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1 presents THE ANGEL CONNECTION

2 THANK YOU SPONSORS Premier Partner

3 THANK YOU SPONSORS Premier Partner

4 THANK YOU SPONSORS Premier Partner

5 THANK YOU SPONSORS Site Partner

6 THANK YOU SPONSORS Association Partners

7 presents THE ANGEL CONNECTION

8 Catherine Mott CEO and Founder BlueTree Capital Group and BlueTree Allied Angels

9 ! " #

10 +, -!" #$ %% $&%%% ' () * *

11 ., / Classic VCs Seed Funds >50,000 Angels >200,000 Friends & Family 500,000 Startup Companies 0 100, , , , ,000

12 () (, ,2, +!30

13 Growth in North American Angel Organizations Sources: Center for Venture Research (pre 03 data) and Kauffman Foundation/ACEF (04-06 data)

14 2 &!"$"4 5 "%%6 "# $ %&' () '""*+,""" -"".! /"07 8 " $"&9 $"&%9 : 1%2*.

15 How much is being invested? (Data Source UNH) Angel Investments $25.6B in 2006 $21B in 2005 $22.5B in 2004 $18B in 2003 $15B in 2002 VC Investments $22B in 2006 $21.5B in 2005 $21.5B in 2004 $19.4B in 2003 $21.4B in 2002

16 + ;<- - " " " & "3&45. 2 ""/ " =.> &46""""$"" 4/ ) "

17 ;< Stage Pre-Seed Seed/Start- Up Early Later Source Founders, Friends and Family Individual Angels Funding Gap between $500,000 and $2,000,000/$5,000,000 Venture Funds, Banks Investment $25,000 to $100,000 $100,000 to $500,000 $2,000,000/$5,000,000 and up

18 ? 5 (A()2 5 AB 5 / A) 3>!!

19 Define the Group Structure Care & Feeding of an Angel Group Screening Due Diligence The Investment Process Community Building Group Management Monitor, Report & Advise Deal Structure Negotiation Capital Sources

20 + = 3 (-. ( / * 3 > A 5 /5 >.,..>.!

21 + = 3 (- C. # 7.8' *.> : 3 : / > > # D' 3> 5

22 E? 5 2, 5.> /! = 0

23 , 35 / 3 "%%F 35 G6 35 F 35 4F%%, &% ;< H

24 Members and Affiliates April, 2008 Full Members Provisional Members Affiliates

25 2007 Group Investment Data Average Median Number of Investments Total dollars invested $1.94 mil $1.1 mil Dollars invested per round $265,926 Number of new companies % increase in average investment per round from % had follow-on or co-investments with venture capital firms 25% had distributions to investors Source: 2008 ACA Angel Group Confidence Survey

26 Average Size Investment Per Round < $150,000 $150,000 - $250,000 $250,000 - $500,000 $500,000 - $750,000 > $750, Source: 2008 ACA Angel Group Confidence Survey Percent of Groups

27 Investment Preference Biotechnology Business Products/ Services Computers & Peripherals Consumer Products/ Services Electronics/ Instrumentation Financial Services Healthcare Services Industrial/ Energy IT Services Media & Entertainment Medical Devices & Equipment Networking & Equipment Other Retail/ Distribution Semiconductors Software Telecommunications Source: 2008 ACA Angel Group Confidence Survey Percent of Groups

28 Preferred Investment/Company Stage Percent of Groups Seed/Startup Early Stage Expansion Later Stage Source: 2008 ACA Angel Group Confidence Survey

29 Geography Where do Groups Invest? 2-hour drive 4-hour drive State/ province Region No restrictions Percent of Groups Source: 2008 ACA Angel Group Confidence Survey

30 2008 Prediction: Overall Investment Activity Deals and dollars increase Everything is same Deals increase, dollars decrease Deals decrease, dollars increase Deals and dollars decrease Other Source: 2008 ACA Angel Group Confidence Survey Percent of Groups

31 Percent of Groups 2008 Prediction: How Many New Companies Will You Invest In? None 1 to 2 3 to 5 6 to Companies Source: 2008 ACA Angel Group Confidence Survey

32 2008 Prediction: How Will Conditions for Liquidity Change? Decrease significantlly Decrease slightly No change Strengthen slightly Strengthen signficantly Source: 2008 ACA Angel Group Confidence Survey Percent of Groups

