Great Lakes Angels is an angel investing group that is dedicated to serving the Midwest (Michigan, Ohio, Indiana and Ontario) only. Our organization understands the importance of local entrepreneurship, especially considering a vast majority of our members have been entrepreneurs themselves. Our members are looking to share their resources and expertise to help take early-stage businesses to the next-level and, hopefully, a successful exit. A screening committee reviews companies to select the companies with the strongest opportunity. If selected, entrepreneurs will have the opportunity to pitch their ideas to our members at a monthly meeting. Investments will be made on an individual basis; Great Lakes Angels does not invest as a group. To be considered for selection, please review our investment criteria and submit your business plan.
OVERVIEW OF PROCESS
PHASE I: APPLICATION – You will be required to submit data in each of the fields of the application section in the Gust website that you are taken to from our application link. You should also upload your own Executive Summary, Full Business Plan, Power Point, and other materials you want to share. This information is not shared with anyone other than GLA members or special invited guests because of investor interest.
PHASE II. PRELIMINARY REVIEW – A pre-screening committee will review the Executive Summary and either advance the company to present to a monthly screening committee, or notify the company why it failed to pass this review step.
PHASE III: SCREENING COMMITTEE PRESENTATION – Applicant presents to the screening committee, and the best are invited to present at the next GLA event.
PHASE IV: NEXT MONTHLY GLA EVENT – Applicant presents at the next GLA event. The group is polled; interested members are invited to participate in the due diligence phase.
PHASE V: DUE DILIGENCE – Meeting is arranged between Applicant and interested Angels to further investigate potential Angel involvement. If Angels are interested, we continue with due diligence to conclusion.
PHASE VI: NEGOTIATIONS – Subsequent to the Due Diligence, the investor(s) will begin the negotiation process with the Applicant if they are interested in the deal and terms. The time frame for this phase is dependent on all parties involved.
If you are selected to present, you will be notified at least 3 weeks before the event date. If you are not selected to present, your summary may be considered for a later presentation if you resubmit it. While it is visible at the GLA Gust website, you can make updates to it at no additional fee.
GUIDELINES FOR POTENTIAL DEALS
•Company seeking to raise capital anywhere between $100k and $1mm
•Experienced management team with history of proven entrepreneurial or executive operational excellence
•WILL NOT invest in real estate, family-owned, lifestyle, or retail businesses
•High growth potential with key drivers identified
•Realistic 5-year financial projections
•Transparent capital structure that accounts for early-stage risk
All Executive Summaries need to be received and accepted at least 60 days before an event to be considered for presenting to the group. Great Lakes Angels seeks deals that are based in the Midwest only (Michigan, Ohio, Indiana, and Ontario).
FOLLOW THESE GUIDELINES
1. The initial review will be done only on EXECUTIVE SUMMARIES (the Angelsoft application generates a summary as well); please do not submit Business Plans.
2. The Executive Summary must not be longer than 4 pages (excluding the cover page).
3. The Executive Summary must be Microsoft Word or PDF documents and in a 12 point font
4. The Executive Summaries should have the following elements in them, for review, to be selected for an in-person presentation by company representatives:
•Problem being addressed
•Market need, size, and your solution
•Product or Service explained
•Sales and Marketing Strategy
•Intellectual Property (what is protected and how)
•Use of Proceeds and amount being raised
•Exit strategy and valuations
•Financial overview and assumptions (example below)
YR 1 YR 2 YR 3 YR 4 YR 5
5. A Screening Committee, who will recommend the ones to be presented in front of the group, will process the Executive Summaries.
6. If you have an investor Champion or Sponsor that has first hand knowledge of your business and is a possible Great Lakes Angel member, be sure to point that out. We like to have an investor champion introduce the company, if selected to present.
7. If you have been considered before and this is an update please bring attention to this fact.
8. By sending your Executive Summary to the Great Lakes Angels for consideration you grant permission for Great Lakes Angels to post this information at their website and to hand out at their events. Do not include CONFIDENTIAL information in what you send to us.
Please review our Investment Criteria and Business Plan Guide prior to submitting your application to Great Lakes Angels. There is a $50 application fee, so we want entrepreneurs to first check and make sure they are a good match for our organization.
The STVP Educators Corner is a free archive of high-technology entrepreneurship teaching resources, such as video clips, case studies, course outlines, and recommendations for ways to get involved in the community of entrepreneurship educators. We welcome your questions and feedback!
“Every Business Needs an Angel”, Crown Business, ISBN 0-609-60778-2
“The Art of the Start”, Penquin Books, ISBN 1-59184-056-2
Information on where to obtain business licenses
This site provides valuable and extensive bibliographies (though not the articles themselves) on numerous topics related to entrepreneurship, such as issues related to retirement, venture capital, and selling a company.
Foundation encouraging and supporting entrepreneurship
Magazine content, resources and community for entrepreneurs and business owners
A collection of sample business plans for variety of industries