Angels InvestorsMentor Capital News February 2003VC MusingsThe press has decided that angel investing is not dead after all; only morphing. Here are some recent quotes in the news:“Theres an added element here Washington, D.C. region none of the others have, which is the impact of federal government dollars on new research. For the next couple of years its going to be huge.” Michael Sheridan of Mohr Davidow from Venture Deals Stabilize in 02, The Washington Post, 02/03/03“Its a good thing. It suggest that the angel community is stirring again.” Jonathan Silver referring to the launch of AAI from Diner Club founder starts new angel group, Baltimore Business Journal, 01/20/03“The area has always been underserved in local venture capital but it continues to be incredibly rich in innovation particularly in software, IT services, and communications” Gene Riechers of Valhalla Partners from The Mid-Atlantic could be venture capitals Valhalla Red Herring, 02/03AAI Advisory Committee UpdateThe AAI Advisory Committee had its first meeting after the January 17th Screening Session. The meeting defined the role of the Advisory Committee and outlined action items to improve AAI deal flow and opportunities. A summary of the findings are as follows:1. Screening Process- Encourage all AAI members to submit deals to the Screening Committee- Have a pre-screen process with group reviews of executive summaries on a phone call prior to inviting to the screening meeting- Give screening committee executive summaries prior to each screening meeting- Be stern about the time limit 20 min is plenty for screening session2. Meeting Process- Look into meetings every 6-8 weeks if 4 week spacing is too tight- Have a sponsor for each group that would put their name behind the entrepreneur- Keep the presentations and Q&A to a stern 30min3. Other- Define what type of angels are we- Keep size of AAI membership manageable, maybe 40-60 max and review this number over time. - Survey members on feedback from previous meetings, vertical interests, types of deals (stage) and amount of involvement.As always AAI management welcomes your comments and input in the direction and processes of the AAI group. Our goal is to make this group the most successful pledge fund in the region. Your comments contribute towards this goal! Deal Flow02/05/2003 PresentersEcoustix - Hotel room communication and entertainment systems20/20 Gene Systems Porteomics01/08/2003 PresentersPEM Technologies PET Cancer ImagingeLearning Dynamics Wireless Classroom Learning11/13/2002 Presenters PharmAthene Inc. - Bacterial Technologies ResearchUpdate: AAI members did not move ahead, company is in process of closing on multimillion dollar DARPA grant. 01/17/2003 Screening CommitteeZeera Networks, Inc. - Multi-function security appliance Update: Selection committee opted monitor for updates. Zone Pay - Remote restaurant order and payment technology Update: Selection committee opted not to move ahead. Ecoustix - Hotel room communication and entertainment systems Update: Selected to present at AAI meeting 2/05/0311/22/2002 Screening CommitteeCaseNex - Professional Development Courses For EducatorsUpdate: Selection committee opted not to move ahead. PEM Technologies - PEM Cancer ImagingUpdate: Selected to present at AAI meeting 1/08/03GetWell Network - Hospital Hospitality ServicesUpdate: Selection committee opted not to move ahead. Franchise Growth Capital, LLC - Leveraging Franchise ExpertiseUpdate: Selection committee opted not to move ahead. 12/17/2002 Screening CommitteeCeltronix Telemetry Wireless Telemetry Licenses AcquisitionsUpdate: Selection committee opted not to move ahead. 20/20 Gene Systems Proteomics BiotechnologyPresenter at February AAI meeting.ATM National ATM NetworkUpdate: Closed 1st traunch of Series A funding 2nd traunch is open, see AAI management if interested.eLearning Dynamics - Wireless Classroom Learning Update: Presenting at AAI meeting 1/08/03Active Angel Investors (“AAI”)AAI is a membership network of accredited investors who desire to invest in seed-stage opportunities in the mid-Atlantic region. Active Angel Investors is managed by New Vantage Group, a leading organizer of angel groups and clubs Active Angel Investors, 402 Maple Ave West, Vienna, VA 22180703-255-4930Upcoming Events AAI Website went “live”: Jan 10, 2003 - be sure to visit AAI Deal Screening Session: February 18, 2003 - Four companies presenting at the offices of New Vantage Group in Vienna All AAI members are welcome. Next AAI Meeting: March5, 2003 at Caf Deluxe. AAI Deal Screening Session: March 18, 2003 - Four companies presenting at the offices of New Vantage Group in Vienna All AAI members are welcome. April AAI Meeting: April 2, 2003 at Caf Deluxe. Angel Activities: Feb 7, 2003 - DC Tech Council Info at: Member ProfileSince 1978, Martin has been an active angel investor in companies ranging from computer hardware, to media/entertainment, and plastic component manufacturing. As such, he understands the nuances and difficulties emerging companies are confronted with from all sides. Most importantly, he is intimate with the challenge and pressure of signing $85,000 in payroll l checks for 180 employees on Thursday night with only $35,000 in the bank, then doing what was necessary to insure they all cleared on Friday.Martin offers this wide variety of experience to his clients as well as the AAI screening sessions, which he travels regularly from Baltimore to attend. He does not shy away from asking pointed and difficult questions. Martin notes, I learned along time ago to not be afraid to