Ever wanted to hear how angels think of the terms they offer and the returns they expect? And what will happen if the outcome is less than a complete success? That's what Angel Capital Association Chairman John Huston shares.

Today, it's a working session. Download John's 10 Exits, Generic Term Sheet and Term Sheet Checklist then follow along with his candid commentary on setting expectations. Besides being Chairman of Angel Capital Association, he's developed these documents for the deals he does at Ohio TechAngels.

Show #231 (45:58) Listen

Events: the Tech Coast Angels host Fast Pitch at UC Irvine, June 9th.

Couldn't make it to Stanford this week for the EBAN tour? Join us for this session when the European Business Angel Network's tour of Silicon Valley meets up with Garage Technology Ventures' Bill Reichert. EBAN Managing Director Claire Munck has teamed up with Stanford's Burton Lee to create a whirlwind tour of the university and the local angel and venture capital highlights. This morning it was Bill's turn to present.

Listen for his comments about breaking even, "which almost never happens, versus controlling your own destiny". With a little prompting from the audience he shares his ideas on "patterns of failure" as it relates to investing in early stage startups.

Show #230 (1:12:08) Listen

Do west coast angels pay more?

Are New Yorkers more financially conservative?

The rivalry on the coasts will go on, but one thing is certain, the New York Angels are paying less when they're investing in early stage deals right now. "The valuations sound outrageous to anyone raising funds three or four years ago."

David's the founder of the New York Angels, Angelsoft and The Incubator at RTV. Is anyone doing more to promote angel investing and entrepreneurship?

Show #229 (37:58) Listen

It's Fast Pitch season!
Jump on the Inland Empire's event May 14th at the Hilton Ontario Airport. Then in Orange County at UC Irvine on June 9th.

"CAPCO's are the most insidious, complex effort to raid city and state treasuries in the name of venture capital." I didn't know what a CAPCO was until I met with Bill Payne in Las Vegas last month. Over breakfast he described the work George Lipper has done over the years to expose these scams.

George has left NASVF in protest over the organization allowing CAPCOs as members, "it'll be a few years and they'll be running the organization". So he's built a new website to continue his crusade, LipperCurrent.com.

Besides scams we talk about Seed funds. Is it a good time to start a new Seed fund? "Only if you can be very patient."

Show #228 (44:59) Listen

Events
Register for UCLA's upcoming 2009 Entrepreneurs Conference on May 8th. Use discount code: MP_TFPS

It's Fast Pitch season! Jump on the Inland Empire's event May 14th at the Hilton Ontario Airport. Then in Orange County at UC Irvine on June 9th.

Frank, here are a few of the more significant stories from the database about CAPCOs.
First here's the recently released audit from DC

With sharing CAPCO information, it's hard to know where to start. I have more than 200 studies and stories in a database, dating back more than 6 years. And in addition, of course, we have lots of documents we've used to help people understand the program. I'll start by offering you some of the links to stories in the database related to various state interactions with CAPCO programs. Even the best have been questionable.

Missouri State Auditor's Report
Chapter from Daniel Sandler's book on VC and Tax Incentives
Fifth Annual Report of the New York CAPCO program
Fourth Annual Report of the New York CAPCO program
Third Annual Report of the New York CAPCO program
Governing Magazine Article
Colorado Office of Econ Dev responds to Adam's "study" on CAPCO effectiveness
Colorado Audit of CAPCO program
Milwaukee Journal story on pending CAPCO legislation
Denver Post story on Audit of Colorado CAPCO
Palm Beach Post story on Florida CAPCO (among my favorites)
Rhode Island story on considering CAPCO and
Julia Rubin public radio interview
Understanding CAPCO booklet
And even the critical Louisiana audit, where it started

In case you haven't seen it, here is the DC auditor's report issued 3 weeks ago. And the story about it posted in the DC Examiner News