I thought it might be useful to post this excerpt from a reply I sent to one person who contacted me as it may help entrepreneurs understand when it makes sense to approach the Band of Angels
“Please note that I do not sign NDA’s. The Band of Angels requires executive summaries in a particular format which is attached. Generally the Band looks for businesses that have high barriers to entry and can grow to be large. The exit valuation has to be well north of 100 crores. The band will generally take 25-33% of the equity of the company for its investment of 50 lakhs to two crores. In some cases where the company is more mature but yet not ready for a VC round the band may find other co-investors so that the total amount invested could reach 5 crores. The Band seeks to provide advice/mentorship in addition to money so its members are likely to invest in businesses where they have expertise. The quality of the management team is important. The band is very selective and funding may never close or take time. Generally however if an angel agrees to sponsor a company to present to the full band the company gains a lot by interacting with the angels even if the angels choose not to invest.”
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Thank Sanjay for your inputs.
We wish to build the next Yamaha but on the lines of Aston Martin.
We need VC funding for homologation, and import of engines and wheels to get the operation running. Our prototype will be ready for demonstration by Sep 30 ’06.
I have no idea of VC’s who maybe interested in a motorcycle project. Your funding strategy should depend on what you aspire to build. Do you want to build the next Yamaha, Kawasaki, Hero Honda or Bajaj Auto ? Alternatively, do you want to get acquired by one of the big guys. Once you have a plan you can see what combination of financing is right and from whom?
Depending on your location you may want to network with TIE, Angels, IVCA etc. to get advisors etc. who may help you fulfill your dreams.
We are looking for venture capital for our motorcycle project. Our prototype of 250cc V-Twin engine sports cruiser is almost ready. Please guide us abour VCs interested in the auto sector.
There is no oficial website. As per the fouding members, they want you to be resourceful enough to get yourself introduced to any one of the members.
Frankly, thats how funding happens. Nobody has time to take a look at plans submitted though website, or so i have been made to believe.