When pitching to an Angel investor (see Private Equity VI for description of an Angel investor), tailor the pitch to your audience. More likely than not the Angel will not have specific knowledge of your particular industry. At the same time, the Angel likely has significant experience in business and knows how to make an entrepreneurial venture successful. Thus, you have to strike a balance between being informative without talking down to them. For each Angel, determine their “investment committee”. Some Angels, such as The Halo Capital Group (an Angel capital group focusing on Indiana technology companies) and Gravity Ventures (an Angel group focusing on Indiana software licensing companies), are organized investment clubs that have professional assistance in reviewing potential investments for members. For these types of Angels, you want to approach them as professional investors. For less organized Angels, the "investment committee" may be the investor's spouse. Tailor your presentation and materials to both the investor and the investor’s committee.
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Also see:
Private Equity VI - Raising Angel Capital
Private Equity V - Raising Capital and Not Telling Lies
Private Equity IV - Angel Investors Get Picky
Private Equity III
Private Equity II
Private Equity I
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