3.5
4.0 
3.0 
3.0 
5.0 Pay to Pitch" I Don't Think So.
Fund: Keiretsu Forum
Posted by Anonymous on 2007-06-06
I have attended several of these angel forums, hoping benefit from a room full of eager/wealthy/accredited angel investors.
The process is once you pass their internal due diligence (most do that can afford it) you pay $3500 (that was what they were charging when I was looking into it, probably has gone up by now) to pitch to a room full of "qualified angels"... then they send you outside and discuss en mass for a consensus on a yes or no. Remember, this is a group of 50 people, all with opinions (mostly uninformed from what I could see.) This part was pretty amusing, and showcased exactly what the assembled august panel of investors looked like: Lemmings.
They have multiple start ups pitching, very regulated and timed, which is not bad...but interesting when you think each of these start up mortgaged their house to pitch, and of course with NO guarantee of funding.
The events are also catered, with YOUR $3,500 funding all the goodies.
Rumor is they can move fast, but I am not sure of their track record. but from what I could see, most of the angels were clueless about technology, and more interested in real estate than anything else.
Personally, I have a real problem asking a struggling start up for thousands of dollars to pitch in front of a large group of mostly Luddites, regardless of how wealthy they are. I can get allot of development work done for $3,500...
Don't expect to see or meet any angel who has any tech domain expertise. (again, from the events I attended over the period of 18 months)
I am curious to know if ANYONE has ever received funding from one of these "pay to pitch" angel associations, or had a similar, less than impressive experience.
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