33 Co-Investment/ Follow-On Preferences Individual angels Other angel groups Early-stage VC Later-stage VC Family offices Other private equity No co-investment Source: 2008 ACA Angel Group Confidence Survey Percent of Groups

34 Investors Per Group Average = 55 Median = to to to to to Percent of Groups Source: 2008 ACA Confidence Survey

35 Organization Types Groups For Profit 48% (54 groups) Non Profit 35% (39 groups) No Structure 17% (20 groups) 0 LLC LP C-Corp 501c3 501c4 501c6 Non-Profit None Source: 2007 ACA Conf survey and membership applications 113 groups reporting ( )

36 Trends Among ACA Member Groups University-connected angel groups Green/ clean-tech focus Women angel groups Co-investment regions, US, cross-border Communication with angels world-wide Growing relationships with VCs

37 New Activities and Member Benefits Public policy committee education/ policy leadership Regional/ collaboration committee networking and coinvestment support Directors and Officers insurance program Chubb Insurance/AH&T Updated membership directory, searchable on-line Partnership with National Venture Capital Association Research Returns of Angels in Angel Groups Investment data partnership Dow Jones VentureOne

38 Best Practice Guidance Papers Board Governance Negotiating Deal Terms VC Angel Group Relationships State Angel Tax Credit Programs Due Diligence Practices Sourcing Best Deals Practices

39 Angel Group Financial Performance Research Angel Capital Education Foundation, paid by Kauffman Foundation Rob Wiltbank (Willamette University) and Warren Boeker (University of Washington) First opportunity to understand the ROI of angels connected to angel groups and drivers behind returns Released November, 2007 Responses: 538 angels (accredited investors) 3,097 investments 1,137 exits and closures

40 Profile of Angels - Median Years investing 9 Number of investments 10 Total exits/ closures 2 Years as entrepreneur 14.5 Number ventures founded 2.7 Age 57 Percent of wealth in angel investing 10% Education Masters degree

41 Group-Affiliated Angel Investments Heavily Concentrated in EARLY investments 34% seed stage, 39% startup, 18% early growth 45% had no revenues when the initial investment was made Invested Returned Dollars per deal: $50K $40K median $191K $486K mean

42 Distribution of Returns by Venture Investment 60 3 yr Percent of Total Exits % - 0X 3.3 yr Overall Multiple: 2.6X Avg Holding Period: 3.5 years Average IRR: 27% yr 4.9 yr 6 yr < 1X 1X to 5X 5X to 10X 10X to 30X > 30X Exit Multiples

43 The Impact of Time in Due Diligence 70 Median: 20 hours 26% involved over 40 hours Percent of Exits Overall Multiple for High Diligence 5.9X (4.1years) Overall Multiple for Low Diligence 1.1X (3.4 years) < 1X 1X to 5X 5X to 10X 10X to 30X > 30X Exit Multiples Low Diligence High Diligence

44 Relationship to Industry Expertise 50% of deals were not related. When related, they typically had 14 years of experience High 3.7X (4.0 years) Low 1.3X (3.6 years) Percent of Exits < 1X 1X to 5X 5X to 10X 10X to 30X > 30X Exit Multiples Low Industry Expertise High Industry Expertise

45 Impact of Participation Mentoring, Board, Financial Monitoring High = 1 or 2 times per month Low = 1 or 2 times per year High 3.7X (4.0 years) Low 1.3X (3.6 years) 40 Percent of Exits < 1X 1X to 5X 5X to 10X 10X to 30X > 30X Exit Multiples Low Participation High Participation

46 Relationship with Follow On Investment (Same Angel) % of deals had follow on investments No 3.6X (3.3 years) Yes 1.4X (3.9 years) Percent of Exits < 1X 1X to 5X 5X to 10X 10X to 30X > 30X Exit Multiples Follow-On Yes Follow-On No

47 Venture Capital Involvement % of deals took on VC investment at some point 50 Percent of Exits < 1X 1X to 5X 5X to 10X 10X to 30X > 30X Exit Multiples VC No VC

48 Thoughts and Questions? We ll continue developing new programs for angel groups through: ACA Annual Members Meeting at Summit Regional meetings Surveys Open to ongoing suggestions

49 For more Info - Executive Director Marianne Hudson Angel Capital Association 8527 Bluejacket St Lenexa, KS mhudson@angelcapitalassociation.org

50 presents THE ANGEL CONNECTION

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