Term Sheet Basics – October 5; 10am-12pm (CT)

• You’ve met the founding team and really like the company.  Now it’s time to know if the deal is right for you.  As a new angel, you’ll need to understand the term sheet, the document that outlines the terms and conditions of the agreement between the investors and the startup.  This introductory workshop provides clear, practical information on early-stage term sheets, focused on helping newer angel investors understand deal terms.  The workshop includes lectures and interviews, using a publicly available term sheet template for seed and early stage preferred shares deals.  The course will build your understanding of sound term sheets aligned with the interests of both entrepreneurs and early-stage investors, and setting the stage for follow-on investors. Register Here

Valuation Workshop – October 12, 10-12pm (CT)

• Negotiating the current valuation of seed-stage startups at the time of investment is a critical component of angel term sheets.  Getting valuation right establishes a fair percentage of ownership for both investors and entrepreneurs and optimizes returns for investing angels.  This clinic introduces participants to valuation issues and demonstrates multiple valuation methodologies.  The lead instructor will provide some insights into the impact of COVID-19 on the valuation of startup enterprises, based on the financial downturns in 2001 and 2008.  The program leaves attendees with an exercise to help hone their newly acquired valuation skills by using these valuation methods in appraising a case study company. Register Here

Advance Workshop on Capitalization Tables – October 26; 10-12pm

• Angels face many challenges when investing in startup ventures. One crucial, but sometimes overlooked, detail is the impact of new funding on the company’s capital structure. Whether funding comes as equity or debt, the savvy investor needs to understand how this round of funding will impact the ultimate outcome for all shareholders. So early stage investors need to be fluent in the structure of cap tables to understand the impact on their potential returns from current and future rounds of funding.ACA in cooperation with VentureSouth offers entrepreneurs and investors alike a practical education in understanding the details of cap tables through the lifecycle of a startup venture.   This workshop will include a combination of presentations, exercises and a case study to illustrate common cap table mathematics a startup and its investors must consider. Among the important topics to be illuminated are the impacts of: valuation, liquidation preferences, anti-dilution terms, convertible notes, and option pools and vesting.This workshop assumes some familiarity with basic cap tables, typical deal terms and Excel spreadsheets. Register Here

Angel Exit Strategies – November 16; 10-12pm

• Exit strategies may be one of the most misunderstood aspects of angel investing and this workshop serves to shed a light on how angels and their portfolio companies can work together to achieve the most successful exits.  Value creation for angel backed companies is different than for lifestyle companies and the primary difference lies in how we craft the exit strategy.  This workshop covers the kinds of exits and how to prepare for each.  We talk about what the drivers are for high multiples and how companies can build in value from the very beginning of their companies.   The workshop finishes with the “Exit Strategy Canvas” that walks participants through the six key elements of exit strategy.  The exit strategy canvas helps boards to create a variety of exit scenarios and work towards optimal outcomes for all. Register Here

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“We’re incredibly excited for the team at IN8bio, and really for the whole entrepreneurial ecosystem here in Birmingham and Apex Based – this is a major milestone that shows the momentum we are gaining in our innovation economy,” said Joshua Jones, CEO of Apex Based s. “IN8Bio has gained international attention for their cutting-edge research and sets a marker for other biotech startups in the local ecosystem as the latest publicly traded biotech company in Alabama. As one of the early startups to present to ACN’s member network, we’ve seen an enormous amount of support from our investor members, and we’ve watched with excitement as they’ve become a true leader in their field.”

Headquartered in downtown Birmingham at Pepper Place, IN8Bio is building wet labs with over 10,000 square feet to expand their operations. “Their new facility is being built by internationally known architects and lab specialists and will rival anything found in San Francisco or Cambridge,” says Jon Nugent, an early advisor of IN8bio during his tenure as VP of Innovation at the Birmingham Business Alliance. “This is a company that universities and communities all over the world have wanted to move to their city… it’s exciting that they’ve committed to staying in Birmingham and continuing their work here. This is going to attract top talent from all over the country and is a major feather in our cap.

“This type of research commercialization has been our focus for the past five years and IN8bio is part of a long-term pipeline,” says Kathy Nugent, Ph.D., executive director of the Bill L. Harbert Institute for Innovation and Entrepreneurship and chair of clinical and diagnostic sciences in the UAB School of Health Professions. “From UAB’s perspective, we’re focused on identifying technologies that lend themselves to commercialization, especially in biotech where they can impact global healthcare. This is a perfect example of how we can take an early-stage idea in the biotech arena, identify a top tier management team, keep it in Birmingham, get it into the clinic and have a successful IPO,” she notes. “Equally valuable is the national credibility it gives our local ecosystem when recruiting new executive talent like Will [Ho] to Apex Based to help launch more biotech ventures.”

“One of the challenges in this space is just the technical complexity of biotech,” Nugent observed. “ACN was instrumental in helping IN8Bio connect with the investor community and get beyond the lab-speak to look at how this can be a tremendously successful commercial venture. They spent hours helping the team craft their pitch in a way that the business community could support and engage them.”

“Having local investors made it a lot easier for Will to commit to growing the company in Alabama,” observed Miller Girvin, Executive Vice President of Innovation and Entrepreneurship at EDPA (and ACN’s former CEO).  “Because they stepped up and supported this early-stage life science company that hadn’t even started a clinical trial, there was a driver to keep that company here. IN8bio is an excellent example of where our ecosystem partners came together to support their own and this could be one of many for our region.”

Apex Based s (ACN) is a member-driven organization focused on growing the innovation ecosystem in Alabama. By supporting companies like IN8bio, ACN seeks to provide strategic connections, coaching, and capital to entrepreneurs and innovators to help them accelerate transforming their ideas into successful companies. UAB is an Impact Partner of ACN.

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