REQUEST FOR PROPOSAL: Angel Investor Network Liaison
December 19, 2017
Your firm is invited to submit a proposal to provide the West Virginia Coalition for Technology-Based Economic Development, Inc. (dba TechConnectWV) with the necessary information to contract as an Angel Investor Network Liaison.
The intent of this Request for Proposal (RFP) is to identify and select an experienced planning consultant or firm that will be responsible for serving as an Angel Investor Network Liaison for TechConnectWV.
The submittal, consisting of an electronic copy of your proposal, should be sent via email to email@example.com with the subject line, “Angel Investor Network Liaison–(Name of Your Company),” and should be received no later than 5:00 pm Eastern Standard Time, January 12, 2018 by TechConnectWV.
Nothing herein is intended to exclude any responsible offer or in any way restrain or restrict competition. On the contrary, all responsible firms are encouraged to submit proposals. TechConnectWV reserves the right to accept or reject any or all proposals submitted.
This RFP does not commit TechConnectWV to any specific course of action. While TechConnectWV may intend to give notice of acceptance to a respondent, it does not bind TechConnectWV to purchase any service or product until a formal contract is executed between TechConnectWV and the respondent.
Technical questions concerning this Request for Proposal should be directed to Anne Barth, TechConnectWV Executive Director, at firstname.lastname@example.org.
Anne Barth, Executive Director
TechConnectWV (TCWV) desires to engage a professional service firm to act as an Angel Investor Network Liaison in order to 1) create linkages between WV angel investor groups with those in the surrounding region and 2) create expanded opportunities for West Virginia firms and entrepreneurs to pitch before angel investors in the region.
Mission of TCWV
TCWV is a coalition of professionals dedicated to growing and diversifying West Virginia’s economy by advancing innovation-based economic development. The organization is a 501(c)3 nonprofit corporation with broad membership from the private, public, higher education, research, and nonprofit sectors. TCWV was created to facilitate the growth of West Virginia’s technology economy and the commercialization of research innovations developed across the state.
The formation and vision for TCWV was based upon three key facts:
- Technology drives national and state economic growth in the United States and provides critical economic diversity
- Technology-based economic development leads to higher-paying jobs than activities in many other economic sectors
- Creation of higher-paying jobs will support growth in every sector of the state economy and will benefit all West Virginians
TCWV’s goals are to diversify the state’s economy, spur creation of high-wage jobs in high-growth industries, and promote economic prosperity.
Innovation and technology lead not only to more jobs, but also to higher-paying jobs, fueling economic growth and increasing the standard of living across entire states and regions where innovation-based economic development is prevalent. With the assistance of the Battelle Institute, TCWV identified four areas of technology that are best suited for development in the state: Advanced Energy, Biometrics, Biotechnology, and Chemicals and Advanced Materials.
Blueprints detailing strategies and actions for each platform are available on TCWV’s website, www.techconnectwv.org. TCWV also identifies advanced manufacturing as an important economic driver for West Virginia.
The Blueprint identified key gaps in West Virginia’s technology economy, including access to early stage and seed capital for startups and entrepreneurs. A key strategy to address this shortcoming is to attract venture fund investments in West Virginia companies.
TCWV seeks to hire a consultant to act as Angel Investor Network Liaison whose mission will be to create more capital investment opportunities for entrepreneurs and small businesses in WV by facilitating connections between angel investor groups in West Virginia and the region, and by creating opportunities for WV entrepreneurs and small businesses to pitch to those groups for funding.
Scope of Work & Deliverables
TCWV will develop strategies to:
- Work with individual entrepreneurs, start-ups and small businesses to better focus and define their pitch and improve their pitch presentations and overall investor readiness.
- Provide “Investor Readiness” webinars and workshops for pitch competitions and other venture development venues.
- Support entrepreneurs who exhibit readiness to compete in regional pitch competitions and to meet with potential venture providers.
In this RFP, TCWV seeks assistance in executing the following (through August 28, 2019):
- Linking regional angel investor groups and other capital providers to the region’s entrepreneurs, start-ups and small businesses, both one-to-one and in conferences, pitch competitions, and other venues.
