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These angels are much more Wharton than MIT -- they're management types, as opposed to techies. Most of New York Angels' companies are further along than is typical for angels, and as you would expect out of New York, the group's portfolio has a lot of media businesses. The New York Angels prefer to see innovative applications for existing technologies, as opposed to brand new technologies. A good example is Adapt Media, which pioneered selling advertising on scrolling displays atop taxicabs. "It was a weird medium that hadn't been tried before; would anybody actually buy it?" says the group's director, Chris Saxman. The group's website has a one-page submission form. (Don't forget the $150 filing fee.) Firms that look promising to Saxman go to a monthly screening session; survivors are invited to present at the full group's monthly breakfast meeting. Investments are strictly the decision of individual members; a typical deal will attract four to eight members, each kicking in $25,000 to $100,000.
FOUNDED 2004 / MEMBERS: 54 / TOTAL INVESTED: $5.1 MILLION / COMPANIES FUNDED: 12 / www.newyorkangels.com