Ann and Bill Payne’s ACA Angel University will continue to deliver its high quality angel investor curriculum in a convenient, virtual format. Take advantage of this unique opportunity to learn from experienced angels with decades of experience in navigating the ups and downs of private markets.

Participants who complete all Four courses will earn the Advanced Angel Investing certificate. Certificates of completion with professional angel investing training hours will be awarded upon program completion.

Program courses and dates are listed below.  

Separate registration is required for each course. 

Serving as a Director of an early stage angel-backed company is a serious responsibility. This course reviews the smart practices of 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. Participants will engage in a case study exercise which illustrates the impact (both positive and negative) that a Board structure might have in determining the success or failure of a start-up.

Exit strategies may be one of the most misunderstood aspects of angel investing and this course 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 angel investors craft the exit strategy.  This course covers the various kinds of exits that might occur as a result of investing in a start-up company and how to prepare for each.  Additional course topics include gaining a greater understanding of what the drivers are for high exit multiples and how companies can build in value from the very early stage.   The course also presents details of the “Exit Strategy Canvas” that walks participants through the six key elements of exit strategy.  The exit strategy canvas is designed to clarify the variety of exit scenarios and how angels and founders can work towards mutual optimal outcomes.

Designed as a follow-up to the Startup Boards Basics course, this course will discuss additional topics related to serving on a startup board. Concepts to be covered include: the fiduciary obligations of Board members, the Board’s role in supporting additional fundraising, and the Board’s role in determining an exit scenario. The application of case studies and critical lessons learned will be shared by course instructors to identify Board trouble zones and highlight the best practices of working with a Board.

A capitalization table is a formal document that lists all the securities in a company (both debt and equity) and the ownership percentages held by the start-up founders, employees, and/or investors. This course will provide a step-by-step analysis of a capitalization table, with a perspective on gaining a critical understanding of how cap table construction can impact potential returns from both current and future rounds of funding. Through a combination of presentations, exercises, and case studies, course participants will be introduced to common cap table mathematics. Among the important topics to be illuminated are the impacts of: valuation, liquidation preferences, anti-dilution terms, convertible notes, and employee option pools and vesting.