First Event: We've had over 50 qualified entries for five slots at the first Open Angel Forum in Los Angeles on January 14th. We have over 15 qualified angel investors coming. The event is filled, there are not more seats available. If you would like to apply for the April event please fill out the forms at www.openangelforum.com.Local Chapters: We've had interest from about a dozen cities to host a quarterly "Open Angel Forum" and we're totally blown away. I'm in the process of writing a charter that will be the basis of the local chapters and how we operate as a national–and some day perhaps international–organization.
The format of Open Angel Forum is simple:
1. At 7PM 15-20 angel get together for an amazing steak dinner.
2. From 8PM to 9:30PM five companies present their ideas for 10 minutes each with a little Q&A.
3. After the event the five startups receive a list of angels who express their interest level in their startup: a) Setup a followup meeting, b) Keep me posted but not a fit right now, c) Not a fit.
I've come up with a mission statement, what do you think?
Open Angel Forum: To help entrepreneurs and angel investors change the world together.
The basic operating principles are:
1. Startups are not charged to present, but rather selected based on merit by a committee of angels (and myself).
2. Angel investors are not charged to attend.
3. Five service providers can attend the event for $1,500 each.
4. Only uber-qualified angels are allowed–power angels as we call them. We define this as three investments in known companies in the past year. If the person is not a "power angel," but still and angel, they are on the wait list (i.e. if you had two investments in three years we would out you second to someone with five in one year–makes sense to me).
5. Not entrepreneurs or press at the event for obvious reasons.
6. All presentations are under "friend-D-A" (but not NDA for obvious reasons). Angels are expected to keep presentations confidential.
7. If you're a "combo angel investor and service provider" (think: lawyer who sometimes invests, recruiter who takes equity, etc), then we qualify you as a service provider.
8. The service provider revenue should cover the steak dinner, and fine wine, but if it does not the angel investors split the bill.
9. All ticket sales, and sponsorship sales when we have them, will run through the national, for profit organization. The national organization will take 20% of all ticket sales and sponsorship, giving 80% to the local chapter. So, if the local chapter wants to sell five service provider tickets and two sponsorship for a total of $8,000 for each event, they would keep $6,000 and kick $2,000 back to the national organization.
10. Local chapters will host two to four events per year.
11. Chapter heads will be personally selected by me.
12. Killer startups from one chapter will, if they choose, be able to pitch to other chapters. So, for example, if the super cool startups www.Blippy.com had presented in San Francisco and simply crushed it, we would have them possibly present in London, New York, Boston, Colorado and Los Angeles.
13. All final decisions will be entrusted to the chapter heads who we have selected because of their high level of integrity and trust with me.
14. These rules are subject to common sense and will be altered, expanded, disregarded and contradicted based on the sole discretion of the fine folks who are hosting the forum. We will always be fair and true to the mission of OAF: To help entrepreneurs and angels investors change the world.