When is your startup ready for Angel Challenge?
- "Long before most startups thinks"
Many startups are uncertain if they are ready, or "good enough" to apply for one of the Angel Challenge programs. It is easy to think that you need to "just get a little better" before you talk to investors. But that is a great mistake.
You are ready as soon as you start thinking about growing your business with investors.
If you belive that you should have, or need, investors in your startup. You should start talking to investors from day one. They will help you and guide you to take the right choices towards attracting investors when you are ready.
Angel Investors wants to help you
Angel Investors are here because they want to be "angels". Meaning they want to help startups to succeed as early and fast as possible. They also want you to approach them early, so that they can help you on the right course, even if they are not investing yet.
Attracting investors is not a "one time activity"
Attracting investors happens all the time, and you should be working towards investors from the start. Investors like to know you for some time before they invest. So if you start talking to them when you need money, it might be to late.
Angel Challenge is designed to help you learn, not just get money
Yes, there is a winner in Angel Challenge that receives the final investment, but there are also 20 other startups that get to meet investors and take part in learning how to think like an investors.
Therefor, if you get the chance to join an Angel Challenge, take the chance and learn as much as you can.
You are allowed to quit Angel Challenge after you have mett the first 20 investors.
Angel Challenge programs are splitt in two Stages. Stage 1 is for 20 startups, created purely for you to learn and get feedback. You get to pitch the 20 investors, get honest feedback and mentoring, and a chance to learn from great talks and speakers. The investors might also invite you to join the rest of the program, but you can then decide to say no if you dont feel ready.
You can join many programs in the future.
Many startups have applied to several programs before attracting investors. Even if you are not ready, the learning and network you get from joining a program is very valuable.