Often, whether a new venture is funded or not by an Angel Investor will depend on several key factors:
1. The Entrepreneur(s)/The Management Team Seeking Funding - Most of the time, investors are most concerned with how likely the business founder (or team) is to be capable of create a successful venture. They ask, "What success and experience do you have in new ventures?" Often, investors will bet on the jockey (that's you, the entrepreneur, in this case) - and not on the horse (the idea or business concept).
If you don't have a great deal of experience with new ventures, it might make sense to find someone who does. Then perhaps get his or her help. You could consider adding that person as a consultant, an advisor on your advisory board, a member of the management team or an independent contractor.
2. Connections - Frequently, Angel Investors are introduced to the entrepreneur by a mutual acquaintance (an attorney, an accountant, another business professional, another Angel Investor).
You may wish to visit with the mentors and business consultants at SCORE in downtown Chicago (which is perhaps the closest location for you):
Chicago SCORE
500 W. Madison Street Suite 1150, Citigroup Center
Chicago, IL 60661
Phone: (312) 353-7724
http://chicago.score.org/
If downtown isn't the most convenient, there are numerous offices throughout Chicagoland. Check the website for a location near you.
SCORE mentors deliver FREE, confidential, valuable advice for your business needs. Whether you are a start-up or an existing business, SCORE mentors will help you reach customers and achieve your goals.
Also, you may want to try SCORE's free email mentor advisory services:
http://www.score.org/mentors
Thousands of seasoned professionals across the country are standing by, with specific experience in specific areas of business, including startup funding.
3. Persistence - Stick with it. The process of seeking investment dollars can often take months - or longer. Stay focused. Keep making calls, send out emails, visit websites, seeking people who might be able to influence prospective Angel Investors.
Don't forget to speak with your own address/contact list of people you already know. Get their input, ideas and assistance.
Cordially,
John Walden
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