We are a formal group of 165+ angel investors, mostly former and current high tech executives, who invest their time and money into new, cutting edge, startup companies. Since the Band's inception in 1994 as the first organized high-tech angel investment group in the USA, we have funded 400+ companies with 62 profitable M&A exits and 13 Nasdaq IPOs. The entire Band meets monthly in Silicon Valley and San Francisco to formally consider 3 startups selected from among the 50+ that are screened each month by the Band deal selection process. Additionally, to facilitate deal flow and engagement from Southern California to Northern California, we hold a satellite meeting in Los Angeles for members and companies located there. 

Giving innovation a chance!

There are many great programs that teach entrepreneurs how to be successful in raising venture capital – but Angels are not VCs and the same rules and expectations simply don’t apply. 

DEAL CRITERIA STATEMENT

The Band is primarily focused on seed stage high technology and life science companies with strong teams, proprietary technology, and big markets. We do not invest in real estate, restaurants, retail, or funds. The Band invests in the range of $300K to $750K, but often leads a syndication of $1-1.5M. Valuation depends on many things but few companies successfully raise financing from the Band at valuations greater than $10M. One of the initial criteria that we use to evaluate deals is location. Our preference is to invest in companies located in California so that we can remain active with our portfolio throughout the early stages of development.

REVIEW AND SELECTION PROCESS

The Band charges no fees from presenting companies, in fact, if you are invited to present at a Deal Dinner we host you as our guest. If you submit a plan for review to the Band it will be forwarded to a Pre-Screening Committee. This committee is made up of experts from every high tech category including digital media, fintech, life science/medtech, semiconductor, software, and energy. The committee reviews close to 50 plans a month and selects 6 for an invitation to the Deal Screening, held on the last Wednesday of each month. There, 7 Band members (one from each major discipline) will ask you questions about the company for 15 minutes to better understand the printed material. The Deal Screening Committee selects 3 companies and a runner up, for presentation to the Band Deal Dinner.

SELECTED COMPANIES PROCESS

The 3 selected companies present to the monthly Band Deal Dinner meeting held on the third Wednesday of the month. In the two weeks between the Deal Screening selection and presentation at the Band meetings, the companies receive value-added preparatory services to help refine both the written and oral presentations in preparation for the Band presentation.

FOLLOW-UP

Band members invest directly; they collaborate in the due diligence but make individual investment decisions. Within a week of their presentation, most companies that present to the Band would have scheduled a follow up meeting with interested members to start due diligence. This also provides an opportunity for an organized syndicate of individual angels to be formed for the purpose of evaluating the company, negotiating a set of terms, and executing an investment.

Membership is by invitation

Band members are generally successful high technology founders or executives, are accredited investors, and have an interest in mentoring and investing in high-risk startups. The Band works well because of the exclusive and experienced nature of its membership. The key advantages to the Band are improving your deal flow, having colleagues to share diligence and opinions, and distributing risk across a number of deals. A deal that garners investment from the Band gets much more than money. It gets the involvement of a group of individuals whose networks and experience can be much more valuable than their seed capital. Typically, every company that receives investment from the Band also gets a Band member to serve on the company's Board.

MEMBERSHIP PROCESS

Membership in the Band is by invitation. Generally, one must be sponsored by a current member who knows the new member and can recommend them. Nevertheless, we do accept new members initially unknown to the group and all who fit the criteria and have an interest are encouraged to consider the group. The membership process includes completion of a Member Information Form and meeting with several members of the Membership Committee for informal conversations. These meetings are a great opportunity for prospective members to learn from the members about the Band process and their membership experience. It is readily apparent by all sides if a fit exists and, if so, an invitation is extended.

MEMBERSHIP REQUIREMENTS

The culture of the Band is to recognize that its members have led serious careers and can decide for themselves how best to use the opportunities made available through the Band. Hence, there are no firm performance criteria on the membership. Nevertheless, it is generally expected that members attend a third of the meetings, invest in one deal per year, help with diligence on potential investments, make their networks available to each other, keep confidential information confidential, and strive to maintain the Band’s conviviality.

MEMBERSHIP BENEFITS

The Band provides its members enhanced deal flow, better due diligence, and the negotiating power of indirectly pooling capital. The group also provides a forum for fellowship of like minded successful people. Investing in seed stage companies is very risky. The Band brings together at one place and time some of the most successful people in Silicon Valley; folks who have walked the walk. By sharing their experiences and judgments the assessment of potential companies is quicker and more accurate. Each member is often a recognized source of capital in their own communities, so each brings to the Band a unique source of new deals. The Band also organizes educational workshops and webinars designed to offer "building blocks" on angel investing.