ITEN's Mock Angel Training Program prepares start up companies for approaching angel or venture investors. Companies begin the program by pitching their deal to a highly-experienced group of mentors with particular expertise in launching and funding IT start-ups.
It is very difficult to erase an inauspicious first impression. For that reason, ITEN highly recommends that all IT start-ups go through Mock Angel Training before approaching potential investors.
The company first submits an application to participate in the program, which can be found via a link at the end of this article. A company is accepted into the program if the ITEN screening team feels the company is ready for the training program. Generally speaking, a company should have completed a business plan that includes a focused executive overview and features well conceived marketing and product plans as well as a compelling financial proposition for potential investors. To get to that point, a company should be working with one or more ITEN mentors, who can be selected through the Mentor Match feature available on this website for start up companies. The company should also make sure that information in their Company Profile on this site is complete and up to date before they submit their application for the training.
We have posted a link to an excellent video tutorial on creating an investor pitch. Go to the Links button, and select "Raising Money," which is the second category in the list. The link to "Creating Your Investor Pitch" is the first link listed in that category.
The Mock Angel Group meets once per month with two companies scheduled for each monthly meeting. The first presentation begins at 3:00 pm.
The company presents their 12-15 minute power point presentation to a group of between 8 and 15 ITEN Mock Angel mentors. The Mock Angels respond to the presentation as a group of investors might with probing questions. The Mock Angels go beyond that to explain why these questions will be significant for investors and they also make constructive suggestions for improving the pitch and even sometimes for changes that are needed in the company itself. The presentation and feedback period, which altogether usually takes about 45-50 minutes are videoed. The only copy of the video is given to the presenting company at the conclusion of their presentation. The Mock Angels also rate the company’s presentation quantitatively, on a grid that includes the following areas of consideration:
Compelling Solution
Competition Analysis
Revenue Model
Marketing Plan and Strategy
Sales Strategy
Management Team and Plan
Technical Progress
Operations/Delivery/Fulfillment
IP/Legal Issues
Funding Plan
Exit Strategy
Receptivity to Mentoring
Presentation Skills
Within a few days after the session, the company is given a summary of the Mock Angel evaluation. That summary in conjunction with the feedback captured by the video of the company’s presentation session indicate the areas of improvement needed before the company’s return presentation to the Mock Angels with the anticipation to be considered a graduate of the Mock Angel Training. In rare cases, a company may graduate from the Training after the first meeting if their initial presentation is of sufficient quality and completeness.
In most instances, the company is advised as to which particular areas require focused attention and improvement. The company then selects appropriate ITEN mentors using the “Mentor Match” feature on the website to assist them in making the necessary enhancements to their strategy and/or presentation. Sometimes mentors from the Training session volunteer to become mentors for the company to help them prepare for the next presentation session. There is no set time for this process; it takes as long as it takes.
When the company and its selected mentors agree that the deficiencies identified by the Mock Angels have been addressed and the presentation strengthened in all categories indicated, the company applies to present a second time to the Mock Angel group. The application for the second round needs to be supported by the ITEN mentors that the company has been working with since the first round. Those supporting mentors will be invited to the second Mock Angel meeting and give the Mock Angel group a brief account of their work with the company.
The second presentation is again a 12-15 minute power point presentation and is considered a “best and final.” The Mock Angel team evaluates the company on a pass/fail basis. If “pass,” the company is deemed a Graduate. If “fail,” the company may continue working with ITEN mentors, but will not likely be reconsidered by the Mock Angel team.
Graduation from Mock Angel Training means it is the opinion of the ITEN Mock Angel mentors that the company has addressed all the big questions about their venture and have thought through their business challenges thoroughly enough to ask for other people’s money. (The “big questions” are reflected on the evaluation grid that the Mongels use to rate each presenter, listed above.)
To apply for Mock Angel Training, for either the first or the second presentation,click HERE.
