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David S. Rose

Partner Rating:

Rated 2.3 / 5.0 by 6

Partner Information:

Title:     Chairman

Location:  New York, US East

Blog:      David S. Rose

Firm Rating:

Rated 2.8 / 5.0 by 12

Firm Information:

Company:   New York Angels

Type:      Small Angels

URL:       Firm Homepage

PERSONAL SPECIALTY: Press queries

FIRM DESCRIPTION: New York Angels is one of the largest and most active angel investment groups on the East Coast. Our 75 members are experienced entrepreneurs, CEO's, venture capitalists and business leaders who have founded, funded and built world-class companies. We mentor and coach the entrepreneurs in whom we invest, serve on their boards, provide contacts and assist with team building, strategic planning and fundraising.

Most of the opportunities we look at are in early-stage emerging growth companies in the Northeast. Since 1997, we and members of our predecessor group have invested over $30 million in more than 65 ventures.

We have a full-time staff, as well as an extensive and comprehensive web-based application process powered by Angelsoft, and we request that all applications be submitted online.

Each month, from among the 20-30 companies who submit funding requests, we invite the 10-15 companies who most closely fit our criteria to come for individual, in-person meetings with our screening committee. From among those, the committee typically invites three companies to present their plans to our full membership at our monthly breakfast meeting.

Prior to the presentation, we offer (indeed, require!) that the company go through training, at our expense, with a professional presentation coach, who will help assure that the final pitch is a compelling one for our members.

While most of the deals in which we have invested are in the technology, media, Internet and financial/business services areas, we are willing to consider other opportunities. However, please note that we do not look at real estate or film production deals.

We ask that entrepreneurs read through our investment ranges listed above and on our website prior to submitting an application, to ensure that we're a potentially good match.

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General Thoughts

Fund: New York Angels

Posted by Lionel on 2009-04-03

PUBLIC:

I am the founder of a tech startup and have bootstrapped to profitability. By no means are we on a rocket ship ride to growth right now, instead we are taking slow steps to prove our business and ensure profitability today. We would be classified a "lifestyle business" right now.

I just heard David Rose talk at the Web2.0 conference and was underwhelmed so poked around the web to get more insight; here is what I found on his "Pitch Coach" site:

"Described as "the Father of Angel Investing in New York" by Crain's New York Business and a "world conquering entrepreneur" by BusinessWeek, David S. Rose is a serial entrepreneur and Inc 500 CEO who is Chairman of New York Angels, one of the most active and fastest-growing angel investment groups in the country.”

My thoughts:
If he is the father of angel investing [in NY] and go to pitch coach, consider the following:

1) He says don't talk to him unless you can give him 30x on his money...based on his comments today, 10x is the best he has done so far.

2) He harped on "dumb money" however he raised "$20 million in the late 90's for a product that no one wanted so it went under". $20m for a product that in his own words "no one wanted"...

3) When discussing deal terms he said be careful about early stage valuations because of the risk of setting it to low or to high...the follow on was how about convertible notes; he implied they are for less sophisticated investors (my comment: more of an east coast mentality; you see a lot of sophisticated West Coast investors use the convertible note extremely effectively and efficiently)...so back to valuation and how the conversation goes, he said "It's a short conversation" and implied you either agree with his valuation or walk.

4) He also blasted angel networks that charge entrepreneurs to submit plans...no clue if they still charge today but based on other posts here you can see that the NY Angels certainly charged in the past!

This is not a post to blast David Rose; he just got me to my boiling point. This is merely a post to help open the eyes of eager entrepreneurs that think raising money is the end game, the "we've made it" benchmark; it's not.

I'm tired of hearing "money" pat themselves on the back for their genius; the "I can pick the next big thing because I know how business is done". The biggest issue with VC and now angels is a sense of infallibility and a lack of humility. I was born into a middle class family and was well cared for, that was luck. I was also born with looks that some consider to be good; I get more dates than most because of that, lucky in my book. Ask a VC or Angel the luckiest deal they've ever been in and you get a blank stare. If you find "money" that actually admits they've been lucky and gives you an honest story to back it up that may be money to consider.

