Aug 4 2010

Now That’s How You Do An Angel Pitch Event

I attended the second Open Angel Forum in Boulder tonight.  Simply put, it was dynamite.

This is an intense week for seed stage stuff in Boulder as TechStars Demo Day is tomorrow where 11 new companies are having their coming out party. The Boulder New Tech Meetup had a special double header (Tuesday and Wednesday) where six teams practiced their pitches to a room of 300+ people on Tuesday followed up by the other five on Wednesday.  The streets are crawling with angel and early stage investors – local and from other parts of the country – and the vibe feels great as tomorrow is the big day.

I had high expectations for Open Angel Forum after the first one in Boulder in the spring.  Jason Calacanis came up with a great format when he created Open Angel Forum and David Cohen has done an awesome job of hosting and coordinating the two Boulder events.

The format is ideal.  20 qualified angel investors – to qualify you must be active making angel investments (at least three in the past year).  Six companies all raising seed rounds ($1m or less).  Dinner and drinks paid for by sponsors.  No fee to either the entrepreneurs or the angels.  Casual setting (we did it in the TechStars Bunker) – some mingling before it got started, followed by five minute pitches + five minutes of Q&A for each company.  The whole thing took an hour – just the right amount of time.

All six companies – Pavlov Games, Rapid.io, Adapt.ly, Awesomebox, PlaceIQ, and BrowseAndPay did excellent jobs.  They were each high quality and totally fundable and I heard several commitments happen during the evening.  I left about 45 minutes after the pitches ended – the event was still in high gear and with Jason leading a table full of angels and entrepreneurs in a game of Texas Hold’em while the beer drinking and discussions continued.

The thing that is so cool to me about this is that it’s a super high signal to noise ratio – all the companies had clear, tight, and relevant pitches and the entire audience was accessible angel investors.  No BS, no posturing, no fees for anything – just entrepreneurs and angels doing their thing.

Over two days, 17 early stage software / Internet companies are having high quality exposure to angel and seed investors in Boulder.  And on Saturday, we have TEDx Boulder.  It’s good to be back in town.