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Angel Investor Group Profile
Cherrystone Angel Group
Founded in 2004, the Cherrystone Angel Group supports promising early-stage companies in Rhode Island, Massachusetts, and Connecticut by providing seed equity investment and professional mentoring to help them achieve the initial milestones of their enterprises. The group is a network of accredited investors, ace entrepreneurs, senior executives, and business leaders armed with competent experience in business. The Cherrystone Angel Group aims to create jobs and business opportunities to foster Rhode Island's economic growth by investing in profitable business ventures. In line with this, the network is looking for companies with huge market potential and sustainable business growth in no particular industry as long as they can provide significant financial returns. At present, the group manages its operations in Providence.

Aside from providing equity investment, the network members guide its potential start-ups in coming up with strong marketing strategies to increase sales and revenues. Investors offer coaching sessions and counseling to help their portfolio companies in attracting subsequent funding from other angel groups, venture capital firms, and financial institutions.

Initially, potential start-ups are asked to complete the survey form available on the group's website and attach a one-page executive summary of their proposal. Applicants are expected to read the funding criteria first before application. The Screening Committee reviews the qualifications of each proposal and decides if the business idea has a potential or otherwise. Accordingly, necessary documents such as market and consumer study, feasibility plans, and supporting data are submitted as the Committee arranges an interview with the entrepreneur. Proposals that gain significant interest will then be asked to formally present in Cherrystone's regular dinner meeting. Entrepreneurs are given 15-20 minutes to present everything about their proposals and afterward, members provide constructive feedback and suggestions. Consequently, members privately discuss the potential of the companies that presented. The due diligence process shall proceed based on agreement. After meeting all the requirements, the deal is finally closed.

The network members are directly involved in the selection process, due diligence and

deal closures. Over the years, the group continues to support the development of its portfolio companies, providing expert advice from time to time, and assists in follow-on funding and deal sourcing. As members understand the highly-illiquid nature of start-up companies, they also expect a huge return on their investments within a specific period.

The Cherrystone Angel Group is a member of the Angel Capital Association (ACA), a professional alliance of angel organizations in North America that promotes shared interests, resources, and networks to support various business communities in the region.

Cherrystone Angel Group Website

As Rhode Island's premier angel investment organization, the Cherrystone Angel Group has numerous opportunities to offer. The group manages its website exceptionally; its articles are well-written and substantial, sufficient enough to encourage investment application from aspiring entrepreneurs.

The Home page provides an overview of the group's history, goals, and track record. Potential start-ups are guided by a clear set of guidelines regarding the investment process, funding criteria, and specific requirements. In relation, a detailed discussion of the Cherrystone Process gives an idea on how efficient the group is in determining its investments.

Undoubtedly the most impressive about the site is its pool of resources. The page includes quick links to business articles and start-up-related information that entrepreneurs will find useful in their own ventures. In addition, the group recommends business books and journals for further reading. The page also includes tips on how to write a winning business plan.

For feedback, suggestions, and business-related inquiries, the group's contact information is listed on the site as well.

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Angel Investor Group Profile

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Grand Angels : Holland, Michigan
Granite State Angels : Bristol, New Hampshire
Great Lakes Angels : Bloomfield Hills, Michigan
Hawaii Angels : Honolulu, Hawaii
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Mid-Atlantic Angel Group Fund I, LP (MAG) : Philadelphia, Pennsylvania
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