Each deal I offer is thee result of an investigative process that usually extends over a few years.
First I identify a company among the many that start up every year. A first criterion is “Will this help the health and longevity of me, personally, or my family?” When it will, I am doubly motivated to interact with the company and its management team.
I generally meet the principals of the company. I want to evaluate the business objectives of the company. I am a capitalist and expect companies to be motivated by profit, not just a desire to help humanity. I meet with the leaders of the science team. I want to evaluate their scientific vision, but I also look for a sense of urgency in delivering their vision for use, not just a desire to extend research in the field.
The potential market for a product and any competition that might exist are important to evaluate. I look for products that have the potential to change the way in which a disease or symptom is attacked. A focus on rejuvenation often leads to a more general applicability of a therapy. This offers expanded market potential and also challenges the company to channel scarce resources so as best to succeed.
Most angel startups are very small operations, often located in an incubator environment, with a small number of permanent staff. I like to visit these facilities. The one-on-one interaction with the team gives me insight to progress as well as a much better understanding of the activities than are available through zoom meetings, phone calls and occasional presentations at conferences. Often I can help by linking the team to other resources which can reduce costs and speed development.
On at least a quarerly basis I make contact with the company principals to evaluate progress. Most companies I invest in have an established process of regular reporting – I certainly encourage it. For my deals I pass such information on to the partners.
If the company seems worth investing in I will participate – perhaps only personally and at the very early stage of an initial SAFE round
When I believe the company is progressing I will add it as a deal on my syndicate. Angel List provides the vehicle to leverage this research into the companies I select to the benefit of the partners in my deals.
