WCNY: Wharton Angel Network
David Levy W'96, SEAS'96
Victoria Sun W`03
Co-Heads
Wharton Angel Network (WAN)
WAN@whartonny.com
Welcome to the Wharton Angel Network. where we seek to bring together Wharton alumni entrepreneurs seeking capital with Wharton alumni investors seeking to invest in early -stage companies.
To submit a business plan:
Please email WAN@whartonny.com
with subject "BUSINESS PLAN SUBMISSION" and include your company name, ONE paragraph description, and WCNY sponsor in the body of the email. When your eligibility has been confirmed, we will send you a link to our submission form.
To become an investor member:
Please email WAN@whartonny.com
with subject "INVESTOR APPLICATION" and include your name and a statement confirming your membership in the WCNY. When your eligibility has been confirmed, we will send you a link to our application form.
Addendum to the Below: For showcase-invited entrepreneurs who are sponsored by a WCNY member but are not WCNY members themselves, the event fee is $40. For showcase-invited entrepreneurs who are WCNY members, the fee is $20.
Please see the end of this documentation for eligibility requirements and application instructions.
WAN Vision & Goals
Founded in 2007, the Wharton Angel Network (WAN) seeks to provide a transparent forum for Wharton alumni entrepreneurs and Wharton alumni investors who are seeking funding opportunities in angel-stage deals (minimum investments of $25K). Angel investing is typically done at the formative stage of a venture, with capital provided by qualified individual investors, and provides the springboard to help entrepreneurs get their product or service to market. In 2006, angel investors again exceeded VCs in the amount of dollars invested, according to the Center for Venture Research at the University of New Hampshire.
As a reminder, the WAN's mission is to facilitate the introduction of new company ideas to WAN angels, not to provide any recommendations on investment or guide an investment process. Entrepreneurs and angels are encouraged to provide their contact information and follow up with one another independently.
All business plans come from management teams that include a Wharton alumnus or are introduced (sponsored) by a Wharton alumnus. Alumni must be members in good standing of the Wharton Club of New York (WCNY).
Brokers: Please note that we do not work with brokers.
FREQUENTLY ASKED QUESTIONS
Who is WAN membership open to?
The group aims to bring together Wharton alumni active in the greater angel network and early-stage investment community, which includes professionals who are angel investors, members of angel networks, members of venture capital firms, private equity investors, and other early-stage investors. Please note that WAN investor member applicants should be individuals who have and are capable of writing checks to invest in early -stage companies. There is no initiation fee. We do have showcase events several times per year. The cost of each event is $20 for each WAN member who RSVPs his/her attendance.
Please see the end of this document for eligibility requirements and application instructions.
What are the benefits of WAN membership?
As a WAN member, you will receive deal flow access to early-stage investment opportunities in the Wharton alumni community. Specifically:
- Business plans via email on an ongoing basis.
- Invitations to invitation-only showcase events, to meet face-to-face with entrepreneurs and discuss their business plans. Note that we email ALL business plans/investor presentations of those entrepreneurs who meet the eligibility requirements and accurately follow submission instructions. Showcase events feature a subset of those entrepreneurs. The cost of each event is $20 for each WAN member who RSVPs his/her attendance.
- Based on demand, a potential annual event to network with fellow WAN members and share perspectives on business plans and management teams presented. As of the end of 2008, there are about 30-40 WAN members.
What are the benefits to entrepreneurs?
If you (and your business plan) meet submission requirements, you will be able to put your business plan in front of a fairly large and growing group of investors who are part of the Wharton alumni community. Specifically, if you meet submission requirements:
- Your business plan will be communicated to all investor members of the WAN community.
- If you are selected for one of our showcase events, you will also be able to meet and discuss your business with angel investors in the WAN community. The cost of the event is $20 for each group of entrepreneurs that is selected to attend.
Please see the end of this document for eligibility requirements and application instructions.
What is the process for receiving (and giving) funding?
Entrepreneurs and angels are encouraged to provide their contact information and follow up with one another independently. The WAN seeks to facilitate the introduction of new company ideas to WAN angels, not provide any recommendations on investment or guide an investment process. Our goal is to help Wharton alumni help Wharton alumni from an angel funding perspective, with as much of a step-by-step process as necessary but no more.
Is there a maximum amount of funding that entrepreneurs can apply for when submitting a plan to the WAN?
No. However, keep in mind that because the WAN is a network of angel investors, businesses must be seeking angel funding to qualify. Generally speaking, an angel round is one that precedes institutional financing and often occurs as a company's first round or following a “friends and family” round of financing. Angel funding is typically raised at the pre-revenue stage or in a company's first stages of revenue. We will consider these characteristics as part of the review process. (For entrepreneurs who are seeking VC funding and/or have already raised institutional funding, we recommend contacting the Wharton Investor Network (WIN).
What are the WAN showcase events?
The WAN holds showcase events by invitation only for WAN angel members to meet with entrepreneurs. Held several times per year and usually in the evening, the events are conducted as showcase fairs; each selected company has an area in the room, and Wharton alumni angel investors who are WAN members are in attendance to talk to each company's management. Tables will be provided, but invited entrepreneurs should bring all of their own materials including presentation copies. Invited entrepreneurs should plan to arrive a little before the event time to allow time to set up. The cost of each event is $20..
