Innovation Bay’s first Angel Dinner in Perth is happening on the 21st May, and applications to pitch close on the 6th May.
Derek Gerrard, organiser of the program in Perth, gave us some more details on the format:
Each pitcher needs to submit a video when they apply for the event. Pitch videos will be voted on by investor members, and the three pitches with the highest votes get to pitch on the night.
There are no restrictions on stage, business model or sectory, all are welcome, but there needs to be a software component to the solution. However, unless the idea is really compelling some traction would be important, this is more about accessing angel capital for early growth than pure blue-sky funding of an idea.
Pitch coaching will be provided by Sam Birmingham of Pollenizer (and SWPerth). Each pitch will be 15 minutes, typically split into 7-8 minutes for the pitch and then 7-8 for questions. The format is a standard pitch for investment, slide decks and/or product demos are welcome, one or two people can present (if it’s more than that then we need to know because we’re providing dinner at $159 a seat!). As for the pitch itself, personally speaking I always like to understand defensibility strategy – often missed. Also really know your numbers – revenue to date, profitability, cost of acquisition etc, and have those numbers to hand and up front. Actual data from customers always beats speculative guesses about growth.
There’s lots of opportunity over dinner for further conversations and we encourage entrepreneurs to get around the room and introduce themselves during the event, don’t just rely on the pitch. Given that this is the first event in Perth, we’re unsure about absolute numbers of angels, but we’re hoping for around forty. In our last event (which wasn’t even about pitches) it looks like a deal was done (roughly $200k) which we’re really happy about. We are also introducing (through the GoCap network) many new investors to tech so we’re reasonably confident there will be enough people in the room to get a deal done. The events in Sydney have seen over $12m of cheques written in last few years as a direct outcome of these dinners – so we really want to see a similar outcome in Perth and we’re optimistic about making it happen.