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Tag: Angel

Picture yourself with funding: GigaPan Systems lands $1 million Angel round

GigaPan Systems, a company focused on the technology that allows folks to capture high-res panoramic images, just landed $1 million in outside funding.

Like pictures? What about really, really, really big pictures? Well, if you do, Portland is a good place to be. Because one of the leaders in the panoramic photo space just happens to be here in Portland. It’s GigaPan Systems, a company focused on the technology that allows folks to capture high-res panoramic images—even with standard DSLR equipment.

And now, they’ve got a little more cash to make that magic happen. You see, GigaPan Systems just landed $1 million in outside funding. Read More

Could you use an Angel? Early bird applications for OEN Angel Oregon 2011 close December 15 at 5 PM

It’s getting to be that time of year again. You know, the time of year when you’re applying for this and that in hopes of having a full dance card in 2011? Well, winning prizes and prestige are great. But lining up funding? Now that’s the real magic.

And that’s why there’s OEN Angel Oregon, an event designed to get interesting startups in front of early stage investors. And if you hurry and apply, you’ll get a few early bird perks to boot Read More

OEN’s Angel Oregon 2010 and the state of startups and capital in Portland from Carolynn Duncan of Portland Ten

A quick download of the day’s events and outcomes, a taste for what the experience of being at Angel Oregon is like from a blend of perspectives, a status update on Portland’s startup scene

[Editor’s note: Thanks to Carolynn Duncan, Director, Portland Ten, for her assistance in covering OEN’s Angel Oregon, last week. Her recap and insights follow.]

This year, I was invited to attend OEN’s Angel Oregon, chaired by Angela Jackson, and the Oregon Entrepreneurs’ Network, and to write a guest article highlighting the experience. My hope is that you’ll get a quick download of the day’s events and outcomes, a taste for what the experience of being at OEN’s Angel Oregon is like from a blend of perspectives, a status update on Portland’s startup scene, and finally, that you consider attending and/or participating as an entrepreneur or investor at next year’s event. Read More

Angels in Oregon: The definitive guide to early stage investment opportunities for both startups and potential investors

In Oregon and Washington, there are many activities that give startup companies the chance to present to Angel Investors.

[Editor: John Sechrest has put together what is, arguably, the most comprehensive collection of Oregon Angel events and organizations in existence. It’s an honor to have the opportunity to publish this guest post.]

[HTML1]Just as the sun is starting to fade and the rain is starting to be a daily occurrence, the Northwest Startup Ecosystem is starting to bloom.  During the quiet of the summer, seeds were being planted, companies reviewed and now in October, things start to move. In Oregon and Washington, there are many activities that give startup companies the chance to present to Angel Investors.

In Oregon, there is a flow to the year. Beginning with small opportunities to get out in front of people and followed by big events that can put you in front of potential investors. Read More

Oregon Angel Fund closes $3 million fund—and dishes out portions to three startups

Talk to practically any Oregon entrepreneur about angel investors and venture capital and you’ll get a luke warm reception—at best. But is that response simply perception and assumption or is it reality? I ask because the Oregon Angel Fund just gave us three million little reasons for taking another look at the Oregon angel scene.

You see, Xconomy is reporting that the Oregon Angel Fund has closed a $3 million fund. Read More

GadgetTrak and WeoGeo make OEN Angel Oregon final round

I’m happy to report that GadgetTrak and WeoGeo have been selected for the final round of OEN Angel Oregon 2009 competition, “the nation’s premier investor/entrepreneur matchmaking event.”

That puts the two companies in the running for a first place prize of $150,000 or a second prize of $75,000.

For those of you who haven’t yet encountered these two cool Portland companies, GadgetTrak is “the company that turns your stolen electronic devices into a sentient Neighborhood Watch for nabbing thieves.” While WeoGeo “supplies surveyors, engineers, cartographers, and scientists with the ability to conveniently store, search, and exchange global mapping and geo-content.”

So who is the competition? The Biotech/CleanTech track features DesignMedix and Tau Science Corporation and the Consumer track features Glide Cycle (I could not stop watching their demo video… something strangely mesmerizing about it) and Wicked Quick.

There are also 20 other companies who get to fly through a one minute elevator pitch—but unfortunately I don’t have their names, yet.

