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It is a group of investors who regularly convene as a group, in-person or remotely, to evaluate and invest in startups. Angel groups typically focus on a concentrated geographic region, typically a single state or region of a state. The goal is to use the group members’ local or specialized access and knowledge to the group’s advantage, and to convene a group of like-minded individuals who nevertheless may bring a diverse set of skills, expertise, and experiences. Angel groups typically invest at the seed stage of a startup, and usually do not participate in the Series A or later stages.

The Runway Investor Network (����ý-TRIN) is a professionally-led, member-centered angel investor group dedicated to improving the investment experience for both entrepreneurs and investors who share a mutual affinity through their affiliation with ����ý.

Investors who band together can also split the considerable due diligence work that any major investment requires. Beyond being a huge time-saver, a collaborative operation allows the funders to draw on each other’s experience and expertise. The decision to invest in a business is still up to the individual, but in this way, prospective investors get input from others in the group before they decide whether to get involved.

����ý-TRIN invests in ����ý-affiliated startups. Companies must meet the following criteria to be considered for investment:

• Have a founder, executive, or board member who is an ����ý alumnus, faculty, staff, student, or parent of a student.
• Raising seed or Series A equity capital or syndicating later-stage equity financings with an existing institutional lead investor
• Located in the United States

When filtering investment opportunities for review by ����ý-TRIN members, screening committee looks for the following attributes:

• A large market opportunity
• A unique value propositions
• Proprietary technology, intellectual property, or other basis for sustainable competitive advantages
• A dedicated management team (right set of skills, drive, experience, and temperament)
• A corporate structure that allows for equity investment at defined terms and conditions
• A strategy and plan that has the potential to produce venture grade returns

Members provide support and guidance for companies based on their experience and expertise. This might be advice on developing business strategies and tactics, introductions to potential partners or customers, assistance with hiring, and future financing rounds.

Companies initiate the process by completing an Once the application is completed, the following process steps will be followed:

• The screening committee will assess the company’s readiness for investment and fit with investor member preferences.
• Once the screening is completed, ����ý-TRIN invites three or four companies to the investor group meeting. Founders pitch to our entire group of investors and then receive an indication of interest within one week.
• The ����ý-TRIN investment process starts with a teleconference to review an opportunity. The meetings usually last about 60 minutes. This call is scheduled for members to share their opinions, concerns, and questions. If members have further questions, ����ý-TRIN staff asks company founder/CEO to answer these questions within one week.
• Next step is for due diligence team to complete its review, and then send out an investment memorandum to the entire ����ý-TRIN group with its summary and recommendation. The investment memorandum discusses the strengths and weaknesses of the investment opportunity as well as the terms of the deal.
• Once the investment package has been distributed to the ����ý-TRIN membership, the managing director makes a call for capital commitments to the membership with a deadline to respond. Members typically have 10 business days to review the materials and ask additional questions. The members are reminded that the investment materials contain confidential information and are not to be distributed or shared.
• After the deadline has passed and the company is ready to close the transaction, the managing director introduces the group of ����ý-TRIN members investing in the deal to the closing attorney representing the company. Members receive a copy of the investor documents from the closing attorney, as well as wire instructions. Members are investing directly into portfolio companies. Once the deal has closed, members receive stock certificates or other investment instruments directly from the company and/or closing attorney.
• The operating team will provide support and resources at all stages of the process.

The diligence is performed by the due diligence team members with the support of ����ý-TRIN staff.

Many presenters send their slide deck and executive summary for the ����ý-TRIN membership. The ����ý-TRIN team is happy to review your presentation with you to be sure it is on target.

Subsequent meetings and due diligence will cover additional topics more in-depth, and could include product usage statistics, product development plans, pricing plans, detailed historical and projected financial statements, capitalization tables, hiring plans, partnership and licensing agreements, customer contracts, customer and prospective customer reports, marketing survey results, product ratings and reviews, intellectual property documentation, and other corporate documents.

Each company will deliver a 10-minute slide presentation (uninterrupted), followed by 10 minutes of Q&A with members & guests.

Currently, The Runway Team is forging ahead with all program meetings and events to the extent these can be facilitated via videoconference. Thus, The Runway Investor Network meetings will be also held via videoconference until further notice.

����ý-TRIN records the company presentations and distributes the video link to the membership for review via email. Additionally, each member will receive the digital materials the day after the meeting.

����ý-TRIN does not sign non-disclosure or confidentiality agreements. Company information is shared with members through a private, secure online platform. Members are expected to keep all information confidential and to use information only for purposes of making investment decisions. Members are not bound by a confidentiality contract with ����ý-TRIN; however, the operating team closely monitors the dissemination of information within the network, and any investor member who distributes information outside the network without consent will likely be asked to leave the group. At later stages in the diligence process, individual members may be asked to sign an NDA directly with the company. These agreements will not include ����ý-TRIN as a party.

No. ����ý-TRIN respects the privacy of members and will not publish a membership list. As companies enter the formal diligence process with ����ý-TRIN, interested members will be introduced to the company.

����ý-TRIN applicant companies cover all industry sectors.

����ý-TRIN members are required to be affiliated with Florida Atlantic University and be accredited investors. An Accredited Investor must be an individual or an institution as described in Rule 501(a) of Regulation D under the Securities Act of 1933 promulgated by the United States Securities and Exchange Commission (“SEC”).

Most ����ý-TRIN members are alumni, faculty, staff, students, parents, and donors. Graduates from any of ����ý’s undergraduate or graduate programs are eligible for membership.

