By guest author Irina Patterson Irina: How many investments do you have in your portfolio right now? Liz: We have nine. Irina: What stage of business development you usually invest in? Liz: Early. But they have to have a customer and the product. We do not do R&D. And frankly, the customer doesn’t necessarily have
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 author Irina Patterson Liz: You know, one of the things that happens in a bad economy is if a company is doing fairly well, sometimes the entrepreneurs don’t want to exit. Because they’re comfortable. They get their salary, they’re making money, the company’s doing OK . . . so it’s a little harder
By guest author Irina Patterson Irina: Do you have any sector preference? Liz: No, we just want to invest in companies that we can exit and make money in. We just don’t have the luxury. Now, I will tell you, we don’t invest in things we know absolutely nothing about. We don’t invest in real
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
By guest authors Irina Patterson and Candice Arnold Irina: Could you be more specific about the fees? Ira: What I mean is that some groups may charge a carry or a management fee. We don’t do that. Our underlying legal structure is a state nonprofit and whenever we make these investments. For example, we have
By guest author Irina Patterson Irina: On average, from all the sources, how many pitches do you receive a month? Liz: I’ve been keeping a running tab this year just out of my own interest, and I’m talking to about 20 entrepreneurs a month. But when our fund meets, we usually have wind it down
By guest authors Irina Patterson and Candice Arnold This is the twenty-ninth interview in our series on financing for entrepreneurs. I am talking to Ira Weiss, who is the faculty director at University of Chicago Booth School of Business (Chicago Booth) and co-manager of Hyde Park Angels, an angel network that is affiliated with the