Introducing the ACA Angel University
at the 2020 Summit

For the first time, we will be offering the “ACA Angel University at the 2020 Summit” consisting of two tracks and six seminars that can be combined for a customized learning experience based upon your interests and level of knowledge.  These courses are intended for Summit attendees and local investors, entrepreneurs and ecosystem players interested in a deeper understanding of important investment topics.  Separate registration is required for each of these programs on May 11 and 12, and certificates of completion with professional development hours will be awarded for each registrant.  ACA is also partnering with the Global Family Office BioForum on its “Gathering” event on May 11 and 12 – and a limited number of angels who focus on life science investing are welcome to join when registration opens mid-February.
 
Track One - New Angels*
 

Track Two - Experienced Angels*

*Registrants are welcome to participate in workshops from either or both tracks.

Monday, May 11

1:30pm - 5:00pm (Registration and coffee available at 1:00pm)
$250 members, $300 non-members, $50 discount for those attending the Summit
 
Should you include angel investments in startup companies in your asset portfolio?  Join ACA in a half-day seminar introducing accredited investors to the fundamentals of angel investing, led by seasoned pros.  This is a great chance to get information and insights to determine if angel investing is right for you, to meet other angels to connect to as you consider investment opportunities, and to learn the key points of making good investments.  Many experienced angels tell us they wish they would have had education like this when they first started – it might have saved them some money. The seminar will provide insights into angel investing as an asset class, with a focus on anticipated returns, portfolio strategy, valuation of early-stage companies, conducting due diligence, understanding term sheets and angel involvement in portfolio companies after the investment. Attendees receive a detailed workbook, as well as a copy of the book The Fundamentals of Angel Investing by Hambleton Lord and Christopher Mirabile (a $25 value), as part of their registration.
 
 

Denise Dunlap
Sage Growth Capital

1:30pm - 5:00pm (Registration and coffee available at 1:00pm)
$250 members, $300 non-members, $50 discount for those attending the Summit
 

Angels face many challenges when investing in startup ventures. One crucial, but sometimes overlooked, detail is the impact of new funding on the company’s capital structure. Whether funding comes as equity or debt, the savvy investor needs to understand how this round of funding will impact the ultimate outcome for all shareholders. So early stage investors need to be fluent in the structure of cap tables to understand the impact on their potential returns from current and future rounds of funding.

ACA in cooperation with VentureSouth offers entrepreneurs and investors alike a practical education in understanding the details of cap tables through the lifecycle of a startup venture.   This workshop will include a combination of presentations, exercises and a case study to illustrate common cap table mathematics a startup and its investors must consider. Among the important topics to be illuminated are the impacts of: valuation, liquidation preferences, anti-dilution terms, convertible notes, and option pools and vesting.

This workshop assumes some familiarity with basic cap tables, typical deal terms and Excel spreadsheets. Participants are urged to bring a laptop or tablet computer to the workshop to enable participation in the exercises.  

**ACA highly recommends bringing your laptop/tablet to this program to fully participate in this interactive program.

Matt Dunbar
VentureSouth

Tuesday, May 12

Track One - Due Diligence Workshop 
8:30am - Noon (Registration and coffee available at 8:00am)
$250 members, $300 non-members, $50 discount for those attending the Summit
 

Based on the Wiltbank* study, due diligence prior to investment has been demonstrated to be a critical success factor in angel investing.   This ½-day workshop covers the essentials of due diligence including forming an effective DD team, deal killers, the key components evaluating deals, how to dig into the deal and the process of completing task.  The class will included lectures with adequate time for Q&A plus exercises to reinforce the elements of due diligence.  The Seraf book Due Diligence – Evaluating Investment Opportunities will be available for all participants.

* Median returns from this 2007 study were 2.6X monies invested.  For deals for which less than a cumulative 20 hour of due diligence by angels was completed, returns were 1.1X.  For deals on which angels completed greater than 20 hours of due diligence, angels enjoyed returns of 5.9X.

Christopher Mirabile
Launchpad Venture Group

Track Two - Startup Boards Workshop 
8:30am - Noon (Registration and coffee available at 8:00am)
$250 members, $300 non-members, $50 discount for those attending the Summit
 

Serving as a Director of an early stage angel-backed company is a serious responsibility. This workshop reviews smart practices in forming boards, managing board meetings and serving as a Director—all with the goal of creating an effective governance structure for startups. Key topics will include the legal obligations and risks faced by Directors, how to deal with conflicts of interest and how to navigate trouble zones (such as managing M&A) that occur during a company’s journey from initial investment through exit. Learn how to add value while staying out of trouble!  

Ron Weissman
Band of Angels

Track One - Valuation Workshop 
1:00pm - 3:30pm (Registration and coffee available at 12:30pm)
$250 members, $300 non-members, $50 discount for those attending the Summit
 

Negotiating the current valuation of seed-stage startups at the time of investment is a critical component of angel term sheets.  Getting valuation right establishes a fair percentage of ownership for both investors and entrepreneurs and optimizes returns for investing angels.  This clinic introduces participants to current trends in valuation and demonstrates three valuation methodologies – the Seraf Method, the Scorecard Method and the Venture Capital Method.  The program closes with a 30-minute exercise in which attendees use these valuation methods to appraise a case study company and hone their newly acquired valuation skills.  Ample time is allocated for Q&A.

Bill Payne
Frontier Angel Fund

Track Two - Angel Returns and Portfolio Strategy 
1:00pm - 3:30pm (Registration and coffee available at 12:30pm)
$250 members, $300 non-members, $50 discount for those attending the Summit
 

What do we know about expected returns from angel investments?  Multiple studies on angel investment returns suggests an effective portfolio strategy will be grounded in a variety of investments in multiple business segments.  This workshop presents returns data from five studies of the factors impacting returns on investment and internal rate of return.  Special emphasis will be placed on insights from extensive 2018 studies of two of the larger angel groups. The importance of diversification, time to exit, and investing in specific business verticals is enlightening.

John Harbison
Tech Coast Angels