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.
Frequently Asked Questions
1. How do I submit a proposal? All proposals need to be submitted via the web site. Go to the link "Submit a Proposal" and submit your plan electronically. ENYA uses Angel Soft, a proprietary software package that is linked to a national network of participating Angel investors.
2. What is the process once I submit a proposal? All proposals are screened against the investment criteria located on the site under the tab "Investment Process". If you pass the initial screening you will be invited to make a presentation to the Executive Committee. Someone from our team will be assigned to assist you prepare your presentation. If the management team agrees you will be asked to make a 10 minute presentation to the entire ENYA membership. If your plan is accepted a team will be assigned to conduct Due Diligence. The team can will make the investment decision and recommend terms of an investment. The members of the fund will vote to decide to offer you a term sheet. If accepted we will complete the process and negotiate the terms of the investment.
3, How long will it take from the time I submit a proposal until we get funded? The process should take about 93 -120 days to complete. if all the requested material is provided in a timely manner and we can schedule the meetings to conduct the Due Diligence review.
4. How much money will you provide? The minimum investment we will consider is $50,000 and the maximum is $250,000. For every dollar we invest we will set aside an equal amount that will allow us to consider an additional investment predicated on your meeting certain milestones. Side care investments may also be made by our members on an individual basis under the same terms and conditions as the original investment by the fund.
5. Will you provide mentors and advisors to assist us in growing the company? Absolutely. In fact it is a condition of accepting an investment from the fund that you accept assignment of a mentor or advisor who will serve on your board of directors. This individual or other members of the fund may also serve as paid or unpaid advisors, join your company as employees or act as consultants. Compensation will be a matter of negotiation between you and your mentor for all assignments other than a board seat. If you pay other board members it is anticipated that the ENYA board member would be compensated in a similar manner.
6. What is the goal of the fund? To accelerate the growth of early stage companies, create jobs in the Region and generate a reasonable return on investment for our members.
7. Who are your members? Our members are high net worth individuals, successful businessmen and women, who have the time and interest in working directly with early stage companies such as yours to help accelerate the growth of your company. These individuals will use their industry knowledge and experience to direct your activities and reduce the road blocks that you may encounter.
8. Are there any industries or companies that you would not consider for an investment? Generally speaking no but we are looking for companies who have a prototype product ready for sale, or are making early sales, and can drive the revenue to $3 to $5 million in five years. Companies requiring large capital investments for R&D, clinical trials or a lot of capital expenditures will not be considered unless the ENYA is taking a minority role in the investment.
9. What is your target market? For practical purposes and because we want to take an active role in the management of the company the primary geographic market is a 2 hr drive from the Capital Region. Consideration will be give to firms outside that area if we have a member who is willing to be a mentor and is able to attend them board meetings on a regular basis.
10. When will the fund be live? We are currently in the process of raising the funds from our members and hope to be in a position to make our first investment by January 2011. However we will actively begin accepting proposals from interested companies around the middle of November 2010.