BLOOMFIELD HILLS – Great Lakes Angels on Monday rolled out its Angelsoft platform, which the investing group says will make it easier for entrepreneurs to apply for funding. The Internet platform also gives accredited investors a comprehensive set of tools for analyzing potential new deals.
The Angelsoft platform gives entrepreneurs the tools to develop streamlined, one-page descriptions of their businesses for submission to GLA investors, and then delivers that information plus an Executive Summary and Business Plan over the Internet directly into the group?s deal management system. Every angel member of GLA has a special computer program that is automatically updated as business plans arrive, making every plan visible to every investor for a full 90 days and streamlining the process of reviewing deals to select those most appropriate for funding.
?Great Lakes Angels is proud to be one of the first groups in the mid-West to move to the Angelsoft system?, said GLA President David Weaver, who noted that over 60 other angel networks around the world have already implemented the platform. ?As additional groups in the US and Canada move onto Angelsoft, the standardization will make it increasingly easier for us to syndicate investments with fellow angels throughout the region.?
Before GLA implemented the Angelsoft solution, it was difficult for the group?s investors to track the progress of deals because everything was happening offline. With the new system, Weaver and his fellow angels simply enter a secure, online ?Deal Room? for each prospective investment, where they can view deal-related documents, schedule due diligence meetings, exchange messages with the entrepreneur, and organize contact information for all deal participants. When GLA invites another angel group to join them in reviewing a deal, both groups have access to the company?s Deal Room for exchanging information, but also maintain private forums for internal discussions.
The Angelsoft platform was developed by New York-based Angelsoft LLC based on input from many of the country?s largest angel organizations.
For more information, click on GLAngels.Org
