BioAngels, Angel Investor Group in Lake Bluff, Illinois

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BioAngels, a non-profit corporation of accredited investors, aims to assist early-stage companies in the Midwest (Illinois, Iowa, Indiana, North and South Dakota, Wisconsin, Missouri, Minnesota, Nebraska, Ohio, Michigan, and Kansas) through seed investment and by helping them in follow-on funding. The group is primarily focused on life science industries that include biotechnology, medical devices, health care, pharmaceuticals, software applications, and medical research. In addition, BioAngels is looking for companies with promising growth and wide market potential in providing products and services to diverse consumers in the region.

Members of BioAngels include industry professionals, scientists, physicians, private investors, venture capitalists, senior executives, and experienced entrepreneurs whose expertise on life sciences helps support start-up companies through guidance and mentoring. BioAngels provides a forum where these professionals meet future business tycoons to help them in realizing their vision and potential. Members gain opportunities from an organization with shared interests, goals, and business mission. As of the moment, BioAngels is opening its doors to prospective individuals -- not business groups and entities -- who are accredited investors based on the SEC guidelines. An annual membership fee of $250 is paid by members as well as $100 for every dinner assembly.

As in most angel groups, members are responsible in reviewing submitted executive summaries and business plans and decide whether they qualify for seed investment based on the criteria set by BioAngels. Dinner meetings are held every two months to screen two or three potential investment companies through business presentations. During these meetings, members also discuss the status of the group as well as distribution alternatives, investing terms, and issues related to their portfolio companies.

On the other hand, early-stage companies seeking for investment should have an exceptional advantage against their competitors. Proprietary technology, patent, and a strong management team are requirements set forth by the group. In addition, prospective candidates should be looking for assistance from other angel groups and investors. Executive summaries are submitted online through the BioAngels website. In the event that a company is shortlisted to present in a dinner meeting, the entrepreneur is asked to pay a $295 fee to administer the committee that will manage the preparation for the presentation. Entrepreneurs discuss in detail their business proposals and members provide feedback and suggestions regarding the idea, market, and qualifications.

Nevertheless, BioAngels is neither a pooled investment fund nor a group that represents its investors and companies. Investments are done individually and each member conducts the due diligence process and negotiates with companies at his own risk. Furthermore, BioAngels does not guarantee the decisions made by its members and is not responsible for their undertakings with regard to early-stage companies that passed the investment criteria. Aside from membership dues, the operations of BioAngels are fully supported by sponsorships, dinner meeting charges, and presenting fees.

BioAngels Website

For life science entrepreneurs, the BioAngels website is an excellent source of information regarding angel investment and industry basics. The group presents a clear and concise overview of BioAngels' goals, history, and requirements. Entrepreneurs seeking for seed capital are provided with guidelines and criteria before their business plans get considered. The investment process and details with regard to dinner meetings and fees are also stated. In addition, a set of frequently-asked questions acts as a good reference tool to aid potential investees.

For accredited investors who wish to be part of BioAngels, membership requirements and benefits are discussed in detail as well as their responsibilities to the organization. Profiles of BioAngels' Board of Directors, officers, committee heads, and sponsor groups are likewise provided. For feedback and general inquiries, the group's contact information is listed on the site.

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