By guest authors Irina Patterson and Candice Arnold Irina: You get about 300 a year. How many deserve a closer look? Michael: It all depends. What we have is a multi-step screening process. We have five screening meetings a year and five investment meetings a year. We basically stagger it. One month we’ll have a
By guest authors Irina Patterson and Candice Arnold Irina: Will your new Independence Equity fund be making seed investments? Michael: It will be the first institution round, so typically it will be series A and series B type investments. Depending on how large the fund gets to be down the road, the size of investments
By guest authors Irina Patterson and Candice Arnold Irina: What are your other notable investments? Ira: I recently invested in a company called SURGiVIEW, which has an inexpensive way for surgeons to archive the videos of their surgeries and also to remotely broadcast the surgeries to other parts of the world. I invested in a
By guest authors Irina Patterson and Candice Arnold Irina: What do you do with the companies you don’t invest in? Ira: We try to refer them to somebody else who may have an interest for one reason or another. Sometimes a company’s too late stage for us and we’ll refer it. Often times we’ll put
By guest authors Irina Patterson and Candice Arnold Irina: How much do you usually invest in a company? Ira: I typically invest $25,000. Sometimes it’s as low as $10,000. A few times it’s been $50,000 to $100,000, but it’s usually $25,000. Our group tends to invest somewhere between $300,000 and $750,000, as a group. Irina:
By guest authors Irina Patterson and Candice Arnold Irina: If entrepreneurs go through your website, there’s still a fee, right? Ira: Yes. People are not so happy about angel groups that charge fees, but we do charge $45 for people to submit. It’s primarily because we were getting so many random submissions without it. One
By guest authors Irina Patterson and Candice Arnold Irina: Can you be more specific about the process how your students work with local businesses? Ira: What I mean is that there are local startup companies that recruit our MBA students to work with them on their businesses. The local startup companies want to be part