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BEST PRACTICES
Angel Capital Education Foundation / Kauffman Foundation
The ACEF Best Practices Committee worked in
concert with students from Columbia University, New York University, and
Belmont University to describe the processes used by some of the most
respected angel groups in America or other issues that related to angel
investing. The papers, released in 2007 and 2008, include:
Valuing Pre-Revenue Companies - The Kauffman Foundation’s Web site for high growth entrepreneurs, eVenturing.com, commissioned a series of articles and tools on valuation of early-stage companies. The articles are mostly written by two nationally-known angel experts: Luis Villalobos (TechCoast Angels) and Bill Payne (Vegas Valley Angels).
Business Angel Groups Growing in North America - White paper establishing trends, organizational structures and general best practices for operating angel groups, established as a result of Angel Organization Summit I. (2002)
Angel Investing Group Best Practices - Managing members, Guiding Presentations and Finding the Right Deals - White paper produced as a result of Angel Organization Summit II. (2002)
ACEF Newsletter – The e-newsletter highlights best practices and activities in a wide variety of areas, from investment processes to group operations, to public policy. (2004-2008)
National Angel Organization
Age of the Angel: Best Practices for Angel Groups – The NAO, in collaboration with its partners, has recently completed the first draft of the Best Practices for Angel Groups and Investors in Canada. This is the first such document of its kind in Canada and is part of the NAO's mandate to support and culitvate the angel investment sector. (2008)
Primer for Angel Investment in Canada - Compilation of articles by angels, academics, business and economic leaders across Canada introducing best practices for creating and sustaining successful angel groups and outlining the importance of angel investing in the future economic prosperity of Canada. (2004)
COMMON DOCUMENTS
Angel groups and associations have increasingly worked to develop common documents for group and syndicated investments. The following are several examples:
Kauffman Foundation
"Angel Investment Group, Networks, And Funds: A Guidebook to Developing the Right Angel Organization for Your Community" – by Susan Preston, in association with the Kauffman Foundation. The extensive appendices of this guidebook include a number of standard or recommended documents including angel membership application, education program agenda, financial worksheet, funding application, screening worksheet, due diligence questions and checklist, glossary of terms, and two sample term sheets with explanations. Click on each of the following to access the specific document.
National Angel Organization
Click here to access the NAO best practices document recently released as part of the best practices document. Documents, located in the appendices, include investor declaration, membership application, term sheet, shareholder’s agreement, subscription agreement, and voting trust.
European Business Angel Network
British Business Angel Association
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