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Overview

From a purely legal standpoint, an “angel investor” (or “business angel investor”) is a “high net worth individual,” usually an accredited investor (as the term is defined in Regulation D under the Securities Act of 1933 or SEC Rule 501) who invests his or her own funds in private companies, typically at the seed and early stages. To most companies, though, angel investors are much more: they often bring expertise or affinity for that company’s product, market or management team, in addition to taking additional financial risks. Many serve as active advisors or mentors for entrepreneurs, provide additional relationships to aid the business’ growth, and supply industry and entrepreneurial experience.

Broadly defined, angel investors fall into four categories:

Guardian Angels, who bring both entrepreneurial and industry expertise.
Entrepreneur Angels, who have experience starting companies but come from different sectors.
Operational Angels, who bring industry experience and expertise, but from large, established companies, and lack first-hand experience with the travails of a startup.
Financial Angels, who typically invest purely for the financial return.

A2A Member Characteristics

Angel Members will be referred by the Board, Advisors, Members and Participating Organizations.
Angel Membership is by referral only.
Angel Members must be “accredited investors”, experienced, and possessing a high potential for investment in seed/early stage companies.
Angel Membership will reach across local, regional and national boundaries. The affinity will be a desire to invest in seed/early stage companies of interest to the Ann Arbor Angels organization. An example of a far-reaching affinity group is University of Michigan Alumni.

Due to the unique attributes of the Ann Arbor business community and the broad reach of the Ann Arbor Angels mission, all four categories of angel investor are represented in the Ann Arbor Angels organization. Functionally, member angels will loosely fall into four segments of involvement; Board of Directors, Advisory Council (collectively The Advisory Group), active members, and passive members.

The Board and Advisory Council have been established and represent the public face of the organization. The Board is the governing body of the organization and is made up of some of the state’s most experienced and distinguished angel investors and successful technology entrepreneurs. The Advisory Council is a cross-sector, cross-discipline, growing group of experienced individuals committed to the success of A2A. Advisory Group activates will include participation in such areas as deal flow, screening, membership development, due diligence, collaboration, meetings and investment.