Prepare capital plan 准备融资计划

The process typically follows the procedure below, the selection panel are required to pre-qualify and screen applications on the behalf of investors and not all proposals can be presented under the scope and quality guidelines in place.
申请流程具体如下。甄选小组需要对创业者的商业计划进行初审，因此不是所有的计划书都可以提交到投资者的讨论环节。

Prepare capital plan 准备融资计划

Draft a capital plan for the growth of your business. The capital plan is used to identify funding requirements in terms of the amount, the timing, the structure (loan, lease or equity) as well as the most appropriate capital mix for business growth.
为你的公司起草一个融资的计划书。计划书应说明融资用途，金额，时间和融资结构（贷款，租借或股权）以及对公司最有益的融资方式。

It should also investigate alternatives to raising external capital. Decide the role of angel capital within the overall capital plan.
融资计划同时也要考虑从其他来源获取投资的可能性。并界定天使投资在整个融资计划中的角色。

Submit a plan 提交商业计划书

To start the process most investors wish to see a one to two page information memorandum as a first step.
作为申请融资的第一步，您需要准备一个一至两页的信息备忘录。

Angels Shanghai has adopted an automated online application process ......
Angels Shanghai 采用了一个自动的申请流程。

The button in the menu above links offsite to the deal tracking software
这个链接将导入我们的案例管理软件。

Submit information memorandum 起草和提交融资信息 1

It is acceptable to submit additional or supplementary information if it already exists, as well as this information memorandum, but not instead of this submission.
信息备忘录提交申请才能生效，当然您可以提交除信息备忘录之外更多额外的信息。

It is important to fill in all the fields for specific information that is requested rather than just refer to your attached documents, not all reviewss make time to read your whole proposal if it our of their specific interest or speciality.
请注意必须填写表格中所有指定的信息您的申请才会被考虑，我们的投资者通常没有时间浏览您的整个商业计划。

Even if you do not have all the required information it is requested that you fill in what information you have in the on-line format.
如果对于某些问题您无法回答，请提供您现在估计的最佳答案。

This document will be reviewed to see whether the proposal fits within the typical investment guidelines and quality standards set for Angel applications.
申请提交后我们的投资者会决定您的计划是否符合天使投资的投资准则。

Submit information memorandum 起草和提交融资信息 2

Either: The submitter will be informed that the proposal needs more work or does not fit guidelines at this time. Coaching or mentoring may be suggested to enable re-submission, however Angels Shanghai is not able to provide or recommend such services at this time.
一种可能：我们会通知申请者需要更多时间考虑，或者这个计划不符合我们的投资准则。对于一部分申请我们会给出指导或建议，创业者可以根据建议重新提交。（目前 Angels Shanghai 还没有开始这项服务）

Or: the next stage information will be requested.
另一种可能：您的申请进入下一阶段，需要更多信息。

Additional supporting info 提交更多信息(第二种可能)

Some examples are:可能的信息包括：
    » Complete business plan 完整的商业计划书
    » Accounts and records from prior trading 之前交易的账户及记录
    » Powerpoint presentation 演示文稿
    » Web site, prototypes, demonstrations etc 网站，模型以及其他展示
A face to face interview may be arranged with Angels Shanghai members.
我们会考虑安排您与 Angels Shanghai 成员的会面。

Either: The submitter will be informed that the proposal needs more work or does not fit guidelines. Coaching or mentoring may be discussed.
一种可能：我们会通知申请者需要更多时间考虑，或者这个计划不符合我们的投资准则。对于一部分申请我们会给出指导或建议。

Or: An agreement for the conduct of the investor relationship will be established and your proposal will be circulated and presentations opportunities created where possible.
另一种可能：我们会与您签署投资关系协议，您的商业计划会得到投资者的讨论，可能的话我们会邀请您做进一步的展示。

Probability of success 得到天使投资的概率

The following figures quoted from USA statistics, although China may vary this can give some guidance. 以下美国的数据可做参考，尽管中国的情况可能会有所不同。
With an Angel network members will reject about 50% of business plans as soon as they arrive. They can usually tell quickly if a deal is just not suited for angel money or if the concept is just not viable.
For the remaining 50%, members provide consultation and advice on how to prepare the plan and the pitch for the deal process. They help the entrepreneur get the presentation and the written plan up to standards that an experienced investor will expect to see.
About 50% of these deals get to go before an investment screening committee. This is a group of angels who evaluate the deal for funding. The angels make their own individual decisions on whether or not they want in on the deal.
Only about 20% of these actually receive funding. The money normally comes from several sources, including one or more of the angels in the network. One investor usually serves as the lead or "champion" investor for the deal.
On average, about 10% of the funded deals make it big, while about 45% muddle along and 45% fail.

