Band of Angels India website is up. It is intended to help entrepreneurs know more about BOA to see if they should approach BOA for angel investment.
Entrepreneurs who read this could give feedback to Padmaja ( see contact tab on website) on how the site could be improved.
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Has anyone ever tried submitting a plan to Band of Angels? How was your experience? I have emailed the person several times and called her up several times (on the cellphone) but there is no response. Whats the deal there? Do they like the plan? Hate it? Not doing anything with it? Is BoA a bplan blackhole or is it another one of those Old Boys Club like IVCA? I know some of you might think that this guy must have sent a plan which they might not have liked. You could be right. But you could be wrong as well. Thats a possibility isnt it? Can the people responsible for BoA shed some light here?
Congratulations to BoA…have a great time ahead…!
a) One reason why such an elaborate and distinguished set up is not floated as a fullfledged VC fund is that some members have full time investment / officiating interests elsewhere, very similar in content and substance to that of BoA….Going forward, will it not reek of conflict of interest ?..bad apples..? One idea rejected by a member while in BoA can be redirected to another venture where he may have a direct / indirect interest…? There appears to be no conflict resolution mechanism for such eventualities, at least now.
b) Will entrepreneurs ( funded by BoA itself ) feel comfortable if two startups in the same space ( say Wi-Fi / Mobile content ) qualifies for investment by different members not forming part of same sub group …?
c) The “coordination of due diligence and investments on behalf of the investing groups” passes thro a common Secretariat, which has a disclaimer absolving it of all kinds of responsibilities – and every member by signing the document indemnifies the BoA Company, Director and employees of any liability. Given that the entrepreneur will have to reveal all sensitive project related info including business / revenue model etc., to the Secretariat since it does the due diligence…Who is responsible in the event of a leakage / breach…? In this case the investing member ( or sub group ) and the entrepreneur will suffer.
d) Another downer is if an entrepreneur’s biz plan is rejected by BoA, his chances of getting it thro with ( with or without modification ) another VC fund where one of the members of BoA is a manager / principal is likely to be threatened. There is no insulation.
BoA will do well to stress test these aspects.
Best wishes.
excellent. an important cog in the “ecosystem” (I hate that word). There is great potential for enterprise from India and this should be just what the doctor ordered
Excellent!! Exciting!! Congratulations to everyone who has worked hard to make this happen.
Though unless you want to test how good the entrepreneur is with his financial planning skills, “Fully-diluted capitalization table (i.e., including options, warrants, and debt)” seems a bit too much to ask for for this stage of investment. Understanding his visioning skills and actually getting this information are two things that might need to be balanced. Also, an entrepreneur ‘might’ be interested in knowing about decision making timeframes and confidentiality.