Angel Investor Resources
Experts within ACA’s membership and other leaders in the field have developed several best practice tools and papers for use by members of the association. The collection includes actual term sheets, due diligence checklists, collaboration agreements, and group membership documents from ACA member angel groups:
Although these documents are for your use in angel group activities, they should remain private information.
Member Insights
Collaboration / Syndication
Best Practice Templates and Papers
- Best Practices for Due Diligence in Angel Group Investment – This white paper, written by Mike Franks (Active Angels) and James Geshwiler (CommonAngels), discusses managing the process, the five key areas of risk, and includes a summary checklist.
- CommonAngels’ Newsletter – This “e-newsletter” represents an excellent example of keeping in regular contact with members, entrepreneurs, and the community in general.
- Template for Angel Network Web Site – Bill Payne provides recommendations for angel group Web sites for external and internal communication.
- Asset Allocation and Portfolio Strategy for Angel Investors – Bill Payne suggests portfolio scenarios for conservative, less conservative, and very conservative investors.
- Negotiating with Angels for Highly Scalable Businesses – Bill Payne suggests methods for entrepreneurs to understand the negotiating process including preferred A round and convertible debt
- Pasadena Angels Screening Guidelines
- Convertible Note considerations: Advantages and Disadvantages, Outcomes Map, Glossary of Terms (John O. Huston, Ohio TechAngel Funds 2017)
Term Sheets
- Convertible Note considerations: Advantages and Disadvantages, Outcomes Map, Glossary of Terms (John O. Huston, Ohio TechAngel Funds 2017)
- Model Term Sheet for Angels (Dan Rosen – Alliance of Angels)
- ACA Term Sheet Definitions
- Atlanta Technology Angels – Convertible Note
- Atlanta Technology Angels – Series A
- Houston Angel Network (Houston)
- LaunchPad Venture Group (Boston)
- Queen City Angels (Cincinnati) Term Sheet
- Queen City Angels (Cincinnati) Terms Sheet Summary
- Tech Coast Angels (Southern California)
Due Diligence Checklists and Reports
- NEW: Example Pre-Diligence Questions
- Central Texas Angel Network (live website version)
- Golden Seeds – Due Diligence Playbook (Boston, New York, Philadelphia, Dallas, San Francisco)
- Houston Angel Network (Houston)
- Keirestu Forum – Due Diligence Handbook
- LaunchPad Venture Group (Boston)
- North Bay Angels Due Diligence Seminar
- Ohio TechAngel Funds (Columbus) Due Diligence “Showstoppers”
- Piedmont Angel Network (Greensboro, NC) Process Outline
- Piedmont Angel Network (Greensboro, NC) Sample Report
- Piedmont Angel Network (Greensboro, NC) Request for Documentation
Membership Documents
- Alliance of Angels Code of Conduct
- Launchpad Venture Group Code of Conduct (rev2018)
- BlueTree Allied Angels Member Orientation
- CommonAngels Member Handbook
- CommonAngels Membership Overview Presentation
- Mid-America Angels Membership Agreement
- Tech Coast Angels Membership Handbook
- NO/LA Angel Network Membership Application
- Womens Capital Connection Membership Document
Presentations
Angel Group Operations
- Angel Group Coordinator Job Description (SeedStep Angels)
- Fund Executive Job Description (Piedmont Angel Network)
- Compensation of Angel Group Leaders – 2009 Survey (ACA)
- Compensation of Angel Group Leaders – 2007 Survey (ACA)
- Semi Annual Portfolio Report (RAIN Source Capital)
- Angel Group Sponsorship Example (New Mexico Angels)
Sidecar and Angel Fund Information
- Boise Angel Alliance Funds Structure (2015)
- Desert Angels Sidecar Funds Overview (2015)
- Houston Angel Network – Survey of Angel Fund Models (2008)
- Sidecar Funds – An Introduction (Foley Hoag, 2011)
- Sidecar Investing – The Ohio Perspective (Ohio TechAngel Funds, 2010)
- Tech Coast Angels Sidecar and Band of Angels Fund Overview (2008)
Fund Example Documents
- Sidecar Fund Private Placement Memorandum (CommonAngels)
- Frontier Angel Fund II Private Placement Memorandum (Frontier Angels)
- Member Managed Fund/s Example (Boise Angel Alliance)
Other Information
- Returns of Angel Investors in Groups (Kauffman Foundation study by Wiltbank and Boeker)
- Monte Carlo Risk Assessment Summary (James F. Wright, PhD.)
- Monte Carlo Diversification Simulation (Luis Villalobos)
- Technical Due Diligence, Errors & Uncertainty (James F. Wright, PhD.)
- Negotiating Valuation Presentation (John Huston)
- Valuation Model Excel and Instructions (John Huston – Ohio Technology Angels)
- Wisconsin 2013 Risk Capital Report (impact of public policy on angel and VC investment)
- Non-accredited Investor Meeting Attendee Disclaimer (Desert Angels)