demand how someone is going too spend my money or what their personal and/or financial exposure may be. If their feeling get hurt, they will have a hard time making it in business. He remarked that he joined Active Angels because of the depth of experience and camaraderie amongst the other participants and the ability to select the investments you like. The majority rules is not an element of the process.Martin Knott is a Managing Director with Columbia Consulting Group, an executive search firm established in 1974, headquartered in Baltimore with offices in New York and Florida.Prior to entering the recruiting industry, he owned and operated a regional general and mechanical contracting company, which he started in 1972 and sold in 1996. During this period, Martin also served as chairman of a large privately held real estate enterprise.The Active AngelAn upcoming survey of regional angels about the state of seed stage investing is soon to be released by the University of Virginia, Darden School of Business. The survey will review angel investing in 2001, 2002 and looking ahead to 2003. Through the efforts of Darden Professor Greg Fairchild and two second year MBAs the research for a journal article will be conducted in February. AAI members will be invited to join other active angels in their region to anonymously participate in the on-line survey. The survey will take about 10 minutes and focus on prior angel activity, current level of angel participation in new deals, and the attitudes about the future of regional seed investing. If you have any questions regarding the survey, contact John May and thank you in advice for your participation. Active Angel Investors (“AAI”)AAI is a membership network of accredited investors who desire to invest in seed-stage opportunities in the mid-Atlantic region. Active Angel Investors is managed by New Vantage Group, a leading organizer of angel groups and clubs Active Angel Investors, 402 Maple Ave West, Vienna, VA 22180703-255-4930In the NewsMays new angelsActive Angel Investors offers member choice and focuses on tech and bio startupsJohn Wilen Staff ReporterAre all the angels gone? Not according to John May. The New Vantage Group managing partner is starting a new angel investing club that will focus exclusively on making early (read: pre-institutional) investments in tech, telecom and life science startups. Real people are writing real checks to come and play, May says. But the new club, Active Angel Investors (), will differ a bit from Mays past investment clubs, the Dinner Club, the eMedia Club and the Washington Dinner Club. Those clubs, formed as the tech-driven stock market bubble reached its height, required upfront investments of as much as $150,000 from each new member. Acting as a single investment partnership, the members of those clubs voted on how to invest the overall pot of money. With Active Angel Investors (AAI), members pay $5,000 to join half of that is an initiation fee, half an annual membership fee and are free to decide whether to invest in companies on a deal-by-deal basis. The idea is that the club members only invest their money in deals of interest to them. Their money cannot be invested in a company they dont like by a majority vote of club members. AAI members who are interested in a company will form a due diligence committee to study the opportunity, May says. Members who decide to invest in a company will do so through an investment partnership formed for that specific deal, he says. More sustainable While the financial details of the new club are different, the central feature of the old investment clubs has been carried over: Companies present and face tough questions at club meetings. May is quick to describe the new structure as an experiment, and the result of tough economic times. After spending much of 2002 looking for investors interested in forming a new pay-upfront dinner club, May determined that there just wasnt critical mass. This was the outgrowth of finding it inappropriate to try to organize Dinner Club IV, May says. Industry observers hail the new club as a sign that there are investors out there willing to risk money on early-stage investments, even in a down economy. Its a good thing, says Jonathan Silver, managing director at venture firm Core Capital Partners (), who is not participating in AAI. It suggests that the angel community is stirring again. I think that its very important for people who see themselves as leaders of the tech community to commit to it, says Jonathan Aberman, an attorney at Fenwick & West () and a member of the new club. Lead with your pocketbook. May says AAI has about 15 paid members so far, and he expects 30 to 40 by spring. The club has held two meetings. Earlier this month, members saw presentations from Pem Technologies, a medical device company based in Bethesda, and E-Learning Dynamics, a D.C.-based education software firm. Both generated investment interest, and May thinks positive feedback from members means the club will be a success. Aberman doesnt plan to invest in either Pem or E-Learning Dynamics, but says thats because hes taking his time, and doesnt expect to invest in a large number of companies. The ability of investors to wait for the right opportunity makes sense to Silver, who suggests that better investment decisions will be made because people will concentrate on areas and technologies with which theyre familiar. It may be a more sustainable model than the earlier one, Silver says. Better than the average fund The minimum aggregate investment AAI will consider is $250,000.