Ellen Edelman Weber is the Executive Director of Robin Hood Ventures, an angel investment group. Ellen is also Managing Director of Antiphony, a strategic consulting firm. Ellen spent 12 years at Shared Medical Systems where she was responsible for initiatives encompassing organizational development, customer support & corporate communications. She also has served as a senior consultant for Andersen Consulting. Ellen graduated from The Wharton School with a B.S. in economics.
We have never regretted not completing a deal with an entrepreneur who wasn't listening.
You have to do enough market research... a very quick way of determining is there truly a market for this idea that I have--is there a need?
If it's a company that can grow organically and doesn't require giving up some equity in exchange for cash, it's all to the good.
One of the ways of making sure that your application doesn't get looked at is to say you have no competition. That's never the answer that you want to use.
Always present new information, as long as there is new information that is useful, you're not annoying.
It is really crucial that you do get your application in on this site because that's the only way we can disseminate the information to our group.
The concepts that we find that really don't work are the ones where someone has come up with a solution and hasn't really looked at the pain point.
Find some people that you like and trust, that have experience who can help you and guide you.
We don't want to be dumb money, we really do want to provide guidance and support and help.
First you want to look at the chemistry. Is this angel someone that I want to spend the next two or three years with?
In your board in general, it's very important to have people that understand your industry and who can supplement and compliment the things you don't know.
Sit with the board and the investors and figure out what the ground rules are going to be for communication: how often are we going to meet, what topics are we going to cover, what kinds of reporting are you looking for, and follow up on that.
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