HBS ANGEL ADVANCED INVESTING BOOTCAMP
FALL 2023
Tuesday & Wednesday, October 10th & 11th, 2023
12:00 - 5:00pm ET | 9:00am - 2:00pm PT
AGENDA
DAY 1 - OCTOBER 10
12:00pm ET Opening Remarks
ANGEL INVESTING ECOSYSTEM & CURRENT BUSINESS CLIMATE
12:10pm ET Angel Investing Landscape
12:40pm ET Angel Investing in the Current Business Climate
1:00pm ET FAST BLAST - Sources of Deal Flow
IT’S ALL ABOUT THE DEAL TERMS: GETTING THE TERMS RIGHT
1:10pm ET Term Sheet Walk-Through: Equity
2:25pm ET Speed Networking/Break: DEAL FLOW
2:40pm ET Term Sheet Walk-Through: SAFE
3:20pm ET FAST BLAST - Screening Committees
3:30pm ET Speed Networking/Break: SCREENING COMMITTEES
3:45pm ET Term Sheet Walk-Through: Convertible Notes
4:45pm ET Exercise for Next Day
5:00pm ET END DAY 1
DAY 2 - OCTOBER 11
12:00pm ET Opening remarks
IT’S ALL ABOUT THE DEAL TERMS: HOW TERMS IMPACT THE CAP TABLE
12:10pm ET Cap Table Discussion
1:15pm ET Speed Networking/Break: INITIAL COMPANY ASSESSMENTS
POST-INVESTMENT RIGHTS, OBLIGATIONS & LIABILITIES
1:30pm ET Company Health: Warning Signs, Failures, and Tax Consequences
2:30pm ET Advisors, Boards, Liabilities
3:00pm ET Speed Networking/Break: RED FLAGS AND INSIGHTS
FOLLOW-ON INVESTMENT AND EXITS
3:15pm ET Conversion and Dilution
4:15pm ET Exits
4:45pm ET Insights and Wrap-up
5:00pm ET END DAY 2
Learn from experienced Angel investors across the US! The Advanced Bootcamp dives deeper into topics that angel investors must understand to build a portfolio with high-profit potential. This fast-paced program will equip you with the tools and insights you need to feel confident as an angel investor. It will also help you understand that you have a wide network of fellow angels to learn from, and with whom you can share your insights and experiences — and that it is awesome being a part of the HBS Angel community.
The HBS Angel Advanced Investing Bootcamp will cover:
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Angel Investing in Current Business Climate
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Deal Flow, Screening & Initial Company Assessment
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Due Diligence, Deal Terms & Structure
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Post-Investment Rights, Obligations & Liabilities
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Follow-on Investments and Exits
We will start the Bootcamp with an up-to-date brief on how the current business climate is impacting angel investing. Then over the course of two days, you will learn how to source and screen companies as an individual and as part of a screening committee. You will learn about cap tables and how various forms of investment appear on the cap table, along with impact and implication of dilution arising from conversions and follow-on investments. We will walk-through investment terms and look at example term sheets for equity, convertible notes, and SAFEs. We will also discuss SPVs and RUVs. We will consider what information may be available to you after you have invested in a company and how to tell if a company is meeting its milestones, using funds raised effectively, and if they are on the right trajectory for a subsequent fundraising round. We will also consider what the red flags and warning signs are if a company starts to go off track, if there is any action you can take, and your possible tax implications if a company fails. We will also address exiting an investment, whether you should cash out ahead of time, and whether you should allow a founder to cash out early. As with all of our HBS Angel Bootcamps, there will be opportunities to network with fellow angel investors during speed networking breaks and end-of-day cocktail networking.
