Q: How long does the WSA investment process take?
This varies on a case-by-case basis. The time frame has been as short as 1 month, but the average is 2-3 months. WSA will perform thorough diligence on all of the companies we consider, as we only invest when we strongly believe a company will succeed and gain from our involvement. Whether the group ultimately invests in your company or not, this process is also to your benefit. You will have a chance to meet mentors and other investors who can become invaluable for your continued growth and success.
Q: What does the diligence timeline generally look like from application to investment?
Opportunities will be reviewed by the selection team 2-3 weeks before the next investor forum pitch meeting. If selected as a candidate, a telephone or virtual interview will be conducted 7-10 days before the pitch meeting. The selection team consists of WSA angel members. Companies with demonstrated member interest will then likely be invited to pitch live in front of the members of WSA. If members leave interested in the product/service and terms, WSA will then enter the final round of detailed diligence.
Q: If West Suburban Angels as a group passes on my company, can I still receive investment from individual angel members?
Yes. One of the biggest advantages of our process is that you will meet new angel investors. Members invest in deals individually; however, everyone invests based upon the same term sheet. Thus, only a small percentage of members need to participate for the venture to secure funding from WSA
Q: If denied, am I allowed to reapply in the future?
Yes. Many of the companies that are not funded upfront return to us when they have encouraging updates, have delivered on specific issues we had identified in the initial application, and are now in the next funding round.
Q: Will you sign our Non-Disclosure Agreement?
As with nearly all angel and venture capital groups, WSA does not sign Non-Disclosure Agreements (NDAs). WSA sees a high volume of ideas, and there may be some overlap between companies. If our group members were to sign NDAs, it would be impossible to keep track of the potential issues that could arise. In turn, we will never steal your idea or pass sensitive information along to other companies or outside individuals without your approval.