David Verrill, Boston's Hub Angels
Quick! Can you think up some fishing analogies for angel investing? David Verrill, founder of the Hub Angels Investment Group, can.
You can't go to the Hub Angels website and apply; so how do entrepreneurs get evaluated? They must network through one of the members, to come in through a trusted source. That's different! David says it acts as a great filter and reduces administrative effort looking at deals that aren't a good fit.
He's got a fund to work with so he can afford to be optimistic: "I really have a good feeling about this environment, there's a lot of opportunity out there. When markets have a way of becoming more efficient, that's usually good and if you're well positioned during one of those shake outs, I think you're gonna end up far better than you would if you were sitting on the side lines." Yet entrepreneurs need a big dose of reality...
Show #199 (47:19)
Comments
Frank, I just want to say thanks for your great leadership over the past two years. We've matured and improved in countless ways. And, if I were Chairman, this would certainly be the perfect time to pass the hat - I mean baton!
Posted by: Ken Deemer | November 21, 2008 08:05 AM
Amazed to see my old friend David Verrill on your show. David worked for me years back in the Corporate Relations unit at MIT. I knew he had been off to start Hub Angels, but have not seen him in a number of years. It's always amazing to see different parts of one's life be in connection.
Posted by: Tom Moebus | November 21, 2008 08:09 AM
Finally had enough uninterrupted quiet time to listen to your show... super! Thank you both for all you do for the ACA and the angel community. All the Best. Cheers,
Posted by: John Huston | November 23, 2008 09:45 AM
Thanks for another great educational show. Even though I am not likely to get through David Verrill's -referrals only- screening process, he had some advice that I should definitely follow.
I see now that I've been guilty of not spending enough time on the competitive market place, the ability to get to market, and the trigger points to the various exit options. Mr. Verrill stated that these are the most common mistakes.
I suppose there is a tendency for presenters to think that investors that have agreed to meet with them already keep themselves informed of the market conditions of their specific industry of interest. Presenters might not want to bore the audience with what they feel is common information, especially when given a time limit to present. They might have the attitude that when they speak to these successful investors that they are preaching to the choir.
I know that in my case, I mention the various exit options, but like Mr. Verrill said, I wasn't specific on how to work toward each option or specific on the market forces that affect each option. I took it for granted that people willing to invest in my industry already have that knowledge. But now, thanks to your show, I am working on correcting that part of my presentation.
It was also great to hear Mr. Verrill say his members are not running for the hills and are showing up in record numbers.
Posted by: Matthew Artero | November 26, 2008 04:35 PM