Calacanis creates the event as an intermediary to allow startups to pitch angel investors directly. He says the ‘pay-to-pitch’ model where some startups are having to pay as $6,000 or more for access to angel investors rules out startups that may be promising but are bootstrapped via founders’ bank accounts or credit cards as they simply can’t afford the access. Email from Calacanis:
I’m inviting the angel investors I’ve developed personal relationships with over the years (many of whom have invested in Weblogs, Inc. or Mahalo.com). Think folks like Sky Dayton, Matt Coffin, Elon Musk, Kevin Rose, Ryan Scott, Mark Cuban, Fred Wilson and Ted Leonsis. I’ve also started angel investing as you probably know. My first two investments are www.gdgt.com and www.challengepost.com. I’ll be announcing two more angel investments in December. My goal is to do 5-10 a year.