The term “angel” originated in the early 1900s and referred to investors who made risky investments to support Broadway theatrical productions. Today, the term “angel” refers to high-net worth individuals, or “accredited investors”, who typically invest in and support start-up companies in their early stages of growth.

Originally angels acted alone, but it is often beneficial to them to form small structured groups as it improves their efficiency, selection and returns.

Definition of various stages of business development and corresponding financing can vary between publications and individuals. To describe one:
Seed financing is a relatively small amount of capital provided to an inventor or entrepreneur to prove a concept and to qualify for start-up capital. This may involve product development and market research as well as building a management team and developing a business plan, if the initial steps are successful.
Start-up financing is provided to companies completing product development and initial marketing. Companies may be in the process of organizing, or they may already be in business for one year or less, but have not sold their product commercially. Usually such firms will have made market studies, assembled the key management, developed a business plan and are ready to do business.
Early-stage or first-stage financing is provided to companies that have expended their initial capital (often in developing and market testing a prototype) and require funds to initiate full-scale manufacturing and sales.
Expansion financing is second and subsequent investment rounds typically financing company product and/or market expansion.

Some observers have described five categories of China angel investors:

One - is composed of the new wealth group with foreign degrees or Chinese top management in foreign businesses; both have good educational backgrounds, wide expertise, and familiarity with global technology and management development.

Two - includes heads of proprietary companies and high income individuals from certain industries. These people are agile investors with entrepreneurship experiences and have more funds for investment.

Three - usually inherit wealth from previous generations.

Four - is composed of foreigners and expatriates with a strong interest in the China market.

Five - are sponsored by the government.

Free ebook downloads

Matching Start-up Funds with Start-up Companies

Angel Investing: Matching Start-up Funds with Start-up Companies (Guide for Entrepreneurs, Individual Investors and Venture Capitalists ), by Mark Van Osnabrugge and Robert Robinson. Published in 2000 by Josey-Bass. ISBN number: 0-7879-5202-8.

Mark Van Osnabrugge is a consultant in Stamford, Connecticut. A former fellow of the Harvard Business School, he is also the widely published author of articles about entrepreneurial finance. Robert Robinson is associate professor of negotiations at the Harvard Business School and an angel investor with experience in a variety of startup companies.

Every Business Needs and Angel

Every Business Needs and Angel: Getting the Money You Need to Make Your Business Grow , by John May and Cal Simmons . Published in 2001 by Crown Publishing Group. ISBN number: 0-609-60778-2   John May is the founder of New Vantage Group, a Vienna, Virginia, firm that mobilizes private equity into early-stage companies and develops innovative venture funds. He is an acknowledged authority on angel investing; cofounded two angel networks, the Investors Circle and the Private Investors Network; and sits on the advisory board of the Mid-Atlantic Venture Assoc.   Cal Simmons is a longtime angel investor with extensive experience in early-stage private equity. He has invested in more than thirty early-stage companies and is cofounder and manager of several angel investing.

The Art of the Start

The Art of the Start, Penquin Books, ISBN 1-59184-056-2

Other books 1

Benjamin, Gerald A. and Margulis, Joel B., Angel Investing - How to Find and Invest in Private Equity, New York: John Wiley & Sons, 2000.
Benjamin, Gerald A. and Margulis, Joel B., The Angel Investor's Handbook: How to Profit from Early-Stage Investing, New York: Bloomberg, 2001.
Gompers, Paul and Lerner, Josh, The Venture Capital Cycle, Cambridge, MA, MIT Press, 1999
Hill, Brian E. and Power, Dee, Attracting Capital From Angels: How Their Money and Their Experience Can Help You Build a Successful Company, New York, John Wiley & Sons, 2002
Keeley, Robert H., Cooper, Jeffrey M. and Bloomer, Gary D., Business Angels: A Guide to Private Investing, available from the Kauffman Foundation, Kansas City, 1998.

Other books 2

Benjamin, Gerald A. and Margulis, Joel B., Angel Investing - How to Find and Invest in Private Equity, New York: John Wiley & Sons, 2000.
Benjamin, Gerald A. and Margulis, Joel B., The Angel Investor's Handbook: How to Profit from Early-Stage Investing, New York: Bloomberg, 2001.
Gompers, Paul and Lerner, Josh, The Venture Capital Cycle, Cambridge, MA, MIT Press, 1999
Hill, Brian E. and Power, Dee, Attracting Capital From Angels: How Their Money and Their Experience Can Help You Build a Successful Company, New York, John Wiley & Sons, 2002
Keeley, Robert H., Cooper, Jeffrey M. and Bloomer, Gary D., Business Angels: A Guide to Private Investing, available from the Kauffman Foundation, Kansas City, 1998.

Online articles

Business angel investment in the China market.
Title Annotation: RESEARCH NOTE
Author: Chang, Bryant Chen Po
Publication: Singapore Management Review

Will AS tell me what to invest in?

