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Shopping for Angels
Angel Investing can be a pretty confusing business. To get a little advice on shopping for angels, Kipp caught up with Carl Simmons, co-author of ‘Every Business needs an Angel.’
November 28, 2010 3:45 by Eva Fernandes
Cutting the pie: Negotiating ownership with your angel, especially as a start up, can be an intimidating thought – but it is recommended you negotiate with somewhere between 25 and 30 percent of your business; not too much for you to lose control, but also, not too little for your angel to feel they have an insignificant stake in the company.
Advisory board: It is important to assemble an advisory board to help guide you with your business. Many advisors will be happy to advise for free, although compensating them for their time by offering them a small share in the company will help ensure all your interests are aligned. Having an advisory board from the get-go will mean that when you start considering expanding or moving to the next level, you will get advice from a group of people who are completely clued in with the history of the company.
Timing: Know that few, if not, no, projected timelines are met when it comes to entrepreneurship. Expect that you will face obstacles, but always be willing and ready to listen to the advice of your angel. As with everything, good communication will translate into a good relationship.