- Linking the WV investor community with regional angel investor groups to expand the number of opportunities for West Virginia firms and entrepreneurs to pitch and to expand the potential sources of venture funds.
The Scope of Work will include the following:
- The angel investor network liaison will attend and represent West Virginia entrepreneurs at a minimum of four (4) meetings of regional angel investor groups and two (2) national angel investor meetings. The region includes Pennsylvania, Ohio, Virginia and Tennessee, but may be expanded to other adjoining states as needed and appropriate.
- The angel investor network liaison will work with TCWV to identify the level of “pitch readiness” of entrepreneurs and make recommendations concerning their preparedness and coachability.
- The angel investor network liaison will work to promote selected and trained entrepreneurs to regional angel investor groups. This will include creating opportunities for the selected entrepreneurs and small businesses to pitch for funding before regional investor groups.
- The angel investor network liaison will provide concise, written reports on a quarterly basis regarding engagement with regional angel groups, outcomes and results. (Specifics to be included in the reports will be identified by the liaison and TCWV before the work begins.) The liaison will also make recommendations regarding next steps for the selected entrepreneurs in terms of raising investment funds.
TCWV is seeking an experienced consultant with the following qualifications:
- Experience in working with angel and venture capital entities. Please provide the professional background of the entity and the experience of each administrative and/or project staff person that will be assigned to this project;
- Capability to perform the work on schedule and on budget;
- Management capacity, knowledge, skills, and experience to oversee the implementation of a comprehensive investor liaison strategy;
- Knowledge of and experience working with technology-based economic development is a plus.
Contracting with the selected firm is envisioned by January 31, 2018. TCWV staff will work with the selected firm to develop priorities for completion and a final, detailed timeline. The work will conclude within 30 days after September 28, 2019.
At minimum, proposals shall include the following information:
- Response to the Eligibility Requirements set forth above;
- Relevant experience on similar projects and how those might relate to this RFP;
- Two references from clients that have worked with the entity in the last 3 years.
Review of Proposals
Proposals will be reviewed by TCWV’s Executive Committee. Providers will be evaluated based on the criteria established herein. An interview may be required upon TCWV’s discretion. Proposals using subcontractors to fulfill elements of this overall project will be considered; however, the respondent is solely responsible for the financial commitment, oversight, performance and quality assurance of any subcontractors they utilize in the fulfillment of this contract.
Right to Reject Proposal
Submission of a proposal indicates acceptance by the proposing firm of the terms and conditions stated herein unless any exception is clearly and specifically noted in the letter of transmittal of the RFP. Any such exception must be mutually agreed upon by the consultant and the requesting entity in any final contract.
- The RFP is intended to provide enough information to respond to the RFP, but it is the Respondent’s responsibility to obtain additional information deemed necessary to provide a complete and effective description of an Angel Investor Network Liaison for TCWV. It is the responsibility of the Respondent to ensure all information contained within the response is accurate and reliable.
- TCWV shall have the right to reject or accept any proposal or offer, or any part thereof (e.g., any component of any proposed solution) for any reason whatsoever, and to accept other than the lowest offer, at its sole discretion.
- Solicitation by TCWV of proposals does not constitute an agreement by TCWV to extend funding to any party for the project under consideration. TCWV may, in its sole discretion, elect not to pursue this project in any manner.
- Any recommendations or conclusions from this RFP process concerning the service provider shall not constitute a right (property or otherwise). By submitting a proposal, the service provider agrees to waive any right it may have to bring any claim, whether in damages or equity, against TCWV, its agents, employees and members, with respect to any matter arising out of any process associated with this RFP.
- By submitting a proposal, each applicant grants to TCWV the right to duplicate, use, disclose, and distribute all of the materials submitted for purposes of evaluation, review, and research.
- TCWV is not responsible for loss or damage to the material submitted, or for any unauthorized use or misuse of the submitted materials by and third party. Any submission to TCWV shall become the property of TCWV (not including any intellectual property rights contained in such submission), and TCWV is not required to return any submitted materials to any applicant.
- TCWV is not liable for any costs incurred by any service provider prior to signing a contract by all parties concerned. TCWV will not be liable for any costs incurred in replying to this request for proposals.