Entrepreneurs, be smart about your business! If it is in fact the "next big thing", grow intelligently and build cash. Get an SBA loan (headache in its own right I know, I know) so you don't have to deal with equity partners. Feeling like your growth is being hampered because you don't have cash can be frustrating, getting money from someone who expects huge returns but can't help you get there will be even more frustrating.

PRIVATE: Members Only

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Misleading Advice

Fund: New York Angels

Posted by Anonymous on 2008-02-18

PUBLIC:

David S. Rose bills himself as a "pitch coach" but advises entrepreneurs to give away 33%-50% of their company in an angel round. See this note he sent to an e-mail list of young tech entrepreneurs:

"A typical NYA portfolio company may have already raised $50K from the founder, and perhaps another $200K from friends and family. We might then invest $250K-$750K as part of a round of up to $1m, at a pre-money valuation of $1-2 million."

Other than that, the NYA is a a solid group with an awesome membership roster, and David's an otherwise good guy.

PRIVATE: Members Only (91 Characters)

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Terrible, Terrible Reputation in NYC.

Fund: New York Angels

Posted by CharlesB on 2012-04-13

PUBLIC:

Go to General Assembly. Meet real, active entrepreneurs in NYC. Ask around and make your own call. Consistently terrible reputation. Not good to entrepreneurs. Behind the times, totally different from organized angel groups in Silicon Valley. Outdated view of angel investing.

PRIVATE: Members Only

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Solid, Fair, Focused

Fund: New York Angels

Posted by Anonymous on 2007-08-11

PUBLIC:

I really enjoyed the pitching process at NYA. The process is clear, and the roadmap to a decision is defined. There's a one page form to submit, then a 10 person review session, and then, the 'big room' if you make it past the first two steps. I found the group smart and engaged, and the folks who knew our space lead the charge. Overall - it's a very efficient path to angel money.

PRIVATE: Members Only (564 Characters)

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Solid Group

Fund: New York Angels

Posted by Anonymous on 2007-03-22

PUBLIC:

Definitely recommended. Have funding from multiple angels in the group. It's like herding cats, for sure, and you get the good with bad. Overall, they are very responsive and helpful.

PRIVATE: Members Only (310 Characters)

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Well Heeled Angels

Fund: New York Angels

Posted by orca on 2007-03-21

PUBLIC:

Mostly cashed-out entrepreneurs, many from internet and tech ventures. Once you get their attention their process and systems for evaluating prospects are very sophisticated.

PRIVATE: Members Only (325 Characters)

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Ny Angels is David Rose is Ny Angels

Fund: New York Angels

Posted by Anonymous on 2011-04-06

PUBLIC:

I spent a fair bit of time with the NY Angels and there are few things I can tell you:

1. NY Angels' purpose is to multiple David Rose's investment dollars and puff up his reputation (see #3). He puts in, say, $25K, the Angels put in 10x - 20x. Rose gets a huge multiplier effect from every dollar he invests. He would have a lot more credibility as an investor if he were willing to make investments on his own.

2. the "Angels" in NY Angels don't add much value. Their questions come straight out of VC blog (and The Funded) posts entitled "What questions do Angel investors ask?" and during the Q&A, they rattle them off one by one. Few have any unique insight.

3. the "Angels" have no proprietary deal flow. Most of them were/are mid-level execs around NYC and have made some money, but they have had little to no outside contact with real entrepreneurs. So what you get is 70 or so Angels each bringing in maybe 1 lead a year, and the rest comes in over the transom as a result of NY Angels' reputation.

PRIVATE: Members Only

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Didn't Make It by Screening Committee

Fund: New York Angels

Posted by Livu on 2009-10-08

PUBLIC:

Just pitched the NY Angels screening committee (5 folks including David Rose). Didn't capture their interest (but not surprised). Hope info that follows helps:

FWIW, they require hard copy presentations (to avoid technical glitches, "more interested in meeting people than seeing presentations")

PRIVATE: Members Only (1959 Characters)

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$150 Application Fee for Ny Angels

Fund: New York Angels

Posted by Anonymous on 2008-07-20