You're navigating your startup's growth. How can you connect with angel investors at each stage?

Navigation is a complex blend of art and science, essential for safely steering a vessel from one point to another. It involves various methods such as coastal navigation, which uses landmarks and electronic aids; dead reckoning, which calculates position based on speed and course; and celestial navigation, which relies on astronomical observations. Modern navigation also incorporates advanced equipment like GPS, radar, and autopilot systems, enhancing accuracy and safety. Despite technological advancements, traditional skills remain crucial, as human error is a significant factor in maritime incidents.

One thing I always advise startups to do in their early stages is to have someone who is excellent at pitching. This member may not necessarily play an active role in the day-to-day activities of your startup, but with their charisma during pitching to angel investors, you will be amazed at what he or she may bring on board. It made me give a Ghanaian adage "M3n packageee na hw3". Basically meaning, your startup is as good as how you package and sell it.

There is a list of ALL of the members of the Angel Capital Association on their web site. The Launch Place has an event with the Southeastern members of the ACA. Get to know the best lawyers who MUST BE friends with local early stage angels Take a look at the Triangle Tweener Fund which is revolutionizing Angel investing Get out of your house, office and Coworking space and attend events with your local Entrepreneur Ecosystem and Entrepreneur Support Org. Attend and actively participate in venture Capital conferences even if you are not selected for stage time. You can meet the same investors with a little preparation. (HINT - MEET the investor BEFORE they go on stage.)

In the early stages it is difficult to get the attention of angel investors and might be better off bootstrapping until you have an MVP or some traction. It also depends on your experience. If you are a seasoned entrepreneur who has exited in the past, you will certainly be able to raise angel funding even in the early stages. If you are new to the game you will have to have an extremely compelling story, plan to be in a market which investors are currently looking at with interest, and have a great team that at least on paper can convince investors that you can accomplish what you say you will accomplish.

How can you connect with angel investors at the early stage of your startup? Well you need to network like crazy. I just finished mentoring at a techstars startup weekend and industry events like this are an amazing place to practice your pitch, meet angels and those that can connect you to the right people. Join startup incubators in your area, and there are a lot of slack channels that can help you meet potential investors. At the early stage, angels are investing in you just as much as your idea. Put your full commitment and expertise on display. BONUS TIP: Know your investors- what makes them excited? You need to resonate with them directly!

In the early stages of a startup, receiving nurturing and mentorship is more crucial than obtaining funding without proper guidance. Therefore, when co-founders seek out angel investors, it is vital to have a clear understanding of their startup idea and validate its market fit. Having an idea and a plan is one thing, but having a solid strategy and execution plan is another. Angel investors are inclined to support startups that demonstrate a clear and well-thought-out execution strategy.

You will always be selling. Look for someone you already know or who can introduce you to an angel investor. Build a strong network, but remember, short-term networking is rarely enough to secure funding. Professional investors typically choose the jockey, not the horse.

In my experience, most startup founders tend to focus on winning at all costs and miss the goal that startups thrive on innovation and uncertainty. For you to build traction, you must focus on consistency, try and fail. Learn from the failures, fine-tune your unique selling points and indeed you can build traction. My key advice to startup founders is to build traction and competence through consistent efforts and participation in opportunities in their eco-system. Do not be too focused on winning but instead on building competence.

One of the most effective things I have done running entrepreneur support Orgs for 25 years was to create my Tough Love event to help PREPARE individual entrepreneurs to pitch the Angel investors. We give the Entrepreneurs an outline of the 12 slides we want to see. And after they give a practice pitch, 5 regional experts give them feedback. (We even pay these people for the day.) When entrepreneurs only practice with family, friends and local community people, these people are afraid to be direct w constructive criticism. They are concerned with ruining the friendly relationship with the entrepreneur that creates the awkward confrontation around town This is not an audience event. Just Entrepreneurs and five people giving feedback.

Crafting a pitch deck is a crucial milestone in any startup's journey. The primary goal of a pitch is to entice potential investors in order to secure funding. Early stage investors are the lifeblood of any startup. Therefore, given its significance, an investment pitch should encompass aspects of an information memo while also delivering a clear and concise plan for execution. Moreover, an investment pitch should be tailored to align with the interests of its specific target audience.

Indeed, I always believe that networking events and networking sessions are overrated. Hear me out, everyone in the startup ecosystem walks with their interest at heart. Hence, to build connections, focus on building relevant connections based on quid-pro-quo. Appeal to the interest of your connections while keeping yours behind. Even in the not-for-profit segment of startups, we always consider the interest of donors. My key advice to readers here is to build relevant connections with the interest of these connections at heart. It is a pain in the game of startups and everyone has an interest.

Be very clear about the value you expect for your company, not just in the short term but in the long term. An angel investor who provides significant funding for a large percentage of your company will become much more than just an investor; they will be an active partner with the power to change your plans

One thing I always say is in your attempt to seek funding from Angel Investors, you have to empathize and assume the virtual position of that investor. Expecting an investor to pump in millions of Cedis, Dollars or any amount into your startup without you building credibility through a relationship is a clear road that leads to a dead end. Build relationships with them by working on projects their networks have a hand in or they were once directly involved in.

After securing investment, actively engage with your angel investors by sharing progress updates and seeking their insights. Regularly involve them in strategic discussions, leveraging their experience and network to navigate challenges. This collaboration can lead to further funding opportunities and valuable introductions. Building a strong relationship is crucial for leveraging their support beyond financial contributions, fostering a mutually beneficial partnership.