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LaunchVic Expression of Interest Guidelines Support for Victorian Angel Networks Issued 24 September 2019
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LaunchVic Expression of Interest Guidelines SUPPORT FOR VICTORIAN ANGEL NETWORKS Building a Robust Victorian Investor Community
LaunchVic Expression of Interest Guidelines Support for Victorian Angel Networks Issued 24 September 2019
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OVERVIEW & OBJECTIVE
LaunchVic seeks to build a robust Victorian Investor Community by funding new Angel Networks and
boosting existing Angel Networks. The objectives of this funding are to:
• Increase access to early stage capital, by activating more formal Angel Networks; and
• Increase the number of informed and active early-stage investors, by providing support for Angel
Investors through formalised Angel Networks.
LaunchVic is seeking Expressions of Interest (EOIs) from suitable Existing Angel Networks and
applicants who will formalise New Angel Networks. The successful EOI applicants will be invited to
submit a detailed Request for Proposal (RFP). Successful RFP applicants will receive funding of up to
$300k (exclusive of GST) over 2 years. Funds can be used for Operating Costs.
DEFINITIONS
The below definitions apply for this Expression of Interest:
• Angel Investor is an investor with a high risk appetite who provides cash investments into early-
stage startup ventures, prior to institutional investors including venture capitalists. Typically, Angel
Investors provide more than investment alone – they bring business experience, mentorship and
networks that can help the invested startup accelerate its growth.
• Angel Network is a formalised group of Angel Investors that collectively evaluate and invest in
entrepreneurial ventures. For the purposes of this EOI, Angel Networks include:
o Angel syndicates/groups where individual Angel Investors joining together with other angels to
evaluate and invest in entrepreneurial ventures; and
o Angel networks that match entrepreneurs and Angel Investors, but remain neutral and generally
refrain from formally evaluating business plans or angels.
• New Angel Network a new Angel Network is a group of Angel Investors that have not formally
registered as an incorporated association or as a company through ASIC.
• Existing Angel Network is an established Angel Network of Angel Investors that is registered as an
incorporated association or as a company through ASIC.
• Operating Costs include staff salaries, event costs, insurance, accounting and legal costs, marketing
and promotion costs.
LaunchVic Expression of Interest Guidelines Support for Victorian Angel Networks Issued 24 September 2019
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ELIGIBLITY
To apply, applicants must meet the following general eligibility criteria: • Applications for a New Angel Network to be registered in Victoria, primarily for Victorian Angel Investors
who will primarily invest in Victorian Startups, are eligible.
• Applications from existing Angel Networks registered in the State of Victoria are eligible with the
exception of existing Angel Networks currently funded by LaunchVic, these organisations are ineligible under
this EOI and funding.
• Applications from Existing Angel Networks registered outside of the State of Victoria are ineligible.• Applications seeking up to $300,000 (exclusive of GST) over 2 years are eligible.
Applications are only accepted via the LaunchVic online application system before the closing date and time.
KEY ASSESSMENT CRITERIA
Applicants are required to address the following Key Assessment Criteria via the LaunchVic online
application system under the appropriate Application Form (see Application Form). Included below are the
type of responses and the maximum word count for responses.
New Angel Network Response Existing Angel Network Response
1. Angel
Network
Summary
a. Provide a summary of the
Angel Network and its unique
value proposition in the
Victorian startup ecosystem.
250 words a. Provide a summary of the
Angel Network and its unique
value proposition in the
Victorian startup ecosystem.
250 words
b. Outline why you are
formalising this new Angel
Network, how much funding
is required and why
LaunchVic funding is
required.
200 words b. Outline how much funding
is required, why funding is
required and how funds will
be used to further the impact
of the group within the
Victorian ecosystem.
200 words
2. Membership
Base
a. How many Angels are
currently in the Angel
Network?
Number a. How many Angels are
currently in the Angel
Network?
Number
b. How many Angels are
committed to become part of
the Angel Network (in the
next 3 months) if supported
by LaunchVic?
Number b. How many Angels will
become part of the Network
in the next 3 months if
supported by LaunchVic?
Number
c. If funding is awarded, how
many Angels will be in the
Network by June 2020?
