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Angel Investing: The Gust Guide to Making Money and Having Fun Investing in Startups / Edition 1

Angel Investing: The Gust Guide to Making Money and Having Fun Investing in Startups / Edition 1

by David S. Rose, Reid Hoffman
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Product Details

ISBN-13: 9781118858257
Publisher: Wiley
Publication date: 04/28/2014
Pages: 304
Sales rank: 583,666
Product dimensions: 6.10(w) x 9.30(h) x 1.10(d)

About the Author

DAVID S. ROSE is a serial entrepreneur, Inc 500 CEO andone of the world’s most active angel investors. Described byForbes as “New York’s Archangel,” byBusinessWeek as a “world conqueringentrepreneur,” and by Red Herring as “patriarchof Silicon Alley”, David has founded or funded over 90 hightech companies. He is the founder and CEO of Gust, theinternational collaboration platform for startup financing used byover 50,000 accredited angel investors, 1000 angel groups andventure capital funds, and 250,000 entrepreneurs. Gust received theSIIA CODiE Award for Best Collaboration Solution in both 2012 and2013, as well as the 2012 SWIFT/Innotribe Award as theworld’s most innovative financial technology company.

David is also Managing Partner of Rose Tech Ventures, an earlystage angel fund; Founder and Chairman Emeritus of New York Angels,the most active angel group in America; and Associate Founder andFounding Track Chair for Finance, Entrepreneurship and Economics atSingularity University, the Google/NASA-sponsored post-graduateprogram in exponential technologies. A native New Yorker, David hasa BA from Yale University, an MBA in Finance from Columbia BusinessSchool, and a D. Eng. h.c. from Stevens Institute ofTechnology.

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Table of Contents

Foreword Reid Hoffman xv

Introduction: How I Became An Angel Investor xvii

Part I The Basics of Angel Investing 1

1 The 25 Percent Annual Return:Why Everyone with Six Figures toInvest Should Consider Angel Investing 3

2 Plus, It’s Really Fun! The Nonfinancial Rewards of Beingan Angel 23

3 The Portfolio Theory of Angel Investing: Why Every Angel Needsto Invest in at Least 20 Companies 37

4 The Financial Life of a Startup: Where Angels Fit in the BigFinancing Picture 47

Part II The Nuts and Bolts 55

5 Develop Your Deal Flow: Sourcing and IdentifyingHigh-Potential Opportunities 57

6 Bet the Jockey, Not the Horse: Evaluating the Entrepreneur andPicking the Right One to Back 67

7 Here Comes the Pitch: Listening to the Story Does It MakeSense for Your Portfolio? 77

8 Look Under the Hood and Lead a Deal: Coordinating DueDiligence and Running the Show 87

9 Valuations and Expectations: Discovering the Secret Economicsof the Angels 93

10 Investment Rounds and Their Forms: Common Stock, ConvertibleNotes, or Preferred Stock? 109

11 The Art of the Angel Deal: Negotiating a Win/Win Relationshipwith Your Entrepreneur 121

12 Term Sheets and Closing: Trust Everyone…but Cut theCards Anyway 127

13 After the Investment: Managing Your Portfolio and AddingValue as an Active Angel 133

14 Exits and Other Unicorns: Getting Your Money Out Makes AllThings Right 147

Part III Your Place in the World of Angels 159

15 The Entrepreneurship Financing Ecosystem: Grants, VentureCapital, Accelerators, and Other Players 161

16 Building Your Angelic Reputation: Getting the Best Deals toCome to You 175

17 Joining an Angel Group: Increasing Your Opportunities andReducing Your Risks 179

18 Impact Investing: DoingWell While Doing Good 189

19 Sit Back and Let Someone Else Do theWork: Investing inStartups through Seed Funds and Venture Funds 195

20 Crowdfunding and the Global Revolution: Angel Investing forEveryone 199


A Angel Screening and ValuationWorksheet 205

B Angel Investment Due Diligence Checklist 209

C Gust Convertible Note Term Sheet 215

D Gust Series Seed Term Sheet 223

E Gust Revenue-Backed Note Term Sheet 237

F International Angel Investor Federations 243

G Major Regional Angel Groups 245

H Angel Investing Blogs and Resources 249

Glossary 253

Acknowledgments 265

Index 271

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