John O. Huston, Founder & Manager of the Ohio TechAngel Funds – John launched his angel group in 2004 after retiring from a 30 year banking career. Currently investing out of their third fund, the Ohio TechAngels focus solely on Ohio-based technology start-ups. At 282 members it is one of the largest groups in North America. John has previously served as the Chairman of the Angel Capital Association & the Angel Resource Institute.
The more an entrepreneur has erred in the past--on somebody else's money--the more likely it is that maybe this time they'll be successful.
Frequently entrepreneurs, during due diligence, they go down the drain because they show urgency, they show that they're desperate. . .
If I think back over the greatest ideas I've seen that have gone splat and have never really gone to market, it's because they fumbled the funding plan.
We've never seen a company come to us with all of the boxes on the chart filled in and, if they were that mature, we probably wouldn't fund it.
You've got to be able to address the only three factors that impact my return as an angel investor, or frankly any investor.
The most successful entrepreneurs we've invested in, as soon as they have our money, are planning on how they're going to get more of it.
Entrepreneurs need to be totally focused on what we call 'months to fumes.
This is not, over the next 3-5 years, the time to be father of the year or husband of the year. This is total immersion.
If you just follow the approach of 'we want only angels to be in control of our destiny' then you might as well admit you'll never touch a medical device.
The entrepreneurs who have impressed us most . . . are those who are pretty adept at convincing us they've got a lot of other options, and they're not just waiting for us.
The one commonality of the successful exits we've had is simply this: the team, led by the CEO was successful in convincing our due diligence team that they would be profoundly, personally embarrassed if they couldn't give us our money back with a nice multiple in 5 years.
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