Yesterday morning was the screening day at the New York Angels where we have companies pitch for funding. On a monthly basis, we review 14-16 companies in two rooms running concurrently. Selected from our pre-screen process and referrals by members – it lends itself to be an exciting morning.
What really happens
Companies are given 10 minutes to pitch and 5 minutes for Q & A. Then we discuss the company as a group. We use a custom app designed to take notes and provide feedback for the entrepreneurs and to inspire discussion amongst the group – which generally does not require much encouragement. After all the companies have been viewed, the angels all gather in one large room and we review all of the companies. We ensure we have feedback to those we pass on and we confirm the angel lead to continue the process and contact the entrepreneur.
What is fun about screening?
The exposure to great minds – from entrepreneurs pitching early stage ideas to investors with years of experiences and depth of knowledge asking pointed intelligent questions.
Herding the cats is easy if you make it fun.
(A side note to angel group leaders.)
Seriously, the investors’ intelligence, graciousness, and honesty make it a delight!
Image source: http://www.stamfordglobal.com/