TechCrunch recenly carried an article on Angelpitch, a new start-up hoping to bring business angels and entrepreneurs together by creating a video conferencing matching service. Visit TechCrunch (Sam Sethi) for full article. Below is an extract plus my own take on VCs and business angels.
One of the hardest things to do in the UK is to raise seed capital to get your new startup idea going. If you want to raise £1m+ it’s probably easier to find VC’s who are prepared to invest in you. If you’re interested in becoming an Angel in this network, please email them a brief resume. Alternatively if you are an Entrepreneur who wants to get on the list early (before the submission site is built) you can email them a two page Executive Summary and they will review these and start the ball rolling. Will Angelpitch work? I am not sure just yet as the $150 fee feels like a barrier to me but I would love to see a YouTube like video site where entrepreneurs pitch their business and Angels watch to find companies and entrepreneurs they like.
ebdex has been in catch 22 with VC and business angel funding from the start. We have found raising bank loans easier than raising VC/angel funding. I am interested in seeing how the Angelpicth develops. But $150 entry fee is too deep for a new site without any track record.
NW Start Up 2.0 inaugural event will give Paul Christian, who runs AngelPitch another opportunity to test his ideas, perhaps in a part of UK, not that well known for entrepreneurship. I am trying to change that.
Most of the VCs in the North West are ex-bankers. Most of the advisers (Business Link) are also ex-bankers (of NatWest). It’s a risk averse world out here. I am yet to meet anyone out in here who really encourage entrepreneurship (of course except you Mr. Treloar – you are passionate!). Perhaps this is the NW. Or perhaps its me!