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Preparing for the first angel funding
Prayank Swaroop, Senior Associate – Accel Partners India [email protected] National Startup Summit, 6th September 2013
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About Accel Partners
• Founded in 1983, Accel has helped entrepreneurs build over 300 successful category-defining companies
• Dedicated to partnering with outstanding entrepreneurs and management teams to build world-class companies, from inception through growth
• Offices in Silicon Valley, New York, London, China and India
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Accel India’s Focus Areas – USD 250 Million
Mitra Biotech ACE
Internet/Mobile Enterprise/SaaS
Healthcare Education Digital Media
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What exactly is angel funding?
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When do angels normally fund?
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When should you meet an angel?
Have a prototype ready 1. Doing it part-time 2. Just have an idea 3. You are building a tech product, but don’t have any tech team
Do
Don’t
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Approaching and finding the angel
1. Find the right angel – does he have the experience to advise you? 2. What are the other companies he has funded – ask their founders
to introduce you to the angel?
3. Speak to companies the angel has invested in – do you hear what
you like? Doe he help in business? Or is just hanging around? 4. Would I like to work with this investor for next 7-10 years?
Approaching an angel
Due diligence on an angel
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What should be in your pitch deck …
1. Team 2. Product 3. Customers 4. More Product Details 5. Market Size 6. Competition 7. Current Status 8. Execution Plan
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How do angels evaluate an idea?
Team
Product
Market
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What market size is good?
Market size > $500 million (Rs. 3000 crores)
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How to judge the product?
Can the company make Rs. 150 crores revenues in 5 years?
Can you get to 5% of the market in 5 years?