Table of contents for Angel capital : how to raise early-stage private equity financing / Gerald Benjamin, Joel Margulis.

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TABLE OF CONTENTS
Preface
Acknowledgments
Introduction
PART 1	THE CHALLENGE AND THE SOLUTIONS
Chapter 1	The Challenge
		Introduction
		The Challenge
		The Angel Investor
		Structure of the Private Investor Market
		Making Sense of the High-Net-Worth Market
		Investor Activity in Early-Stage Deals
		Angels, A Golden Capital Source
		Investors Worth Accessing
	Chapter 2	The Solution: The Private Placement
		The Private Placement
		Selecting the Right Capital Source
		Is Your Deal Financeable?
		Are You Financeable?
		Is Your Risk Financeable?
		The Benefits and Disadvantages of Equity
		Making Your Search for Investors More Efficient
		The Problems with Conventional Wisdom
	Chapter 3	The Solution: A Strategy That Works
		An "Inefficient Market Defined
		A Strategy That Works
			Build a Capitalization Strategy
			Focus on Management, Not Documents
			Budget for the Financing Program
			Anticipate Due Diligence
			Build Relationships with Prospective Investors
			Line Up Pre-Commitment
			Aggressively Manage Database Development
			Go Directly to Qualified Investors
			Sell
			Manage the Close
		Dreamers and Dream-Makers
PART 2	UNDERSTANDING THE ANGEL INVESTOR
	Chapter 4	Alternative Sources of Capital
		The Impact of Economic Trends on the Accessibility of Capital
		Alternative Sources of Capital and How They Effect Early-Stage 
Investment
		Business Angels as the Best Source of Capital, Especially for Early-Stage 
Investment
		The Appropriateness of Your Venture for a Direct, Private Placement
		Stages of Development Defined
		Professional Venture Capital as a Funding Resource for Early-Stage 
Companies
		Comparison of Angel Investors with Professional Venture Capitalists
		Professional Venture Capital: Help or Hindrance to Your Funding Success
	Chapter 5	Angel Capital in America: A Study
		Introduction
		Methodology
		Results of the Study
		Concluding Remarks
	Chapter 6	What Do Private Investors Look for in a Deal?
		The High-Net-Worth Investor Market
		The Informal, High-Risk Investor Profile
		Advantages and Disadvantages of Direct Venture Investing
		The Private Investor's Criteria
		Common Reasons Why Angels Reject an Investment
		Variations in Preferred Level of Involvement after Investment
		How Angel Investors Can Help Beyond Capital
		Private Investor Motivation
		The Allocation Decision
	Chapter 7	Types of Private Investors
		Introduction
		The Value-Added Investor
		The Deep-Pocket Investor 
The Consortium of Individual Investors 
The Partner Investor 
The Family of Investors 
The Barter Investor 
The Socially Responsible Private Investor 
The Unaccredited Investor 
The Manager Investor 
PART 3	RESOURCES FOR ENTREPRENEURS RAISING CAPITAL
	Chapter 8	Alternative Funding Resources in Accessing Angel Capital
		History of the Development of Alternative Funding Resources
		Overview of Alternative Funding Resources
Chapter 9	Directory of Alternative Funding Resources
		Introduction
Directories, Printed and Software-Based
		Incubators
		Entrepreneurial Finance Conferences
		Investor Education Meetings and Conferences
		Venture Forums
		Venture Capital Clubs
		Off-Line Investor Networks
		On-Line Matching and Search Services
		Financial Intermediaries
	Chapter 10	Building Your Own Database of Angel Investors
		Introduction
		Hurdles
		Data Entry
		Backup
		Cost
PART 4	UNDERSTANDING THE ANGEL INVESTMENT PROCESS
	Chapter 11	The Venture Investing Process
		Introduction
		Generating Deal Flow
		Due Diligence
		Business Valuation
		Negotiating and Structuring the Deal
		Risk as a Driving Force behind Deal Structure
		Definition of Negotiation
		Elements in Structuring the Private Placement
		Overview of Deal Terms and Provisions
		Overseeing and Advising Post-Investment
		Harvesting Returns: Realistic Exit Strategies
	Chapter 12	Preparing for Due Diligence
		Introduction
		Pre-Screening
		Management
		Business Opportunity
		Intangibles
		Legal Due Diligence
		Financial Due Diligence
		Lists for Reference Checks
	Chapter 13	Valuation of the Early-Stage Company
		Introduction
		Pricing as Good Judgment, Not Formulae
		Risk
		Negotiating Valuation
		"Sweat Equity"
		The "Living Dead"
		Strategies for Circumventing Negotiation Roadblocks
		Fundamentals of Valuing Start-Up Ventures
		Macroeconomic Forces in Valuation
		Risk Profile of the Investor
		Company-Specific Risk
		Investor Involvement
		Correlating Rate of Return with Time to Liquidity
		Multiples
		Discounting Projections
		Valuation Methodology Used in Early-Stage, Private-Equity Transactions
		Dilution
		Truisms in the Valuation Process
		Caveats for the Entrepreneur
Appendix A	How to Write and Present an Investor-Oriented Business Plan
		The Target Audience
		Introduction to the Business Plan
		What Does Your Business Plan Need to Contain?
		Executive Summary
		Mission or Charter
		Description of the Business
		Ownership Structure and Equity
		Description of the Product/Service
		The Market
		Description of Industry and Trends
		Marketing Strategy
		Marketing Plan
		Sales Plan
		Operations, Research and Development Strategies, and Plans
		Management, Organization, Personnel, and Information Systems
		Objectives and Milestones
		Financial Projections
		Supporting Documents
		Financial Worksheets 1-6
		Preparation and Delivery of Your Presentation
				
Appendix B	Legal Primer on Securities Law Issues for Non-Lawyers
		Overview
		Private Offerings-The First Step
		Public Offerings
		Disclosure Documents
		Integration Rules: Timing
		Restricted Securities and Trading
		The Internet
		Federal/State
		The '40 Act
		The Usual
		Sales-"Agents" (California)
Appendix C	Suggested Reading List
Glossary
About the Authors
Index

Library of Congress Subject Headings for this publication:

Angels (Investors).
Venture capital.