Over 550 businesses have presented to the Club since it was launched in 1999, with at least a third of them having received funding and 93% of them still running. These figures far exceed typical UK start-up activityand so clearly demonstrate the high quality of those opportunities which are chosen.
Our Selection Criteria
Enterprise 100 considers investment opportunities from across the UK. We welcome applications from within the London Business School community and beyond, across all sectors, that:
- have a disruptive model or proprietary technology to secure a sustainable competitive advantage;
- have early traction, ideally with a sales pipeline or a clear and attainable route to market;
- have a definable large and accessible market;
- have a credible and committed management team with a relevant sector background;
- have high growth potential with a scalable business model; and
- require between £150,000 – £2,000,000 of funding to accelerate the business’ growth, supporting a realistic valuation and exit plan that is in line with our members’ expectations.
Please note that the majority of opportunities that are selected to present to our Members are SEIS or EIS eligible.
A selection of some of the Club’s most notable successes are available here.
The Presenting Company’s management or anyone acting on its behalf:-
- must not have presented to any other angel-based forum for this business in respect of the same round of finance unless otherwise having received the express agreement from an officer of Enterprise 100;
- must comply with all document and presentation material requirements;
- is obliged to give updated feedback, when requested, on both the progress and outcome of the funding round for on-going tracking purposes; and
- ahead of securing finance for this round of investment, should the business’ funding requirement or circumstances change in any way that make a material difference to the members with whom the company is in discussion, the Presenting Company’s management will notify all such members by email as well as the undersigned as soon as that change of circumstances is known.
Our Selection and Showcasing Process
Selection is competitive, based on information provided upon application, demonstrating the investment readiness of the business as well its growth potential. Applicants should submit their information here and send their Executive Summary to Keith Willey ahead of the application deadline specific to the next event.
All applications for a place to present to our Members are reviewed by Enterprise 100’s Selection Committee, with input often being provided by individual Members with specific relevant sector knowledge who are referred to as appropriate.
Since places are limited to only those who are believed to have a realistic chance of securing funding from our Members, we are unable to meet a significant proportion of applicants in person.
Shortlisted applicants are invited to an informal ‘dry run’ session to determine whether they are appropriate and investor-ready to maximise their appeal to our Members. Even where applicants are not selected to pitch, valuable feedback is provided where available.
Selected applicants will be invited to present at one of our pitch events when we showcase 6-8 opportunities who are each allocated 10-minutes. Due to COVID-19, our pitch events remain uninterrupted but are all being held online.
Where the timing of a forthcoming pitch event doesn’t fit with the funding timing of a successful applicant we can, at our discretion, circulate details to our Members of an investment opportunity outside of a scheduled event to determine more immediate interest.
The Investment Process
Although Enterprise 100’s Selection Committee undertakes some early-stage due diligence to satisfy the Club’s Selection Criteria above, our Members invest their own money on an individual basis whereby they rely on their personal judgement of opportunities. They typically base their decision to invest on their own knowledge of a sector and the opinions of other Members which are shared openly across the group.
Post-event, interested Members are grouped together by the Club through common correspondence that is coordinated by an officer of Enterprise 100. Thereafter it is for the entrepreneur to set up a meeting with all interested Members and to answer any questions on a collective basis so that all interested Members are privy to the same information and kept up to date on the funding progress with a view to getting involved.
A Lead Investor may be identified and volunteer from that group if one isn’t already in place.
Ahead of securing finance for the round of investment in consideration, should the business’ funding requirement or circumstances change in any way that make a material difference to the Members with whom it is in discussion, the presenting company’s management is duty bound to notify all such Members by email as well an Enterprise 100 officer as soon as that change of circumstances is known.
All Members considering investing will want access to a ‘Data Room’ (to include the company formation documents including investment-ready Articles of Association and Shareholder Agreement, voting agreements, investor rights agreements, cap table, any IP documents) which we recommend is prepared in advance to have ready when asked.
Once all questions have been answered, the interested Members will present the entrepreneur with a Term Sheet that defines the structure of the investment deal – including the amount / type of equity, as well as rights relating to representation on the board of directors, etc.
When all parties are satisfied with the terms and language contained in the Term Sheet, the deal can be executed.
Since Enterprise 100 is a not-for-profit organisation and does not charge its presenting companies any fees to present, nor success fees based on money raised, all investment received from Members goes directly into the business that has pitched.
Post Investment Requirements
The only thing that is asked of the business that have successfully pitched to Enterprise 100 is to keep at least one of our officers informed of money raised through the Club and updates thereafter so that we can monitor your progress and be involved again when you are looking to raise more funds in the future.
Enterprise 100 is a members club of entrepreneurially minded individuals who are interested in supporting new ventures which may include the provision of finance. Enterprise 100 does not warrant or represent that any member or visitor attending the presentation pass any test or certification concerning their net worth or any other test of suitability to provide finance to any of the presenting companies. It is up to each company to satisfy themselves that individuals or informal groups that express interest in investing in the company are suitable and capable of participating in such and investment and meet any such requirements or tests and to conduct any such discussions and negotiations directly between themselves.