Ann and Bill Payne’s ACA Angel University is virtual! Take advantage of this unique opportunity to learn from experienced gurus.  See below for exact program dates.

Separate registration is required for each of these programs.  Certificates of completion with professional angel investing training hours will be awarded for each registrant completing the whole University. 

 

 

Should you include angel investments in startup companies in your asset portfolio?  Join ACA in a workshop 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, 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 workshop 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.

 

 

Startup companies fail at an alarming rate, so it is not a surprise that angel investing is a high risk asset class.  This workshop explores both the risks and rewards of investing in early stage companies.  Learn the specifics of major risk categories and gain insights into the due diligence that is necessary to mitigate these risks.  A case study exercise gives participants hand-on exposure to uncovering and addressing risks in this asset class.

 

Based on the Wiltbank* study, due diligence prior to investment has been demonstrated to be a critical success factor in angel investing.   This 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 include lectures with adequate time for Q&A plus exercises to reinforce the elements of due diligence. 

* 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.

 

You’ve met the founding team and really like the company.  Now it’s time to know if the deal is right for you.  As a new angel, you’ll need to understand the term sheet, the document that outlines the terms and conditions of the agreement between the investors and the startup.  This introductory workshop provides clear, practical information on early-stage term sheets, focused on helping newer angel investors understand deal terms.  The workshop includes lectures and interviews, using a publicly available term sheet template for seed and early stage preferred shares deals.  The course will build your understanding of sound term sheets aligned with the interests of both entrepreneurs and early-stage investors, and setting the stage for follow-on investors.   

 

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 startup valuation and demonstrates multiple valuation methodologies.  In addition to valuation methods, the lead instructor will provide insights into the impact of stage of development, geographic location, business sector and the global economy on startup valuation. The program leaves attendees with an exercise to help hone their newly acquired valuation skills by using these valuation methods in appraising a case study company.

 

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 2020 studies of two of the larger angel groups. Topics covered include the importance of diversification, time to exit, investing in specific business verticals, and trying to time market (and role of angels during downturns).

 

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. 

 

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!  

 

Exit strategies may be one of the most misunderstood aspects of angel investing and this workshop serves to shed a light on how angels and their portfolio companies can work together to achieve the most successful exits.  Value creation for angel backed companies is different than for lifestyle companies and the primary difference lies in how we craft the exit strategy.  This workshop covers the kinds of exits and how to prepare for each.  We talk about what the drivers are for high multiples and how companies can build in value from the very beginning of their companies.   The workshop finishes with the “Exit Strategy Canvas” that walks participants through the six key elements of exit strategy.  The exit strategy canvas helps boards to create a variety of exit scenarios and work towards optimal outcomes for all.