2023 BOOTCAMP PRESENTERS
CONFIRMED SPEAKERS INCLUDE:
Sameera Bazaz leads the Harvard Business School Alumni Angels Association’s Washington DC Chapter. She is currently Chief Operating Officer of the Hot Mommas Project, an award-winning women’s leadership venture that created and houses the world’s largest database of business case studies featuring women protagonists, role models and mentors. Sameera co-teaches Women’s Entrepreneurial Leadership at the George Washington University School of Business and is a judge for the School’s New Venture Competition. Earlier, Sameera was Vice President and Senior Consultant at Vision Forward LLC, an early entrant into the flex work and independent consulting model, where she led process and operations consulting. Prior to VisionForward Sameera was Senior Account Manager and Vertical Lead at FreeMarkets Inc (acquired by Ariba and then SAP), the first online business to business strategic sourcing auction tool. Sameera began her career in corporate taxation and litigation support at Price Waterhouse in Sydney, Australia. Sameera earned a B.Econ. (Economics and Accounting) and LLB (JD) from the University of Sydney and an MBA from Harvard.
Tom Cervantez (Harvard JD/MBA 92) is one of the Co-Founders of the HBS Alumni Angels Association together with Sean Jacobsohn MBA ’98, Maurice Gopikian MBA ’96 and Sajjad Masud MBA ’98. Tom is an active angel and real estate investor and also a Venture Partner at Accelerator Ventures and sits on the Boards of Sleepquest and PillDrill. Tom brings a strong deal background to his investments and portfolio companies from the legal perspective, having practiced law as a venture capital lawyer in Silicon Valley since 1992, as well as being a founder of BIZLAW.COM – lawyers for founders, startups and investors - based in San Francisco. Tom’s representative investments include Friendster (Acquired), OpenTable (IPO), Specialty’s Café & Bakery (Acquired) and On24 (IPO 2021). Tom also started/sold two companies GeoNet ISP (acquired by Level3 Communications) and Britton Silberman & Cervantez (Acquired by Thelen Priest). On the non-profit side, Tom sits on the boards of the HBS Latino Alumni Association and the HBS Alumni Angels Association.
Michael Costa is a senior level finance professional with deep experience in media, digital transformations, M&A/strategy and governance.
Michael recently served for nearly 10 years as a member of the Board of Directors of publicly traded media company Scripps Networks Interactive. There, working with the CEO and other board members, he directed the company from the spin off from its legacy newspaper parent to the acquisition by Discovery creating >$6B in value. As a member of both the Audit and Compensation Committees, he successfully advanced major international acquisitions, played a critical role in the CEO succession process, accelerated the transition from control by a family trust thru dual class stock to dispersed ownership and resolved a shareholder activist campaign.
Michael holds a J. D. degree from Harvard Law School and a bachelor's degree from Colgate University. He is a Certified Financial Expert under SEC Rules.
Jason E. Klein is an experienced media CEO and builder of digital and traditional businesses who has led two successful turnarounds. He is founder and CEO of On Grid Ventures, an investment and advisory firm with a portfolio of 20+ early stage companies. Mr Klein is co-President of the HBS Angels Alumni Association. Mr. Klein was previously CEO of Newspaper National Network LP; and CEO of Times Mirror Magazines/Time4 Media, publisher of Golf Magazine, Field & Stream, and Popular Science. Mr. Klein is one of Alleywatch's “25 Angels Investors in NY You Need to Know,” a member of New York Angels, and a mentor at several NYC-area incubators. Jason has an MBA from Harvard University and a BA from Dartmouth.
Stephanie Lane, Gunderson Dettmer, Corporate & Securities Partner, San Francisco
Stephanie’s practice focuses on representing emerging growth companies throughout their lifecycles and venture capital firms in their investment activities. She advises entrepreneurs on formation and corporate structuring matters and has significant experience advising technology companies on a wide range of corporate transactions, including venture capital financings and mergers and acquisitions. She also represents many leading angel investors and venture capital firms in connection with their investments in technology companies.
