1. Private Sector / Angel Funding for Entrepreneurial Ventures Cybersecurity – Unmanned Systems Conference Jean Peters Board Member ACA Managing Director – Golden Seeds October 1, 2015

2. ANGEL CAPITAL ASSOCIATION Mission: Fuel success of angel groups and accredited investors and the early-stage companies they support 13,000+ investors 250+ networks/grps. Accredited platforms Family offices Every state & 5 Canadian provinces ACA Angel Group Locations

3. MEMBER GROUPS AND PLATFORMS INCLUDE Regional/Sector FocusedDC/VA/MD Accredited Platforms

4. EARLY-STAGE FINANCING LIFE CYCLE Discovery Proof-of Concept Product Design Product Development Commercialization IdeaPre-seed Seed Expansion Operating Capital Friends & Family Angels Venture Funds Founder Institutional Equity (PE) Debt Financing Early-Stage (Non-equity) - Government / Foundations / Economic Dev Grants, etc.

5. ANGELS FUND MAJORITY OF STARTUPS Sources: “Angel Investing Market for 2014, Center for Venture Research/ UNH; NVCA 2015 Yearbook; PwC MoneyTree *(12 expansion-stage companies accounted for more than $10 B of this total) $24.1 billion 73,400 deals 18,350 seed 33,764 early stage 20,552 expansion 316,000 individuals Angel Investors $49.3 billion* 4,361 deals 194 seed 2,166 early stage 3,001 later/expansion 635 active firm s Venture Capital

6. ANGEL VS VC INVESTMENT SIZE AND VALUATION Sources: “Angel Investing Market for 2014, Center for Venture Research/ UNH; AngelListt; NVCA 2015 Yearabook; PwC Money Tree $24.1 billion 73,400 deals $2.6M $328K Angel Investors $49.3 billion* 4,361 deals $5.1M $11.3M Venture Capital Total Invested Total Deals Average Seed/Early Stage Pre-Money Valuation Average Investment per deal (all deal sizes)

7. 2014 ANGEL GROUP INVESTMENTS BY SECTOR ($)

8. 2014 VC INVESTMENTS BY SECOR ($) Source: NVCA 2015 Yearbook; PwC MoneyTree

9. Northwest 3.6% Southwe st 4.4% Great Plains 3.8% Great Lakes 17.2% Southeas t 8.8% Mid- Atlantic 10.5% New England 14.2% Texas 6.2% New York 14.3% California 17.0% 2014 ANGEL GROUP ($) BY REGION

10. Northwest 2.8% Southwest 2.2% M I d w e s t 4.3% Southeast 3.8% New England 10.0% Texas 3.0% New York Metro 10.2% California 57% 2014 VENTURE CAPITAL ($) BY REGION DC Metro 2.1% All Other 2.8% Colorado 1.8% Source: NVCA 2015 Yearbook; PwC MoneyTree