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Process

  1. Submit - Fill out our online application (explained on our application page).  Please note that if your company does not meet our criteria  you will be declined automatically (so please check them before submitting). [Time to complete-N/A]
     
  2. Screening - Every month our screening committee reviews all the applications.  To proceed to the next stage a Member must have enough interest to volunteer to take on the Lead Investigator role and conduct some preliminary due diligence.  The deadline to get your information into the next screening committee meeting is the second Wednesday of each month. [1 month]
      
  3. Preliminary Due Diligence - The Lead Investigator will complete just enough high-level due diligence to decide if a deal should present to the full Membership. This is not an exhaustive evaluation process, but more a “peeling back the first layer of the onion.”  It typically consist of a review of the full business plan, one or more phone calls with the entrepreneurs, and some quick reference checks (full details on due diligence). To proceed to the next stage the Lead Investigator must tell the screening committee "this company is a good fit that the entire Membership should see." [0 to 1 month]
      
  4. Presentation - You give a ten-minute, in-person presentation (view our presentation guide) to the group followed by 20 minutes of Q&A. Members then spend up to 20 minutes in private discussion. To proceed to the next stage one or more members need to express enough interest to conduct a due diligence effort.  If they do, one Member takes (or maintains) the Lead Investigator position.[N/A]
     
  5. Critical Point Due Diligence - One week later the due diligence team and dealflow director determine the 5-10 “critical questions” surrounding the deal and how to go about answering them (full details on due diligence). At the next Members’ meeting the team reports if they wish to advance to the next level of due diligence, continue their current work, or decline your company.[1 month]
     
  6. Deep Due Diligence - The team begins deep due diligence (full details on diligence). At the next Members’ meeting they deliver their report and announce if they will begin negotiation. The due diligence team now becomes RVI’s negotiating team.[1-3 months]
     
  7. Negotiation - The negotiating team determines how much funding it can bring to the table and who will lead negotiations. If negotiations are successful, at the next Members’ meeting the group presents a term sheet and timeline for investment. [0-1 month]
     
  8. Investment - Members invest by whichever vehicle they chose. They typically select one among their number to represent the group on the company’s board of directors. [0-1 month]

[The times in parenthesis are approximations of how long it will take for your company to progress through each respective stage in our process.  These times are similar to what you would find with other Angel Groups processes as well. N/A denotes Not Applicable]