ACA Member eNews - Don't Miss What the SEC Says About Keeping Deals Private

August 19, 2015

ACA XACA

FEATURE STORY

SEC Provides Guidance That Helps Angels Ensure Deals Are Not Generally Solicited In the fuzzy new world of general solicitation, the SEC published several clarifications that can help angel investors and startups. ACA takes a look at these: Angel groups can provide an environment of a pre-existing, substantive relationship between issuers and investors, addressing a key requ​irement for private offerings. If an entrepreneur presents at a demo day and does not offer a security, that issuer has not made a general solicitation. (The remaining discussion of demo days is not as helpful.) Online platforms can conduct private placements in password protected web pages, using certain procedures.

MEMBER NEWS AND FEEDBACK

Survey to Help ACA Better Serve University-Based Angel Groups Is your angel group connected to a university? ACA wants to provide new information, connections and services to angel groups that have a strong connection to universities, including new content at the Angel Insights Exchange. If this fits you, please take this quick survey. Please feel free to forward the survey link to the right people. We’ll share what we learn with you.​

ACA Member Exits, Investments, and News Tech Coast Angels makes successful exit from investment in MindBody Florida Angel Nexus invests $500K in big data startup BRF Announces Successful Inaugural Year of Entrepreneurial Accelerator Program (New Louisiana Angel Fund) Angel investors pump $750K into high-tech business (Tamiami Angel Fund) Networking events let startup entrepreneurs practice pitching (SunDown Fund) Is Angel Investing Poised to Be Disrupted? (Pipeline Fellowship) What Angel Investors Value Most When Choosing What to Fund (AngelList) Astia Joins White House Demo Day With Commitment to Invest

Members on Priced Rounds and Convertible Notes Thanks to more than 100 of you who responded to our recent survey on deal terms for first investments. The survey results revealed: 82% prefer to do priced rounds for their initial investments 78% had done at least one convertible note in the last 18 months 25% had used convertible notes for more than half of their first investment deals Even with a continued preference for priced rounds, this shows evolutionary change for sophisticated angel investors. We also got a window on the changing terms sheets members use: plenty of us use standard simplified term sheets, but many others are in the mix:  NVCA, SAFEs, Series Seed, and many customized documents. Full details are here.

RESOURCES

Pitching, Deal Terms and Working With VCs – Thoughts From ACA Leaders The latest set of articles from Christopher Mirabile and Marianne Hudson dig into key issues for angels and entrepreneurs: Avoiding the 9 Worst Pitching Thin Spots Convertible Notes: Newfound Angel Flexibility? Avoiding A Rocky Marriage: How VCs And Angels Can Work Together Convertible Notes: The Debate Continues

WEBINARS

What Angel Investors Can Expect For Returns Wednesday, August 26, 12:00 to 1:00p Eastern New and experienced angel investors often ask “how much money can I make by investing in early stage companies?” Find out the answer in this exclusive webinar. Dr. Robert Wiltbank, Professor of Entrepreneurship at Willamette University and the author of the 2007 Returns to Angel Investors in Groups will provide an update on the progress of the 2015 returns study currently under way. Especially for angel group leaders throughout the US, this webinar gives you a preview of the insights this important study will uncover. You’ll also learn how you can best engage your members and receive a custom private analysis of your group’s returns. Want to get started in advance? If you haven't already, provide your data here. Register Now

ACA AND INDUSTRY EVENTS

Events For ACA Members to Connect, Learn, and Enjoy ACS Entrepreneurial Summit, Washington, DC - September 17-18 Rocky Mountain Life Science Investor & Partnering Conference, Vail, CO - September 23-24 NACO - 2015 National Angel Summit, Niagara-on-the-Lake, ON Canada - October 6-8 Open Hands Fellowship for Young Women Entrepreneurs, Amman, Jordan - October 16-24 ACA New England Regional Meeting, Boston, MA – October 21 Texas Angel Day, Fort Worth, TX – October 22 ACA Southwest Regional Meeting, Tucson, AZ - October 23 HealthTech Conference, Santa Clara, CA - October 27-28 Angel Fair Africa, Accra, Ghana - November 5 Dakota Venture Group - Student Venture Capital Summit, Grand Forks, ND - November 8-10 ACA Angel Insights Exchange, New Orleans, LA – November 9-10 2016 ACA Summit, Philadelphia, PA - May 9-11

Stay Connected www.angelcapitalassociation.org Please click here to view the web version newsletter. Content ideas? Share your news and tell us what you want to read about.

Angel Capital Association | 10977 Granada Ln, Ste 103 | Overland Park, KS 66211