In the ever-evolving landscape of angel investing, building and sustaining a robust investor network is both an art and a science. Drawing from a recent panel discussion featuring leaders from various angel networks—including Central Texas Angel Network (CTAN), New Mexico Angels, and Queen City Angels—this article distills key strategies and best practices for fostering long-term investor engagement and organizational sustainability. Moderated by Katie Russel, Executive Director of CTAN, the panel addressed pressing questions about attracting members, sustaining engagement, managing churn, and maintaining operational excellence—especially when exits are scarce.
1. Cultivating Community and Trust
Successful investor networks are built on a foundation of trust, mutual respect, and shared purpose. Panelists emphasized the importance of creating a welcoming culture where members feel valued and engaged—especially in years where exits are scarce or capital is tight.
For New Mexico Angels, community is as important as capital. They’ve cultivated an ecosystem of 174 relationships, including check writers, fractional executives, and sponsors.
“We’ve built a community to help New Mexicans help other New Mexicans. Some members are writing checks. Others are providing sweat equity and/or other value.”
—Drew Tulchin, President, New Mexico Angels
Social engagement is also a priority: from garden parties to latke-eating contests, events are structured to be meaningful for both investors and their spouses.
CTAN, which hosts over 65 events annually, intentionally designs activities to reflect the varied reasons people join—whether for financial returns, social connection, education, or to give back.
“We break it down: 50% investing, 20% education, 20% social, and 10% give back. Everyone should find their reason to stay involved.”
—Gary Forni, Chairman, Central Texas Angel Network
2. Transparent Communication and Engagement
Regular updates, structured onboarding, and open feedback loops ensure transparency and strengthen trust within a network. Panelists shared their strategies for keeping members informed and actively engaged.
CTAN uses a detailed member engagement spreadsheet, scoring members on a scale of 0 to 100 to identify churn risks early.
“By the end of Q1, we know if someone is at risk of dropping off—and we act on it.”
—Gary Forni
Queen City Angels developed a 300-page standards guide outlining every operational detail, from screening to governance. Every new member is walked through the guide, which includes hyperlinks to external ACA resources.
“If you want to know how we do something, it’s in the guide. And if it’s not in the process—it doesn’t happen.”
—Tony Shipley, Chairman, Queen City Angels
3. Adaptive Business Models
Angel networks are increasingly adopting flexible membership structures and diversified revenue streams to meet members where they are.
Queen City Angels offers four membership tiers—from full-time investors to alumni—and even a fund-based “Ascent” program with a $25,000 minimum, coupled with seven educational classes. Their regular members commit to $250,000 over three years, but the structure allows for broader participation.
“We discovered people weren’t joining because they didn’t understand the risk, the process—or they didn’t want to work with jerks. So we built a culture of transparency and created new paths in.”
—Tony Shipley
CTAN simplifies with a single membership fee ($2,000/year) and no minimum investment. New members are even encouraged not to invest right away.
“Otherwise, they come in, invest all their capital quickly, and think they’re done. We’d rather they learn first.”
—Katie Russel, Executive Director, CTAN
4. Leveraging Technology and Data
Panelists highlighted how technology supports smarter decision-making, more efficient operations, and better matching between investor skills and startup needs.
CTAN tracks everything: votes, event attendance, member milestones—even personal details like anniversaries (used judiciously). Their team uses data to improve engagement, structure programming, and reduce churn.
Queen City Angels is exploring AI tools to link member expertise with screening and diligence needs. By scraping member data into a centralized database, they aim to create better alignment between people and portfolio companies.
5. Education and Ecosystem Engagement
Ongoing education and community involvement aren’t just perks—they’re core to sustainability. All three organizations emphasized the importance of structured learning and ecosystem outreach.
CTAN runs Angel 101 and 201 courses to support new and experienced investors alike. Queen City has been hosting two-day entrepreneur bootcamps for 25 years and has graduated more than 800 founders.
“It’s like a two-day MBA. Even if we don’t invest in most of them, we’re investing in the ecosystem.”
—Tony Shipley
New Mexico Angels integrates non-financial contributors and ecosystem builders—accountants, lawyers, and mentors—recognizing that time, talent, and treasure all have value.
6. People Bring in More People
No matter the strategy, one thing remains constant: the strongest driver of new membership is referrals from existing members. Each network reinforces this with proactive outreach, clear marketing, and inclusive community-building.
“If you’re struggling to get new members—look in the mirror. Have you challenged your group to each bring a buddy to pitch night?”
—Gary Forni
Queen City Angels attributes its national growth—members in 22 states—to word-of-mouth and open invitations to ecosystem events. CTAN supplements that with consistent visibility across LinkedIn, Facebook, and TikTok, posting daily to stay top of mind.
“If a founder in Austin says ‘Who’s CTAN?’—we’ve failed.”
—Gary Forni
Conclusion
Building a sustainable investor network requires intentionality, adaptability, and a commitment to shared success. By cultivating community, embracing transparency, and evolving with member needs, angel groups can thrive even in the most dynamic investment environments.
These lessons offer a roadmap for organizations looking to not just grow—but endure—with purpose.
