Please see the following FAQ. If you have any additional questions not outlined below please don't hesitate to email tim@oceanstateangels.com.

What is an angel investor?

An angel investor is an individual who makes direct investments of personal funds into a venture, typically early-stage businesses. Because the capital is being invested at a risky time in a business venture, the angel must be capable of taking a loss of the entire investment, and, as such, most angel investors are high-net-worth individuals. These individuals are nearly always “accredited investors” as defined under the Securities Act of 1933.5

What is an angel group?

An angel group is a formal or informal assemblage of active angel investors who cooperate in some part of the investment process. Key characteristics of an angel group are: control by member angels (who manage the entity or have control over the entity’s managers), and collaboration by member angels in the investment process.

Where can I learn more about angel investing?

www.angelcapitalassociation.org

How many members does OSA have?

As of its first meeting in October 2012 OSA has approximately 20 members. Over the next two years we plan to grow membership to around 50 members.

How do I join OSA?

You can start the membership process by emailing tim@oceanstateangels.com

Do I need to be a life science expert to join?

No.  To help investors over the scientific hurdle associated with some life science investments the fund has assembled the leading clinicians and researchers in the area to help the investors understand and assess the merits and practical application of each company's technology.

Do I need to have experience as an angel investor to join OSA?

No, although experience with evaluating investment opportunities and familiarity with and a strong interest in emerging growth technology companies is certainly beneficial.

Do I need to be a Rhode Island resident to participate?

No. The fund is open to individuals and corporations in Massachusetts, Rhode Island, Connecticut and New York.

I’m already a member of my local angel group, can I join OSA?

Yes. Many angel groups tend to have different investment objectives or focus on a wide range of industries, and we welcome people who are interested in having another type of experience.

What are the qualifications for membership?

You must be an "accredited investor" as defined by SEC rules and live within one of the four states listed above.  Once you fill out and submit your application our staff will review the application and reach out to you within 7 days.

How often are the Ocean State Angels dinners held?

OSA holds 4 meetings per year. The first meeting is scheduled for October 2012, followed by meetings in January, April and June of 2013.

Where are the meetings held?

The meetings are currently scheduled to take place at the Hope Club in Providence, RI.

What size of investment does OSA typically make?

Typical investments range between $200-$750k, with syndicated financings ranging between $2-3M.  The fund may also consider investing in opportunities below that range on a case-by-case basis. 

Is there a minimum investment or annual commitment required to join?

Besides the annual dues which each members is required to pay, each investor is expected to invest a minimum of $25,000 per year in companies brought before the fund.

Do I make my own investment decisions?

Yes. Each member of the fund ultimately makes their own investment decision on which companies to invest in and how much to invest.  All members who elect to invest in a particular company will pool their respective contribution into a single corporate vehicle which will invest in the company. Each member will own a portion of that entity based on their relative contribution to the investment.

What does OSA do to screen applicant companies?

A screening committee of three members screens every opportunity present to the fund.  Each company is graded against a set of established criteria and is required to get the approval of at least two screening members before it is allowed to present to the entire membership.  Prior to presenting each company must also confer with the fund's designated scientific advisory board member who will conduct initial scientific due diligence on the company's technology and present their findings and evaluation to the entire membership at the next meeting.

How does OSA membership benefit the members?

OSA is unique in that it is focused exclusively on the life sciences industry in Rhode Island.  Many other funds are diversified and will invest in a wide range of different technologies, industries and geographies.  OSA is committed to fostering and nurturing the local life science community in Rhode island and as a condition of funding requires companies to remain in Rhode island for at least 5 years.