Good news for local entrepreneurs: Tech Coast Angels' Los Angeles branch has launched a program to fund start-ups in 30 days or less.
Michael Green, president of the L.A. branch of Tech Coast Angels, said the Screening2Deal in 30 Days program would speed up the process to get start-ups off the ground. The move is also designed to raise TCA's profile among entrepreneurs, who often seek out funding from more well-known investors or accelerators in the area, he said.
"It was taking too long and the reputation unfortunately was these guys are old and slow," Green said of TCA. "We were getting plenty of deal flow -- we get 1,000 [applications a year] -- but if you want to talk about quality deal flow ... we weren't the first call. We had to turn that on its head and say we're not old and slow, we're actually active."
Formed 16 years ago, TCA is made up of five regional SoCal networks -- L.A., Orange County, San Diego, Santa Barbara and the Inland Empire -- and currently has more than 300 members (104 of them in L.A.).
The organization has invested more than $120 million in more than 200 companies in industries including biotech, consumer products, information technology, media, software and hardware. L.A. start-ups that have received funding include Social Annex, Pagewoo and Vokle.
Interested entrepreneurs should apply for funding online, and TCA has started holding pitch events at co-working space ROC in Santa Monica every other Friday to vet applicants.
The group said that within 30 days of an initial screening session, TCA L.A. will provide dollar and term commitments from members who plan to invest in the company.
"TCA L.A. will also inform applicants as quickly as possible, at any point in the process, if members determine they are not interested in funding a company," the group said.
TCA L.A. held a launch party to announce the program at ROC on Tuesday night. More than 200 attended.