Seeking NYS Companies Only
Eastern NY Angels is seeking entrepreneurs who are interested in obtaining early stage funding for their company. Please review the criteria described in the investor process.
Entrepreneurs, click here to submit or update your business plan.
- Only proposals submitted electronically using the Submit a Proposal process will be considered for review.
- Upon receipt, all proposals will be reviewed to determine if they meet the criteria outlined in the Investment Criteria section above.
- If the proposal is accepted, it will be forwarded to the Management Committee for review.
- If accepted, you will be contacted and asked to make a formal presentation to the Committee. You will be required to submit a brief one to two page Executive Summary to the committee. Once that form is received we will schedule a meeting with you.
- Proposals passing the Committee screening will be given 15 minutes to present their proposal to the members of the fund. To assist you in the presentation, a member assigned by the committee will work with you to prepare an 8-10 slide presentation.
- Following your presentation, the members will vote to proceed to Due Diligence where a team of 3 to 4 members will conduct a formal due diligence process to learn more about your business, your management team, the market, your competition, your financial plan and your request for funding.
- The Due Diligence team will make a formal recommendation to the members to proceed to offer a term sheet. Once a term sheet is offered, you will have a few days to accept or reject the offer.
- If you accept the terms and conditions of the offer, we will proceed forward to close the deal and provide the funding as proposed.
- A mentor or advisor will be assigned to work with you. This individual will become a member of your board and provide regular and ongoing assistance to you and your team. In addition this individual will provide periodic updates to the Management Committee and the members.
TWENTY QUESTIONS FOR ENTREPRENEURS SEEKING ENYA FUNDING
The 20 questions below are written to help you decide if your venture meets the investment guidelines under which the Seed Capital Fund (ENYA} operates. Each requires either a “YES” or a “NO” response. Regardless of your answers, we are pleased to talk with any entrepreneur in our community. However, to make sure your scarce resources, as well as ours, are used to their best advantage, it is in everyone’s interest to know as soon as possible whether your venture is one to which ENYA might make a commitment.
1. Have you identified the factors which are critical for the success of your venture?
2. Do you believe that the talent, diversity and experience available in the area’s labor pool can contribute to your company’s initial and long term success?
3. Do you feel that you could benefit from the experience of seasoned executives in your business or related fields?
4. Would you be comfortable working with ENYA members knowledgeable in your venture’s business in determining basic strategy for your company?
5. Are you willing to make the commitment to tap all possible personal sources of funds prior to seeking outside funding?
6. Are you comfortable selling part ownership in your company and having the results of your management decisions reviewed by other professionals in your field?
7. Would you be comfortable with discussing personal financial matters with us?
8. Would you be willing to accept constraints on your salary and major cash expenditures subject to your venture’s ability to generate positive cash flows?
9. Would you be working full time toward making your venture successful?
10. Does your family understand and appreciate the personal commitment you would be making and the likely impact on them? Do they support you fully in this venture?
11. Will personal references attest to your unquestioned integrity in professional dealings?
12. Would professionals in your chosen venture area rate your experience and achievements as first rate?
13. Do you have clear ownership or licensee rights to products you plan to market?
14. Is there a specific, definable product or set of products?
15. Can the market niche be identified and potential substantiated for this product?
16. Have you identified current and potential competitors?
17. Do you have an operational production and distribution approach?
18. Have you prepared at least a first draft of a basic business plan for the venture (including cash needs) for the first three years of operation?
19. Do you have a one or two page executive summary which clearly states the business mission of your venture, your targeted customer market, your principle product and why you expect to compete successfully?
20. After considering the questions above, are you still enthusiastic about your proposal?
Note: Those companies who do not pass the initial screen but have an interesting product or service may be offered the assistance of a mentor or advisor to work with them until the company meets the Investment Criteria.
This entire process from date of original submission to funding should take 90-120 days on average.
View ENYA Sample Term Sheet - Click Here