Bill Morrow, Angels Den‘s founder and CEO, explains that Singapore’s access to capital from all over Asia is one of the key reasons for starting here. “(We are) already seeing a lot of interest in what we are doing from Chinese angels and from New Zealand … we also met over 30 angels the other day and they are very keen to see filtered deals.”
“They are keener than ever to invest as the banks are paying them 2% and they want 100% … One (even) said he was “desperate” to find deals to invest in.” Angels Den is also looking to partner with people and organizations with dealflow to their events, and bring together the angel community from Europe and Asia.
Angels Den does charge startups S$1499 upfront to pitch, and takes a 5% success fee. Some people disagree with making startups pay to pitch – such as This Week in Startups host and Mahalo CEO and founder Jason Calacanis in this blog post, for example. Bill admits the fee seems expensive but explains that it separates the wheat from the chaff. “It means that we only get serious people pitching… this then encourages the angels to come back again and invest more.” Bill also adds that Angels Den does spend time with entrepreneurs to work on their valuation and business models, as well as training for the actual pitches.