Alexa McCulloch co-chairs HBS Angels of Southern California. She has invested across 5 continents for Communications Venture Partners, Partners in Life Science, and Goldman Sachs. McCulloch began her career as a rocket scientist and was awarded the Jefferson Goblet Award by the American Institute of Aeronautics and Astronautics. An innovator in security and aerospace, she was CEO of NetCloak Inc., a B2B2C cybersecurity company; CEO of Grandeye Ltd., global manufacturer of 360° IoT security cameras sold to Creative Labs (SGX: C76); led team at Hughes that fully automated spacecraft testing (delivered 18 months ahead of schedule), created a software app that optimizes spacecraft power, and successfully launched satellite on repurposed Soviet ICBM from Russian Cosmodrome, Kazakhstan. In healthcare, McCulloch was a Founding Partner at Circle Health (LON: CIRC), Europe's largest healthcare partnership; held public appointment as Independent Director of Central London Community Healthcare NHS Trust; and served as Non-Executive Director of Pacific Heart, Lung, and Blood Institute. She is a Techstars All-Star Mentor. McCulloch holds three engineering degrees from the University of Michigan and an MBA from Harvard.
Grace Mellis is an experienced investor, advisor, startup mentor, and executive. After almost a decade at JP Morgan where she was a Managing Director and head of International Strategy and divisional CFO, Grace embarked on working with startups and pre/post IPO public companies as a CFO, Board of Directors member, and investor. She is also an All Star mentor with the Techstars group of accelerators and has worked with startups in the fintech, mediatech, space, and general and consumer space.
Martha O’Mara heads Place Strategy Partners LLC, a firm advising institutional and corporate clients on the location, occupancy, and planning of their real estate assets. She has advised on the long-range strategy of over two billion square feet of occupancy for some of the largest global corporate portfolios. Recently, Dr. O’Mara served as SVP, Head of Consulting, Americas, for Colliers International, joining when they acquired the firm she co-founded, Corporate Portfolio Analytics. Earlier, Dr. O’Mara spent over a decade as a professor at the Harvard University Graduate School of Design. She has also designed and taught in executive development programs at Harvard, MIT, and for corporations. Marti currently lectures at Tufts University and is an angel investor. Her Ph.D. in Organizational Behavior, MA in Sociology, and MBA are from Harvard University.
Greg Pilarowski is Founder of Pillar Legal, a boutique international law firm with offices in the San Francisco Bay Area and in Shanghai. He established Pillar Legal in 2008 and has extensive experience representing technology companies, venture capital firms, and startups on a wide range of domestic and cross-border transactions, including mergers and acquisitions, equity and debt financings, intellectual property and software development transactions, and general corporate matters. Greg has lived and worked in or with China since 1994, is a fluent Mandarin speaker, and is adept at navigating China’s legal environment. Prior to founding Pillar Legal, he served as the general counsel for Shanda, the leading online game company in China at the time. He also practiced in the New York, Hong Kong, and Beijing offices of Sullivan & Cromwell, a leading Wall Street law firm. Greg holds a B.A. from Ohio State University and a J.D. from Harvard Law School.
Brian Raines began his business career as an operations manager for Osbee Industries, Inc., a start-up tech and smart home integration company based in Harrison, New York. He helped build the infrastructure of that organization and eventually transitioned into becoming the company’s CFO. In 2009, while continuing his role as CFO at Osbee, he joined Raines & Fischer LLP to pursue his career in accounting and his certification as a licensed CPA. Brian continued his positions at both firms until October 2014, when he transitioned to full-time at Raines & Fischer while continuing to act as an advisor to Osbee.
Brian specializes in business tax and development strategies. He advises many clients with regard to the nuances of operating a small business while assisting business owners with tax and cash-flow planning. His experiences with Osbee as a start-up venture have proved invaluable to his clients who have embarked on new ventures. In addition to his services to small businesses, Brian also works with individuals on their personal tax returns.
Brian holds a Bachelor of Science in Business Administration with a concentration in Accounting from the University of Vermont. He is a Certified Public Accountant in New York State.
Helen Reeves, Gunderson Dettmer, Corporate & Securities Partner, New York
Helen is a partner in the firm's corporate and securities group where she represents dynamic and diverse emerging companies as they scale, including venture capital transactions, corporate governance, mergers and acquisitions, and other operational and strategic business issues. She has significant experience representing technology companies in several sectors including, but not limited to, femtech, healthcare, digital media and e-commerce, providing both strategic and transactional advice.