A. No, you must make your own personal decision after performing your own due diligence.

Approaches by consultants/service providers?

A. We work very hard to protect our members so that they can feel comfortable in the company of peers. We maintain a strict policy that no one should ask for a business card, but if it is offered then you may take it of course.

Judging an opportunity in other field?

A. We try to offer very diversified opportunities. As a member of Angels Shanghai, you will see a wide variety of deals. While you may not understand all of these, other members will understand those deals and can help clarify the value proposition if you are interested. Many investors only want to invest in what they know; this is also acceptable. Simply let us know your interests.

Get understanding beyond my expertise

A. If you participate in due diligence with someone who has domain expertise, over time you will feel more comfortable diversifying your portfolio of angel investments. Our members are very helpful toward each other. In addition, you may participate in a seminar or workshop.

First step to investigate?

A. Please contact the Angels Shanghai members, and, if you qualify, we will invite you as a guest to a meeting. After attending a few meetings, you can decide if you are still interested and comfortable with the network. Then, you simply fill out an application and pay your membership dues. When you do join, take your time before you invest in your first deal. Learn before you jump. Read the recommended reading, join a due diligence team, then start small on a deal that has a lot of traction.

Min amount I can invest in a deal?

A. Most deals have a minimum of 150,000RMB. The average for experienced investors is 150,000RMB to 600,000RMB with some angels making individual investments of 1,500,000RMB.

Min number of investments in a year?

A. No, but if you are not making investments (i.e. writing checks ), then we will question why you are a member and probably not renew your membership. Angels Shanghai is for active angel investors.

Remain a member if cease investment?

A. Angels Shanghai is for active angel investors.

Can I ask questions and comment?

A. We prefer you not interrupt the entrepreneur. We wait until he/she is finished. Their presentation is normally twelve minutes in length with eight minutes left for questions from the audience. After all the presentations (and the entrepreneurs have left the room), as a group we discuss the deals. Notes are taken so we may provide feedback (the good, the bad, and the ugly) to the presenter. Members and possible future members are invited to participate in this process.

Contact presenters after a meeting?

A. We prefer that you join the due diligence group. With many experienced investors coming from diverse backgrounds, you will always benefit from knowledge outside of your own expertise.

Membership 成为会员

Angels Shanghai is an invitation-only investment group: those who are willing to (not necessarily have to) invest RMB >1,000,000 over the next three years should consider becoming a member.
Angels Shanghai 是一个需要邀请才能加入的投资团体，如果你有意愿（不是一定要）在今后三年内投资一百万人民币以上，可以考虑成为我们的会员。

We have two classes of Membership that allows both Individuals and corporate to join – the annual fee are RMB 1000 and RMB 5000 p.a. respectively.
我们有两种类型的会员，个人和公司都可加入，每年的会员费分别是1000元和5000元。

Members of Angels Shanghai will be able to attend events (pitch meetings and investment forums), discussions, other social networking and gain access to exclusive info on our website including all deal flow.
Angels Shanghai 的会员可参加活动（pitch会议和投资论坛），讨论，其他社交活动；还能够获取网站上会员专属的信息，包括所有的案例。

Interested in becoming a member? Please click here to contact us.
有兴趣成为会员？请点击这里联系我们。

Sponsorship 赞助

Sponsorship of this website, meetings and other communications is invited from interested companies.
欢迎有意资助 Angels Shanghai 的网站，会议以及其他活动的组织和我们联系。

Only one key sponsorship will be accepted from each major professional group so please register interest as soon as possible.
每个职业团体只能有一个主赞助商，因此有意者请尽快联系。

Contacts for commercial collaboration are welcome.
欢迎有意商业合作的组织和我们联系。

Other offers to provide further sponsorship, primarily in kind, by resorces or by providing secretarial/administrative support would be much appreciated

Links 链接

• Australian Association of Angel Investors Limited (AAAI)
• AAAI members

• China Entrepreneurs
• Asia Business Investor
• Smallbizexchange Forbes
• Vcube
• Bain Capital
• China Business Blogs
• The Funded
• The Entrepreneur
• China hospitality news
• China Venture Capital Association
• Zero 2 IPO
• angelcapitalmarket.com
• Angels Hong Kong
• China Early Stage Investor Forum, 3-4/3/2011.
• theinvestinforum.com
• investmentnetwork.cn/home

Social net

Linkedin and Xing

Please subscribe to your choice of Linkedin and Xing groups, both of which are named "Angels Shanghai", the Linkedin group is most popular with our members.
请在 LinkedIn 以及 Xing 上选择订阅我们的新闻，名字都是 “Angels Shanghai”。 LinkedIn 是关注者较活跃的平台。

Twitter 推特

We twit links to relevant artices on twitter more than once per day, please follow "angelsshanghai" for that notification.
可通过推特链接到相关文章，请关注 “Angels Shanhgai” 相关通知。