Number c. If funding is awarded, how
many Angels will be in the
Network by June 2020?
Number
LaunchVic Expression of Interest Guidelines Support for Victorian Angel Networks Issued 24 September 2019
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3. Experience
and expertise
(Key Personnel)
a. Who will run the Angel
Network? If this is unknown
at this stage, please indicate.
Name
a. Who currently runs the
Angel Network?
Name
b. Outline the Key Personnel
for the Angel Network,
including operations of the
Angel Network (if known) and
leadership of the Angel
Investors, and their relevant
expertise & experience with:
• entrepreneurship and
driving high-growth
companies
• negotiating early-stage
investments in startups
• Investments made in
early-stage startups
Table
- Name
- Role
- Relevant
Experience
(50 words
each max.)
b. Outline the Key Personnel
for the Angel Network,
including operations of the
Angel Network and
leadership of the Angel
Investors, and their relevant
expertise & experience with:
• entrepreneurship and
driving high-growth
companies
• negotiating early-stage
investments in startups
• Investments made in
early-stage startups
Table
- Name
- Role
- Relevant
Experience
(50 words
each max.)
4. Deals How many deals in Victorian
startups do you expect to
close in: Year 1, Year 2 and
Year 3? Provide details on the
expected average investment
per Angel
Numbers
100 words
Outline how many deals have
been closed in the previous
two years and how many
deals in Victorian startups do
you expect to close by Dec
2020, Dec 2021 and Dec
2022. Provide details on the
average investment per Angel
Numbers
100 words
5. Operating
Model
a. Outline the proposed
operating model for the Angel
Network.
150 words a. Outline the current
processes for investing in
startups including whether
Angels invest individually or
as a collective. Outline the
improvements that will be
made with this funding.
200 words
b. Outline how the Angel
Network will achieve long-
term sustainability.
150 words b. Outline how the Angel
Network is maintaining
sustainability.
150 words
6. Follow on
Funding
Outline how the Angel
Network will support follow
on funding. Include any
details on the core team’s
relationships with VCs.
150 words Outline how the Angel
Network supports follow on
funding. Include any details
on the core team’s
relationships with VCs.
150 words
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ASSESSMENT AND SELECTION Eligible EOI applications will be evaluated against the Key Assessment Criteria by an “Assessment Panel”
(comprising at least three LaunchVic staff). Applicants may be required to provide additional information as
part of the application process. LaunchVic may appoint external members with experience in the investor
sector to be a member of the Assessment Panel and assess applications. The selected applicants will be
determined by the LaunchVic Assessment Panel and their decision is final.
All applications are made at the applicants’ own cost and will not be reimbursed, whether the application is
successful or unsuccessful.
Selected EOI applicants will be invited to submit a Request for Proposal (RFP), to provide more detail on the
Angel Network and evidence to support claims in the EOI. The RFP will be supplied directly to selected EOI
applicants by LaunchVic. RFP Applications will be assessed and contracted on a rolling basis.
APPLICATION FORM To register your interest in applying, preview and start your EOI application form please see below links:
Expression of Interest Application Form: New Angel Network
Expression of Interest Application Form: Existing Angel Network
Applicants will be required to: confirm eligibility, enter applicant details (main and secondary contacts) and
organisational details for Existing Angel Network including ABN and address. Applicants need to provide a
summary of the Angel Network and address the Key Assessment Criteria and complete the Declaration.
KEY TIMINGS
Indicative timings for this program include:
• EOI Open: 24 September 2019
• EOI Closes: 10am 12 November 2019
• EOI Outcomes: advised via email w/c 18 November 2019
• RFP Outcomes: announced via LaunchVic Website as contracted
NOTE: LaunchVic plans on opening a second call for EOI applications later in the calendar year, as we
understand that it may take time to formulate new Angel Networks. However, if there are quality
applications received under the first call for EOIs to proceed to an RFP the second round may not occur.
QUESTIONS? If you have a question regarding this program, please email [email protected]. Relevant questions
will be posted on the LaunchVic website under the Frequently Asked Questions (FAQs), refer to the funding
page for link.
LaunchVic Expression of Interest Guidelines Support for Victorian Angel Networks Issued 24 September 2019