“Innovation distinguishes between a leader and a follower.”
~ Steve Jobs
This is one of my favorite tips for getting angel investors.
It also works for getting members for your Board of Advisors (who might also give you angel funding and who often can refer you to others who can as well).
The tip is to reach out to retired executives. Retired executives typically have wealth, connections and lots of operational experience.
So how do you find retired executives?
One way is to find them via searches on Google. For example if you were seeking angel investors for an aviation company, doing Google searches on “retired Boeing executive” and “former Boeing executive” will produce names of potential angels. Note that you should add your city/town name to the Google query to find local results.
Oftentimes an even better way to find them is to do an Advanced Search on LinkedIn. Here you would search on these criteria: a) Past employee of Boeing; b) location (your metropolitan area); c) Title (I like searching on “President” since it includes presidents and vice presidents, and also searching on CEO.
Better Than Venture Capital?
Venture capital is great… if you can get it… but if you aren’t raising $2 million or more, you’ll only waste your time chasing it.
So how can you raise from $50K to $2 million from investors without chasing “venture capital”?
I advise entrepreneurs to focus on raising angel funding.
It’s much easier to raise.
And you give up much less of your business.
Today’s Question: Jeff Bezos, founder of Amazon.com, had an unusual business plan for his venture because he didn’t plan on turning a profit for how long?
Previous Question: In 1876 William Orton, president of Western Union Telegraph Company, declined to purchase the patent for which invention, saying it had “no commercial possibilities”?
Answer: The telephone
Widely acknowledged today as probably the single most important patent in history, Alexander Graham Bell initially offered it to Western Union for $100,000.
When Orton realized the importance of the invention he had passed up he compounded his mistake by spending millions of dollars trying to challenge Bell’s patent and build his own network. Bell eventually won the day in court and Orton was forced to turn over his network to the inventor he had originally rejected.
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