Now, I’m hoping the tech folks can do us proud. We’re still trying to recover from 2008, when Angel Oregon selected an apparel company as the winner.

The Angel Oregon 2009 event will be held March 12 at the Governor Hotel. For more information, see OEN Angel Oregon 2009 on Upcoming or Calagator.

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Ten things to think about before pursuing funding for your startup

Last week, I had the opportunity to attend “Lunch with a VC” hosted by Carolynn Duncan of FundingUniverse and Epic Ventures. Carolynn took the time to field questions from a number of Portland startups and consultants on what it really takes to get a venture capitalist interested in investing in your company.

(If you’re interested in all the gory details about wooing a VC, Carolynn has a great post called “Checklists: What kind of funding are you eligible for?“)

I thought I’d hit the high points, to help you get your head around what it’s going to take.

Think about these 10 things before you think about pursuing outside funding for your startup

  1. Have you really solved a problem? Just because you see a problem doesn’t mean you’re the person to solve the problem. It’s far easier to criticize existing solutions than it is to invent your own solution. And even if you do invent a solution to that problem, there’s no guarantee that that’s a business.
  2. Are you mentally prepared? Pursuing VC funding isn’t about self esteem. It’s about business. If you want someone to review what you’re doing and give you positive feedback, Silicon Florist may be a better candidate than a VC. A VC isn’t here to build you up or inflate your ego. A VC is here to figure out how you’re going to make money so that the investment firm can make money.
  3. Are you ready for the oversight? Angels invest their own money. VCs invest other people’s money. As such, they’re going to have different types of involvement. And different kinds of goals. What kind of involvement and what kind of goals? Read on, gentle reader. Read on.
  4. Can you deliver on the promise? Angels look for incremental gains. VCs look for exponential gain. But, rest assured, when it comes to investing, everyone’s goal is to make money. Angels are looking to invest time and money to get more money than they had. VCs are looking to invest far larger sums to make an exponential amount on their investment. Why? To make up the for the other crappy companies they picked that are failing to return anything.
  5. Can you give up control? Angels are going to want more control because it’s their money. Why? Well, VCs invest other people’s money. Angels invest their own money. While both of those parties are going to be extremely interested in what you’re doing with their money, it’s highly likely that the Angel is going to be more involved—because Angels will be especially interested in keeping an eye on their personal money.
  6. Can you tell the story of the money? The old adage hold true: It takes money to get money. As a rule, VCs don’t fund ideas. They generally fund things that are already making money. For VCs, an investment is an accelerator. They invest money in order to help the company make more money faster. Not making money yet? A VC might not be the right target.
  7. Are you ready to make the VC pitch? To an investor, the “product” the investor is buying is the business. Not the actual product that the company sells. If you’re thinking of pitching a VC, don’t do the usual “show up and throw up” product demo of features and functionality. Give the potential investor a pitch on your business, moreso than that the product, itself.
  8. Are you planning ahead or are you too late? Always pursue funding before you get desperate. Why? Well, two reasons. First, no one likes the stench of desperation. And second, it takes 3-6 months to do the due diligence on the deal before you can get stuff going. Don’t wait until it’s too late to begin the conversation. Better yet, begin the conversation before you need anything, at all. Work on your pitch and test drive it.
  9. Are you ready to play the numbers game? How much of the final entity do you want to own? Take this into consideration… do you want to own 100% of a $1 million company, or do you want to own 51% of a $500 million company? If additional investment is going to make for an exponentially larger pie, then it might be wise to take a cut of the bigger pie, rather than try to horde the smaller pie. Angels and VC are interested in helping you build that bigger pie, so that everyone wins.
  10. Are you foregoing a “great” funded company in favor of a “good” company that you control? A dead company doesn’t help anyone. The longer you can reasonably put off funding, the better off you will be. But don’t kill your company to retain control (see #9). If garnering additional funding ensures the fulfillment of your idea—even at a loss of control—funding may be the way to go. Bootstrap what you can, but not if it means the loss of your pursuits.

And that’s what I took away. But as always, that’s the high-level. For the deep dive, see Carolynn’s post.

Hopefully this overview helps. Interested in getting more feedback or answering different questions? Carolynn is planning to do this on a regular basis, here in Portland.

It would be great to have you at one of the future events.