Jason Calacanis To Start New Angel Group
Today was the deadline that Calacanis had set for various angel groups — the Keiretsu Forum, Maverick Angels, AlwaysOn and several others — to stop charging fees for entrepreneurs to present their startups.
These groups have pretty much ignored him, so Calacanis — who’s sold two companies and is now CEO of the venture-backed startup Mahalo, as well as an angel investor himself — says he will make good on his promise to start his own angel network, the Open Angel Forum. It will be a for-profit group with chapters planned in 20 cities, starting in the first quarter with Los Angeles (where Calacanis lives and says he plays poker with “two dozen *real* angel investors”).
Details so far are scarce. Calacanis declines to say how he’s going to make money. “Money does not drive me — giri does,” he said in an e-mail interview. “My goal is to give back to the entrepreneurs who are coming up in the game since the game has given so much to me.”
He calls the angel groups he’s targeting “rats on a sinking ship. They only thing they are going to do is run,” and predicts the Keiretsu Forum will soon be out of business.
Members of the Keiretsu Forum do not seem disturbed. Founder Randy Williams said his group “enjoys working in the spirit of collaboration and cooperation with other angel groups. We always welcome new angel organizations to the community of angel investing.”
Keiretsu’s Steve Bell — who Calacanis interviewed a few weeks ago on his weekly Webcast, This Week In Startups, while brandishing a plastic gun — wished Calacanis “sincere best of luck!”
In a comment on Calacanis’ blog, Bell also offered to release, free-of-charge, the OpenAngel.net/org domains he bought out from under Calacanis four weeks ago as a prank.
Calacanis said his group will be built in public and will be discussed on this week’s installment of his Webcast, where viewers will vote on the group’s logo. “I asked folks to make a logo and dozens have responded…for free!” he wrote.
The group also has its own hash tag on Twitter — #oaf.
Brian Benenhaley said on November 16, 2009
I congratulate Calacanis for taking a step up to help those that are are being stepped on in the startup world. It will be interesting to see if he take him up on the offer for the domains.
Steve Bell said on November 16, 2009
Brian, there are 300+ Angel Groups in the US. There is plenty of room for MORE Angel groups. So as an Angel and a friend of the entrepreneur, I extend a hearty welcome to the Open Angel Forum (OAF).
I take issue with the assertion that the Keiretsu Forum is “stepping on” anyone. Jason has demonstrated over and over that he knows next to nothing about how the complex, $26B world of Angel investment finance works. There is not a single startup coming in and “being stepped on”; it is a voluntary arrangement. This whole “they’re being stepped on by THE MAN” thing is juvenile.
In my perspective as a Keiretsu Forum member, Keiretsu Angels have little appetite for “concept stage” deals; they want to see an operating history, operating income, and an experienced team; not starving entrepreneurs. The Keiretsu competes more with the banks than with VC’s.
Have you ever looked up the definition of the word “Crass” in a dictionary? re: this matter, it describes Jason “Crassacanis” to a TEE.
-steve bell
Fred Grott said on November 17, 2009
Dear Steve Bell your considerable amount of snide comments on twitter towards JC and others indicates other wise..
AH said on November 17, 2009
“they (Keiretsu) want to see an operating history, operating income, and an experienced team; not starving entrepreneurs”…
BS. What they want to see is any entrepreneur with the $6000 fee in their hands. For which they will gladly meet with their friends monthly, snack on hors doevres, play startup gong show, offer pedestrian advice and adjourn without investing.
They can’t disappear soon enough.
Judith Iglehart said on November 18, 2009
Regarding the statement by AH above, during the past nine years Keiretsu Forum members have invested almost $200M in 185 companies. The fees at Keiretsu Forum Chapter meetings vary by region from zero to $6000 depending on the country, SEC rules, and membership in attendance. Members want to see companies with a disruptive technology, defensable IP, a chance for success, and an exit plan so their investments are returned. While coffee and rolls are provided for the early morning meetings, hors d’oeuvres are not a feature. In comparision to other angel groups, at Keiretsu the entrpreneurs are treated as professionals and are not “gonged.” There are tough questions from members, but entrepreneurs are asking them for their personal funds and the members have the right to determine if they have a chance of getting a return on investment. Because Keiretsu is not a broker/dealer, all investments are handled by a team of members and that process can take from 2-14 weeks depending on the due diligence process. For the record, I am the VP International at Keiretsu Forum.