Where can I find angel investors?
I have a business idea and planning to present it to investors but I do not know where to find them.
Great to have you on board Greg.
I think you are far from funding stage, of any sort. With simply a business idea. You don't need a lot of money, if any, to do some initial mockups or tests to assess results and viability of your business idea. Focus on the business first and foremost. Show some traction. Doesn't matter how little. You'd be hard pressed to find any investor who will take you seriously otherwise.
Once you have driven some results and or traction, then look to ask for funding. Having said that, always build connections early on. This is a great time to look for mentors and connect purely for purposes of advice or insight. Over time, invest in your relationship, demonstrate to them what you are able to achieve.
Connecting with the Start-up ecosystem network, and the plethora of start-up incubators and accelerators is one pathway; but a somewhat generic approach.
The process of identifying a lead Angel Investor can take time, so be patient, keep your cash flow from other sources alive and well, emerse yourself in the industry sector your business wants to work with and for, and dig in for the long haul.
When I work with clients we go through a detailed stakeholder analysis and engagement strategy to identify the lead beneficiaries of the business, product or service who stand to gain the most. The results are sometimes surprising, and support powerful iterations in both ideation and business development.
Put yourself in an investor's shoe, would you give a stranger your hard earn money because he/she has an idea?
Anyone who is a professional investors would not give you a time of day if you only have an idea, you need to develop your idea into something tangible such as a patent, a prototype, or something that shows that it is of value and not just in your head. Even if you have a patent or a prototype, investors are not going to line up to see you, most of them want to know whether there is any potential return for their investment and how long they have to wait to get a return which is why most people who are successful in getting investors are people who already start a company and already getting sales or subscribers or members or users for their services. If you only have an idea, you're a long way from getting a professional investor to invest in you.
Most people with good idea can find investors but they're not professional investors or angels. Your potential investors are your parents, your family members, your friends and colleagues. Approach them about your idea and see whether they would be excited to make your great idea into a reality. If you can't convince people you know that you have a great idea, chances are you won't be able to convince professional investors who do it for a living.
There are several meetup groups which run "piching" events. Head along and there may be some Business Angels in the audience.
This really depends on what industry you are in and what stage your business is at. A great place to source angel investors is getting in touch with a professional services firm such as a management consulting firm or a capital raiser who would already have investors looking for opportunities. These firms can also prepare you for angel investor funding if there are part of your business that needs to be improved on before they become attractive to investors.
Marlon Muya Founder and Owner at Casino Financing
Following this question, I'm thinking of going the same path as Greg but if you have any other suggestions please enlighten me!