Very Inefficient
Fund: Band of Angels Management
Posted by Anonymous on 2008-09-18
Band uses a three round selection process, cutting the companies they look at from over 50 (I've also heard 70) each month down to the three at the final dinner. This process is time intensive and a serious commitment on the part of the management, and the problem is that it's unclear that your chances of getting investment are all that high even if you get to the final dinner. At our dinner, less than a quarter of the Band members were in attendance and most seemed to be there to hang out with each other, largely ignoring the presenters during the cocktail hour before and after. After our presentation, we received only minimal feedback and even this was only a numeric average of scores, only a few investors, and a similarly low number of other leads. This seems like a lot of work for little return.
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