William Sahlman is a Baker Foundation Professor of Business Administration at Harvard Business School.
Mr. Sahlman received an A.B. degree in Economics from Princeton University (1972), an M.B.A. from Harvard University (1975), and a Ph.D. in Business Economics (1982), also from Harvard. He joined the Harvard Business School faculty in 1980.
His research focuses on the investment and financing decisions made in entrepreneurial ventures at all stages in their development. Mr. Sahlman has written numerous articles and two textbooks on topics including entrepreneurial management, venture capital, private equity, deal structuring, incentives, commercializing science, impact investing, and the role of entrepreneurship in the global economy.
In April 2011, the National Venture Capital Association gave Mr. Sahlman The American Spirit Award, which was created in 1999 "to recognize individuals who have shown outstanding leadership by applying business skills, knowledge, expertise, and resources to make a meaningful contribution to society."
For more information, click here.
Kelly Shapiro is the Founder & Managing Partner of The Law Offices of Kelly D. Shapiro, representing clientele in the Entertainment and Startup Tech industries. Attorney Shapiro is a public speaker on Legal and Business issues for entrepreneurs, Startups, investors and artists. Attorney Shapiro is committed to empowering women, girls, and communities of color through legal & financial empowerment and education. Attorney Shapiro is a frequent volunteer attorney at First AME Church’s free legal clinic in Los Angeles, CA, and at the Freelancers Union/Volunteer Lawyers for the Arts NYC pop-up legal clinics in Brooklyn, NY.
Attorney Shapiro serves as the Vice President of the Harvard Black Alumni Society, is a founding member of Harvard Alumni Entrepreneurs - SoCal, and is an active member of the Harvard Law School Associations of LA and NYC.
Attorney Shapiro received her JD from Harvard Law School and BA from the University of Southern California. Attorney Shapiro is licensed to practice law in New York, California, and Pennsylvania.
Alysse Soll is CEO, underdog advisory, helping sports tech startups navigate and network the sports landscape and driving capital fundraising and acquisition. Alysse is an Angel investor (Series 7 and 63) and Board Member of the Harvard Business School Alumni Angels, where she is Deal Co-Chair and Sports Sector Lead. She is also the Vice Chair of WiST (Women in Sports Tech), a nonprofit designed to drive awareness and inclusion for women and the BIPOC community across the sports tech landscape. Alysse spent 17 years in the NHL growing the North American footprint and global fanbase. She spent the second half of her career in digital media, advertising technology and tech startups. She is a graduate of Cornell University where she earned Varsity letters for Women’s Ice Hockey (left defense) and Harvard Business School. She is the proud mother of a college freshman daughter who keeps her on her toes.
Dr. Ronald Weissman, Venture Capitalist, Neva, Angel Capital Association, Band of Angels
Dr. Weissman is a venture capitalist and an angel investor with more than 35 years of experience in high technology. He advises companies and regional and national governments on private capital trends, including fundraising, angel group formation, valuation and public policy. He is Senior Advisor to Neva, Chair of the Angel Capital Association, North America’s principal organization for professional angel investors, Chair of the Software Interest Group at the Band of Angels, Silicon Valley’s oldest angel group. He invests in AI, analytics, health IT, and enterprise software as applied to a variety of deep tech industries.
Dr Weissman received his BA, MA and Ph.D. degrees from the University of California, Berkeley, is a former Fulbright Scholar (Italy), and received Keiretsu Forum (NW)’s Lifetime Achievement Award (2022) for his work advancing angel investing best practices.
THANK YOU TO OUR SPONSORS
HBS Angels Advanced Investing Bootcamp Pricing
TICKETS: $199
HBS Alumni, please ensure you have added HBS Alumni Angels as one of the communities in your HBS profile prior to registration.
The Harvard Business School Alumni Angels Association, based in San Rafael, California, is a global nonprofit alumni club of the Harvard Business School. With 16 regional chapters and over 1000 members, it is the largest alumni-based angel organization in the world. For more information: www.HBSAngels.com