What is the cost for the showcase events?
The cost is $20 for each WAN member who RSVPs his/her attendance and $20 for each group of entrepreneurs that is selected to attend. Payments are made online on the Wharton Club of New York website. Note: there is no fee for submitting a business plan (see eligibility requirements at the end of this document).
I've been invited to a showcase event and have RSVPed. How come I was not given the location?
Prior to the meeting, we will confirm attendance with an email of the showcase location details. This is to help ensure that people who arrive are people who have been invited. All showcase events are by INVITATION ONLY, for only approved WAN members and invited entrepreneurs, and all attendee names will have to be provided, in advance, for inclusion on the after-hours security list for entrance into the building.
How many teams of entrepreneurs will be featured at each showcase event?
Typically, anywhere from 4 to 7 teams of entrepreneurs are invited to each event.
What is expected of entrepreneurs at the showcase events?
Entrepreneurs should come prepared to speak fluently and answer questions about their business plan with angel investors. Tables will be provided, but invited entrepreneurs should bring all of their own materials including presentation copies. You are welcome to bring any other appropriate things that you would like to show (e.g., product prototypes) or distribute (e.g., business cards), but please keep in mind that each team will be given the space of one table and that your materials must fit comfortably in that space. You should arrive before the event time to allow yourself time to set up.
What is the screening process for the showcase events?
While all business plans that fulfill eligibility requirements and accurately follow submission instructions will be emailed to the WAN membership, a subset of entrepreneurs who submit will be selected for the showcase events. We will select business plans with an eye toward representing a range of interest and based on a number of factors, including general interest of the WAN membership (e.g., industries of interest).
If I am an entrepreneur, what's the likelihood that my business plan will be selected for an upcoming showcase event?
Much of this depends on the number of business plans that we receive. Based on history, this is typically between the low to mid- two digits for each upcoming event. We will typically have anywhere from 4 to 7 teams of entrepreneurs at each event.
If I am an entrepreneur, when will I be notified that my business plan has been selected?
You will be notified a week to a few days before the upcoming showcase event. To that end, please HOLD the date and time on your calendar until then. The timing is as such because we want to allow entrepreneurs to submit up to about one week before each event (the specific event postings will specify the exact deadlines).
If I am an entrepreneur and was not selected to present at a showcase event, will I be notified or otherwise provided feedback?
First, bear in mind that if your business plan meets all the submission requirements, we will circulate your plan to all WAN investors, even if it was not selected for a showcase event. You will be notified via email if you are not selected for a showcase event and/or if your plan was circulated to the angel network. No other feedback will be provided. If you do not receive a confirmation email, that means your plan did not meet the submission requirements and was not circulated. We have found that the most common ways a business plan does not meet submission requirements is (1) a funding amount being sought that is beyond the WAN definition of angel funding or (2) an incomplete plan, in the form of informational holes about the management team, product, etc.
If I am an entrepreneur and was not selected to present at a showcase event, can I re-apply for the next showcase?
Yes, you are welcome to re-apply for future showcase events, but you must resubmit your plan prior to the next showcase event. Your plan will not automatically be considered for upcoming showcase events.
Please email WAN@whartonny.com
FOR PROSPECTIVE WAN ANGEL MEMBERS
Who is eligible to apply to become a WAN member?
You must be an accredited investor, a member in good standing with the Wharton Club of New York, and you must be interested in investing in angel-stage companies.
How do I apply?
If you are a Wharton alumnus interested in participating in the WAN as an investor, you must meet the aforementioned eligibility requirements. To apply please email WAN@whartonny.com
with subject "INVESTOR APPLICATION" and include your name and a statement confirming your membership in the WCNY. When your eligibility has been confirmed, we will send you a link to our application form.
FOR PROSPECTIVE ENTREPRENEURS
Who is eligible to submit business plans to the WAN?
All business plans submitted to the WAN must come from management teams that include a Wharton Alumnus or must be introduced (sponsored) by a Wharton alumnus. Alumni must be members in good standing of the WCNY. The name of the sponsor and any intermediaries must be disclosed to be considered. Membership in the WCNY will be verified.
Since the WAN is a network of angel investors, businesses must be seeking angel funding to qualify. Generally speaking, an angel round is one that precedes institutional financing and often occurs as a company's first round or following a “friends and family” round of financing. Angel funding is typically raised at the pre-revenue stage or in a company's first stages of revenue. We will consider these characteristics as part of the review process. (For entrepreneurs who are seeking VC funding and/or have already raised institutional funding, we recommend contacting the Wharton Investor Network (WIN).
Note that your plan must be a plan for an actual business rather than other types of ventures. For example, invitations to join a financial services membership group, promo materials for a service, etc. are not acceptable and will not be distributed.
How do I submit a business plan?
Interested entrepreneurs meeting the aforementioned eligibility requirements should email WAN@whartonny.com
with subject "BUSINESS PLAN SUBMISSION" and include your company name, ONE paragraph description, and WCNY sponsor in the body of the email. When your eligibility has been confirmed, we will send you a link to our submission form.
WAN upcoming event(s)
WCNY: Wharton Angel Network (WAN) Showcase Event
December 15, 2010
(Location: TBD)
*Must be invited to attend*
Looking for Angel Investment Opportunities?
Please apply to become an investor member.