|This page looks at our requirements from promoters and the process involved.
If you have not already done so, you should first take a look at the likes and dislikes of Business angels.
We have some requirements
You need to become a member (this is free, and won't slow anything down).
We ask that you are a member of our angel network or you become one, it can be at any level and most, as you will know, are free. It is just that it is you as a member, who is putting forward a proposal, not some group of faceless suits. It also helps if you get to see what the other members see and get to understand their viewpoint. In the longer term many of you will be both investing members and project producing members, so will get to think of your fellow members as people like you, rather than people like finance people or bankers. You will appreciate that they like you, are placing their own wealth at risk, and have a great deal to offer besides funding.
If you are not already a member you can join now, as well as telling us you are interested in using the angel network, so it will not slow anything down. You don't also have to become a member of the ABAN PLUS Club, this is optional, but for many this makes a great deal of sense, as you get to meet other members, can try out your proposals, and far more, take a look at the information on this.
Once you decide that you would like to use our network, you start on a path that may or may not lead to having your project promoted. Its not a matter of how much you pay, but what the chance of success is, and of course if we would really like to work with you.
The first step is to contact us, using the form provided on this website, and tell us a little about your project. We may ask you more questions, tell you it is outside our brief, or may suggest you move onto the first meeting stage.
We do not have a secretary or junior that scans thousands of business plans, scoring them for us to select from, as we do not see this as either a good way to find good projects or a meaningful way to screen them. It does not do you or your project justice and is often putting the cart before the horse, in that you have to have already packaged the project fully rather than being able to draw upon the help we have available to you.
We believe in having a competent person meet with you and look at your project in its current state with you. This meeting checks out the feasibility of it being promoted, and is as much, if not more, for your use as ours. Very few projects will be turned down at this stage, but we will highlight any problem areas we see and where we think additional work needs to be done or where a rethink about some parts are necessary. As the project stands you will be told a percentage chance of it being accepted. We call this the first meeting, but you could repeat it if you wanted, which may be a particularly good idea if you have redesigned the project. If you are a Business Club International (BCI) member, then the cost of this is covered by BCI. It is also FREE to ABAN PERSONAL PLUS, ABAN PERSONAL PLUS CONSULTANT members otherwise this will cost you £300 payable when the meeting is booked. This meeting will normally last from an hour to an hour and a half, and you will normally have to go to the home or office of the selected consultant, although he may have other meetings and be able to meet you nearer your home.
This first stage has to have taken place, you cannot skip it and go to the next stage. Although where possible, for consistency, we will involve the same consultant at both stages. The consultant will have been commissioned by us to undertake this, and selected from those on a register maintained by BCI, with consultation with some groups within ABAN PLUS. Fees in relation to meetings with the consultant are paid in advance and usually made payable to the consultant not to us. If you are a BCI member, he will usually be paid the BCI contribution directly, ABAN PLUS also has special arrangements to directly reward consultants.
Assuming you are ready to proceed, and completed the above, the next stage is to produce a full business plan and details that are to be shown to members of the network. This has to receive approval from us. This is handled in two parts, firstly by you sending the entire plan and information to us in advance together with the fee of £400, to cover both parts (£200 to BCI members, ABAN Platinum and ABAN PERSONAL PLUS Consultant members). A competent consultant will read it through and talk to you on the telephone, or by email, about any major obstacles they can see, allowing you to work out a solution.
Next you are invited to a meeting with the same consultant, who you present the project to, and who will look at it with you in detail. The consultants role is not to pick an investment, but to check that the project as defined meets our criteria above, is sensible, viable, honestly presented and that any down side or problem is covered. He will also want to see proof of your identity and may ask for some facts that you mention to be proven, particularly ownership of real estate if shown. In giving approval he may insist that you include within the definition sheet a list of points to be brought to members attention. While this meeting may be able to be completed within an hour you should always allow 2, so that you have sufficient time to overcome any problems. If the project cannot be approved, you should know exactly why and have had some suggestions put to you as to how you can overcome this and make it a qualifying project.
Once you have approval they will also discuss with you how the project is best promoted, on the network exchange obviously but maybe also directly promoted to particular groups of members. You can say which options you would like to be considered for, but we decide which projects are invited to be put before each group of members, and on a time scale that we think is right, and fits in with others. However we, like you, like to get things moving as fast as we can.
You may at this stage decide to make minor amendments, before being put on the exchange. If you make major changes you will need to repeat the above stage, otherwise the consultant will just want to know what you have changed, before confirming approval. The copy of the business plan he has approved together with other information is given to us.
When you are ready we get to the listing stage. At this point you will sign an agreement with us, that defines the commission or royalty we are to get on funds raised and you pay the listing fee of £195 to us (free if you have been a Platinum member for more than 6 months and all ABAN PERSONAL PLUS, and ABAN PERSONAL PLUS CONSULTANT members). We will also agree what our role is, if you are to be fed leads or we are to undertake initial meetings for you. We will also discuss the possibility of being involved in live presentations to some select groups of members.
Having the cost split into sections allows you to proceed at your own speed and get the full advantages available from the process. It also means that at any stage you can stop, with no further cost to you. We get £195 plus a percentage of the money raised, and we have both benefited from the use of a consultant.
We now put the listing on to our network exchange, this comprises a paragraph, linked to the details agreed between you and the consultant, reformatted if necessary into a common style.
Members who are interested will contact us, and we will either feed these leads on to you or follow up on them on your behalf, depending on the instructions we are working to. In both cases seriously interested investors will expect to meet you, but it is often beneficial to have a third party to identify problems, and suggest solutions, as well as to progress everything.
Some projects will be selected to present to selected groups of Gold, Platinum or Diamond members, this will be those that are interested in doing this, but also those who are relevant to the interests of the specific group of members to be invited. In some cases this will be undertaken as one of several put forward, while at other times it will be a one off special event. Members are not charged to attend these meetings and charges to promoters cover the costs involved.
If you are a BCI member you may also get the opportunity to present your projects to groups of BCI members specifically interested in the type of project and where this occurs there is usually no cost to either the promoter or other members attending.
If you decide to also join the optional but advantageous ABAN Plus Club, you will get a chance to discuss all of this, as well as attending meetings and presentations aimed at explaining the process and moving you forward as effectively as possible.
If so the first step is to contact us, using the form provided on this website, and tell us a little about your project.
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