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And if anyone has any questions about anything I (Matt @ Stormpulse) said, I'm happy to comment here as well. Thanks for listening everyone!

• eah13 14y ago
  Matt, Thanks so much for putting this great podcast out with Patrick. I was just talking with my cofounders today and saying that, just like code, it's super helpful to have examples when trying to understand and make choices for your startup. I'm an entrepreneur in Durham, NC. I've got a great team working hard on product and a growing list of gotta-have-it would-be users. We'll be raising seed capital soon and my question is about choosing your angels. I've met with a lot of investors who just don't get our business and I can confidently say we don't want their money. There are a few local angels who are really smart, though, love our idea and get that it is big. They've been advising us to stay away from "small fry" angels that they've seen kill other companies by trying to optimize fo the short term, safe vision. That said, I think there are enough smart ones for our round and definitely enough when we count silent ones. So, questions: - Tips on how to vet/chose angels? How did your sense of angels reflect their actual behavior? - I'd really love to hear your advice on whether to try to pitch Valley (or elsewhere) angels even if we feel we can get the round done locally. I know it's so tied to who the investors are but it seems a time/money tradeoff with the possibility of getting talented smart investors from the Bay. - Advice on terms, both on the gotta have em and definitely don't do this side? Seems like everyone has a story here and there seems to be a resurgence of advice to do a priced seed round over convertible notes.
  • wensing 14y ago
    One litmus test that hasn't failed wrt angels is: how complicated are they trying to make this? Angel investing is not a time in your company's history for anything more than dead simple, fair terms, and quick turnaround. Avoid cute and fancy. Yes, make connections and pitch to people all over. You'll find different perspectives in SF, NYC, and NC, etc. In my experience angels in SF have the largest appetite for higher valuations but also a larger appetite for larger outcomes which means larger plays/markets. YMMV. Terms: keep it simple. There are a few people that I've heard say 'priced' but the more popular choice in my circles is convertible.
    • eah13 14y ago
      Simple terms and pitch all over. Got it. Thanks!