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Is it worth Paying to join a AngelNetwork to get funding?

I was wondering if anyone here thinks its a smart or dumb idea to pay to join an angel network to be able to get funding? Since this site www.AngelNetwork.comhave been contacting me to join, but first i have to pay $1500 so they can evaluate my business plan then they will help introduce to network full of Angel investors. They say they have one of the former shark tank host that is part of the network which is true, but I feel it most likely waste of money and possible scam.

I honestly don't understand why I would have to pay to have someone evaluate my business plan especially at a early stage i'm in now, It would be difficult to determine prevalue especially when I have not launched. I hate the idea of paying just to talk to an investor, but was wondering if this be considered normal to pay or no?

Also if anyone has experience with that website?

22 Replies

Brian McConnell
6
0
Brian McConnell Entrepreneur
Head of Localization at Medium.com
That's bullshit, and unfortunately a common scam. Anybody who requests money to evaluate your business plan and/or pitch is ripping you off. Avoid. At. All. Costs.
Tom Maiaroto
2
0
Tom Maiaroto Entrepreneur • Advisor
Full Stack Consultant
No way!
Asnee Fernando
0
0
Asnee Fernando Entrepreneur
Cause-integrated Innovator & Entrepreneur,Founder & CEO of Shoptaki
that's what I was thinking as well, but its just so hard to believe that someone from shark tankKevin Harrington would be part of something like that.
kparobor Akpomiemie
0
0
kparobor Akpomiemie Entrepreneur
Founder Diggyy
I don't think it makes sense especially because of the fees. Try www.invstor.com. It's way cheaper. Plus you can also try angel.co to connect for free. Regards, Akpomiemie Kparobor
Thomas Duffy
0
0
Thomas Duffy Advisor
Telehealth365
angel.co is very good but you will get a lot of calls from advisors and it is more important you sell your product
Eyal Feingersch
1
0
Eyal Feingersch Entrepreneur
Software Engineer
It's a common method to get clients.
Also used by salespeople of dev firms. 'I got a lineup of angels, but you must have a MVP and I can get you a development deal'.
Stay away.
Annette Tonti
1
0
Annette Tonti Advisor
Founder, President at The Start Exchange
100% agree, no way. My bet is none of the listed angels on the website paid to get someone to review their deals. Better to get a strong MVP, show traction, create the pitch and do what you can to get introduced to investors.
Andrew Lockley
0
0
Andrew Lockley Advisor
Investor and strategy consultant
Well worth getting someone to work up/test/critique your business plan. Often worth paying for someone competent to do this. However, probably not sensible to do this as part of an entry ticket to a network - unless you can get great feedback on the process from past customers A
Louise Cohen
1
0
Louise Cohen Entrepreneur
CEO at Commintz
No. Find out who is in this group. Get to every startup networking event in your area. Chances are, one or more members of angel group will be at every event. Make it your business to know who they are and where they'll be, many tweet about events they'll be attending. Talk to them one on one there. Most are eager to do so. This goes for seed funders, angels, VC's and the like. I don't care how well lined your pockets may or may not be, $1500 is precious to any startup. There are many investors who would look upon this expenditure as a precious waste of capital. Use it to prove your concept and investors will come to you. Many universities and colleges have mentor committees for entrepreneurs, whether you are an alum or not. Check into this for someone to cast a critical eye over your business plan. *Louise Cohen*CEO/Co-Founder *inspired commercial design lives here* *m.* [removed to protect privacy] * o. * [removed to protect privacy] *e. * [removed to protect privacy] *w.* commintz.com
Asnee Fernando
0
0
Asnee Fernando Entrepreneur
Cause-integrated Innovator & Entrepreneur,Founder & CEO of Shoptaki
Thanks for the feedbacks , Currently I'm already getting assistance with SBDC on revising my B-plan and pitch deck since I have hard time articulating my concept in a condensed form, I can give a 5+min pitch of my concept but not a 60 second elevator pitch.

and while I agree its best to have MVP, unfortunately for me I won't be able to since I hired offshore developers who botched it. Which I learned my lesson and instead of crying over spilled milk, I was able to at least build a slightly crude Prototype mockup which I hope it be sufficient to be able to attract angel investor for pre-seed, seed funding.

Personally I don't see the justification of paying for angelnetwork.com unless they are helping to revise or write up business plan and possibly guilding you thru the pitch.
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