The Application Process

 

Web Application

Entrepreneurs will submit their applications through Gust.com . This process includes filling out an application with an overview of your company, including a summary of your financials. You'll also upload an investor PowerPoint presentation, business plan and any other supporting documents. Our associate will review your documents and will contact you with feedback as well as notice to whether or not your company has been passed to our screening committee.

WSA respects your time and effort in what is a thorough application process. Neither application nor review is a guarantee of funding. Please ensure you have also read our detailed Investment Criteria page before applying for funding.

Initial Review

WSA staff and industry-specific investor panels perform an initial screening of the application to ensure it is within our scope of interest. If you pass the initial review stage, you will be invited to present at a pre-screening. The screening committee consists of angels who will score your company and associate interns will again contact you with feedback as well as notice to whether or not your company will get the opportunity to fast pitch.

Pre-screening Fast Pitch

Pre-screening fast pitch will occur roughly three to four weeks before each of our angel events. Each panel's prescreening process varies, but the general concept is that entrepreneurs will get a small allotted time to present their businesses to the committee. Members will score each presentation based on their interest and likability of the business. The highest scored start-ups will be invited back for the investor meeting. A member of the screening committee will contact you with feedback as well as notice if you will be presenting at our quarterly angel event.

Initial Due Diligence

An initial due diligence team is formed consisting of associates and angels. A deal lead will step forward to coordinate the due diligence activities. Due diligence consists of verifying representations by the entrepreneur, speaking with customers, reviewing agreements and patents (if any), checking references, backgrounds, etc. The results of the due diligence process are posted on the WSA website (in the members-only section), and if the results are positive, the venture moves forward to the angel investor meeting.

Angel Investor Meeting

Typically four companies present at an investor meeting. This consists of 15 minutes of PowerPoint presentation and 15 minutes of questions and answers. After the presentations are over, WSA members discuss whether there is enough interest to move forward into a deeper round of due diligence and funding. Presentations are usually videotaped so that members who are not present can participate later online on our member-only secure website. The goal of an investor meeting is to get significant interest from WSA members and attract a "deal lead", who will coordinate deeper due diligence and be your point of contact throughout the diligence and funding process.

Deep Diligence and Funding

Funding occurs after there has been enough interest generated through the angel investor meeting and internal communication from the entrepreneur and deal lead. Members invest in deals individually; however, everyone invests based upon the same term sheet. Thus, only a small percentage of members need to participate for the venture to secure funding.