Step 1. Candidate companies will submit their business plans to the group office or by the group website. Submitting companies will have their funding application and Executive Summary posted to a secured area of the Gust (formerly called AngelSoft) Web Site viewable only by BAN members.
Depending on the evaluation of the submission, companies have several possibilities at this point:
- Referral to a BAN Advisor(s) for continued advice and monitoring, and/or
- Co-Founder introductions in order to help round out the management team, and/or
- Continuation into review for group funding.
Step 2. Business Plan Screening Meeting - Business plans and materials will be reviewed at the Quarterly Screening meeting made up of the board and members. Some companies may be contacted by a member to provide additional details. The selected candidates will be assigned a mentor who will notify the selected candidates and alternates of their selection and inform them of presentation requirements for the next step.
Step 3. Company Presentation Meeting - Companies that pass initial business plan screening will work with their mentor to develop handout materials for a 15-20 minute summary PowerPoint type presentation for presentation to the group along with 1-2 other candidates at a general meeting of the membership. Additional questions and discussion of your company will also be included in this meeting.
**Some companies/deals syndicated from other ACA groups also may present at Presentation Meetings in lieu of another BAN prospect
Step 4. Following the Company presentation and Q&A session, the members will be asked for a volunteer to lead a due diligence group. If there is a volunteer from the membership, that member will be assigned to assemble a team and lead the due diligence process. Candidate plans not selected by the team will be open to the group for individual review and members will be free to contact those candidates directly.
Step 5. Due Diligence Process - Due diligence will include general review and verification of company claims and discussion regarding deal structure and terms.
Step 6. Kick Off - After due diligence is completed, if the due diligence group decides that presentation to the general group is still warranted, a dedicated kickoff meeting will be scheduled. At the kickoff meeting the due diligence team will present the results to the group and the company will be asked to present a more expanded view with Q&A for about 90 mins. which will kick off the begining of the subscription period.
Step 7. Follow Up - Companies that have been through the BAN process are asked to provide regular status updates on the activities of the company.