Becoming an Investor

Membership Benefits
A member of the BlueWater Angels (BWA), you will have access to vetted investment opportunities, leveraged talent and wisdom of your peer investors, and relationships with other sophisticated investment networks and funds. All BWA members are encouraged to participate at whatever level they are comfortable with, including screening of potential deals, due diligence teams, deal leads, or as board members.

Ample Networking Opportunities

Pre-Screened Investment Opportunities

Leverage the Collective Wisdom of Peer Investors

Co-Investment Opportunities with Other Angel Groups

What is an Accredited Investor?
An Accredited Investor is defined in Rule 501(a) of Regulation D under Rule 144 of the Securities Act as:

a bank, insurance company, registered investment company, business development company, or small business investment company;

an employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million;

a charitable organization, corporation, or partnership with assets exceeding $5 Million;

a director, executive officer, or general partner of the company selling the securities;

a business in which all the equity owners are accredited investors;

a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceed $1 Million at the time of the purchase, excluding the value of the primary residence of such a person;

a natural person with income exceeding $200,000 in each of the two most recent years, or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; or

a trust with assets in excess of $5 Million, not formed to acquire securities offered, who purchases a sophisticated person makes.

Membership FAQ
What is Angel Investing?

Angel investors have proven themselves to be an integral part of the capital market, particularly for funding start-up companies and providing the seed-stage financing of businesses. The term “angel” refers to high-net worth individuals, or “accredited investors,” who typically invest in and support start-up companies in their early stages of growth. In the financial world today, angel investors are a critical and essential part of a healthy economy, particularly for the establishment and growth of early-stage companies. Experts estimate that, on a cumulative basis, the level of investments made by angels over the last 30 years has been double that of investments made by venture capitalists*.


*According to statistics published by the National Venture Capital Association and the Center for Venture Research, University of New Hampshire.

How is BlueWater Angels structured?

BlueWater Angels is a For‐Profit Limited Liability Corporation (LLC).  A group of managing members comprised of the original board are now the LLC members.  Investor-members of the BWA network members (investors) are responsible for making their own decision to invest or not.  They are members in the same sense one is a member of a health club.  There is no legal relationship between the managing BWA LLC beyond that of a service customer.  BlueWater Angels is NOT a “fund” where an investment board determines if an investment will be made on behalf of other investors.

How is BlueWater Angels administered?

The BlueWater Angels engage contractors and service providers to support the operations and to perform the administrative functions for BlueWater Angels, including recruitment and management of members, marketing and public relations, event management, initial screening of members, etc.

How will investment opportunities be evaluated?

BlueWater Angel members have adopted best practices from the Angel Capital Association and other angel groups to make deal evaluation as simple and efficient as possible. These criteria will be the initial guidelines, but each deal is evaluated on its own merit. All BWA members have access to a confidential and secure website customized for BlueWater Angels by Venture360, the top provider of deal flow software. These web‐based tools are available to review documentation associated with potential deals, evaluate, score and rank each deal, and communicate concerns and/or comments with other members via e‐mail and the BlueWater Angels private website. Ultimately it is the decision of the screening committee, comprised of active BWA members, that gets a company invited to present to the full membership at a dinner/deal meeting. Once the company has presented, if there is interest from the membership, a BWA member will be selected to “champion” the deal and coordinate subsequent communications with the entrepreneur and coordinate negotiation of investment terms, due diligence, communications with BWA membership, and closing of deal.

As a member of BlueWater Angels, what is my expected level of participation?
The level of involvement by individual members is left to each member’s discretion.Typical angel investment groups see:

1/3 Actively Involved

1/3 Occasionally Involved

1/3 Rarely Involved

Actively involved members typically attend all meetings, help screen potential deals, are involved in due diligence, post-investment support, etc.

Occasionally involved members typically attend some meetings, help screen some potential deals, are involved in some due diligence, some post-investment support, etc.

Rarely involved members typically do not attend meetings and therefore, rely heavily on the opinions of more active members when making investment decisions

What is the minimum annual investment commitment required of members?

Members are required to pay $2,500 annual dues and are expected to invest $25,000 annually, contingent upon high‐quality investment opportunities being made available to the group. Members will make individual investment decisions and will not be required to make an investment if not interested in the investment opportunities presented to the group.

What will my annual membership dues be used for?

BlueWater Angels’ membership dues will be used to offset administrative expenses for operating the organization. Such expenses include administration time to manage deal flow, educational seminars with a professional moderator, holding screening committee meetings, communications, other related administrative expenses, legal fees, etc.

What do I get as a member of BlueWater Angels?
BlueWater Angel members will have numerous benefits, including:

Access to pre‐screened investment opportunities

Participation with a large group of sophisticated investors to evaluate investment opportunities

Potential networking and possibly co‐investment with other angel group members

Access to best practices in angel investing and other educational opportunities

Membership in the Angel Capital Association and discounts at ACA events

Angel Capital Association Website

Opportunities to participate in the due diligence process for companies in which you are interested in investing

Your annual membership dues include registration fees for all BWA sponsored events, including the annual meeting, and meals at dinner/deal reviews

Annual BWA membership dues includes the opportunity for a spouse or business partner (must be an accredited investor) to participate in BWA activities as a BWA member; to help cover expenses, 2nd members will be required to pay registration fees for events and/or dinners

Who are some of the BlueWater Angels members?

Current members include successful entrepreneurs, corporate executives, finance and investment professionals, and influential business and community leaders, who like to pass on their knowledge and experience. We do not name individual members for privacy reasons.

How do I become a member of BlueWater Angels?
Qualifying individuals are invited to consider becoming members of BlueWater Angels; membership is at the discretion of BWA’s Membership Committee and is subject to annual renewal, non-renewal, evocation or termination by BWA’s Membership Committee.

Interested parties must complete the Membership Agreement and Membership Survey, and submit the same as directed on the Membership Agreement

The Membership Committee will review all applications for membership and endeavor to provide applicants with a written response within thirty (30) days of completed application submission. (Your payment, whether by check or credit card, will be held for processing until after your membership has been approved)

BWA membership may be terminated or membership revoked at the discretion and determination of BWA Membership Committee, should it be determined that a BWA member has breached any term of AA membership. A member will be notified in writing by the Membership Committee of the intent to terminate or revoke membership, and the on-notice member shall have thirty (30) days in which to submit a written response to the Membership Committee, should the member deem his/her actions or inactions do not warrant or qualify for termination or revocation of membership. The Membership Committee shall consider, in good faith, such on-notice member written response within sixty (60) days. The decision of the Membership Committee is final