Members are encouraged to help source high quality investment opportunities and attend the meetings when possible. Participation in screening calls/meetings and due diligence efforts are recommended but not required.

Minimum participation levels will be determined by the entrepreneur providing the investment opportunity; anticipated minimums range from $5,000 to $10,000 per voluntary deal.

Members are required to pay a $1,500 annual membership fee. Members may join anytime during the calendar year. Dues support 12 months of membership. All revenue from dues goes towards supporting a portion of the operational, administrative, and staffing costs to run the group.

The operating team provides guidance and support throughout the investment process, including:

• Sourcing deal opportunities to supplement deal referrals from members
• Screening initial company applications
• Managing information flow between the companies and members
• Managing process and communications during due diligence
• Performing diligence tasks and analysis as needed

The team does not provide investment recommendations. All investment decisions are made by individual members and all investments are made directly from members to companies.

Members are expected to be active in the network. This includes actively sourcing investment opportunities for the group, collaborating and contributing to diligence processes and investment decisions, participating in the investment process on a regular basis, and providing support and guidance for portfolio companies based on experience and expertise.

����ý-TRIN does not collect ongoing management fees or transaction -based investment fees. All operations are funded by membership fees, ����ý, and donor support.

Members are not committing capital to a fund and are not required to invest in any deals. Individual members are free to either invest or not invest in any opportunity.

����ý-TRIN is actively seeking investment opportunities from existing members, the operating team, and the global ����ý community, as well as direct applications via ����ý-TRIN website.

The ����ý-TRIN team screens investment opportunities based on the preferences of angel members and readiness for investment before presenting opportunities to members and guests.

����ý-TRIN have a bias for technology-based and tech-related ventures (tech empowers rapid scaling), however, all attractive industries/sectors/models will be considered.

����ý-TRIN invests in ����ý-affiliated companies. Companies must meet the following criteria to be considered for investment:

• Have a founder, executive, or board member who is a ����ý alumnus, faculty, staff, student, or parent
• Raising seed or Series A equity capital of $500,000 to $5 million or syndicating later-stage equity financings with an existing institutional lead investor
• Located in the United States

Operating team actively seeks feedback on members’ areas of interest and focuses its efforts on areas in which members have preferences.

• Privileged access to high quality, nationally-sourced deal flow.
• Angel stage/venture capital quality investment opportunities
• Collaborative investment process (e.g. due diligence) most often leads to improved investment decisions for this asset class.
• No carried interest or “promote” fee is charged by the group.
• An excellent way to gain exposure to and participate in this asset class. Alternatives have numerous downsides.
• Opportunities for post-investment support by the group leads to improved outcomes and ideally successful exits.

Members have a “front row seat” to view the latest trends in technology, business models, staffing techniques and sales channels. They gain business insights applicable and relevant to other asset classes. Unlike other asset classes (e.g. listed equities), members may be able to meaningfully contribute to appreciation of their investments (e.g. post-investment assistance to companies). Collaborative investing and its social component, if desired. Members support the “Owl Nation’s” brightest minds and most talented entrepreneurs.

Yes. This practice is highly encouraged. There is no better way to learn about ����ý-TRIN than attending a member meeting. As a courtesy, please let Pinar Yildirim (trin@fau.edu) know that you are bringing a guest even if it is a last minute decision. Member referrals are the most effective way to grow the ����ý-TRIN membership.

����ý-TRIN records the company presentations and distributes the video link to the membership for review via email.

����ý-TRIN’s goal is to curate 14-18 investment opportunities annually. Members are under no pressure to invest.

Privacy of members is important for ����ý-TRIN. For this reason, ����ý-TRIN will not publish a membership list. As the due diligence process gets started with ����ý-TRIN network, interested participants will be introduced to the entrepreneur.

The ����ý-TRIN investment process starts with a teleconference to review an opportunity. The meetings usually last about 60 minutes. This call is scheduled for members to share their opinions, concerns, and questions. If members have further questions, ����ý-TRIN staff ask company founder/CEO to answer these questions and send them back to ����ý-TRIN staff within one week.

Next step is for due diligence team to complete its review, and then send out an investment memorandum to the entire ����ý-TRIN group with its summary and recommendation. The investment memorandum discusses the strengths and weaknesses of the investment opportunity as well as the terms of the deal.

Once the investment package has been distributed to the ����ý-TRIN membership, the Managing Director makes a call for capital commitments to the membership with a deadline to respond. Members typically have 10 business days to review the materials and ask additional questions. The members are reminded that the investment materials contain confidential information and are not to be distributed or shared.

They are salaried university employees. They are not paid any extra compensation based on the size of the ����ý-TRIN membership; the number of members investing in a deal; or the amount of capital invested in a particular transaction. They also do not receive carried interest or any other fees in a transaction. They are prohibited by university conflict -of-interest rules from investing in any of the ����ý-TRIN portfolio deals.

Most companies in the ����ý-TRIN’s invested company list update their investors on a quarterly schedule. In addition to these company updates, ����ý-TRIN will pass along other pertinent information on a company's progress on an ad hoc basis and provide a formal portfolio update once a year.

Pinar Yildirim acts as a member representative for ����ý-TRIN. She will be available for member questions and/or can anonymously relay your suggestions to ����ý-TRIN staff. If you have ideas about how ����ý-TRIN can improve, please contact Pinar. You may reach out to her via email (trin@fau.edu).