Step 1
Submit application

You click the Apply Now. This takes you to our online Entrepreneur Application.

Step 2
LSA Emails members a "New Deal Alert"

Within a 2-3 days of submission, we send a brief email summarizing your deal to our members. It includes a link to your deal room in the Proseeder on-line software we use for our members. You do not receive this internal email.

Step 3
LSA Makes Hot Deal Evaluation

If our committee head and the Fellows respond favorably, a deal may be designated as "Hot" and receive expedited treatment. This takes 3-4 days. About 10% of deals are designated "Hot Deals". We consider all deals for this status; it not something you request. See above for working with an LSA member before deal submittal.

Step 4
Assignment of LSA Fellow

Within 2 weeks from submission, we will assign an LSA Fellow with expertise in your field. This will happen sooner for Hot Deals. During the summer and around Christmas, this may take a bit longer.

Step 5
Quick Decision on Passing a Deal

We get deals that we judge early-on as very unlikely to reach the minimum $200k from members for our investment.

About 1/3 of deals are passed at this point, 2/3 go on to the pre-screen by a Fellow. We indicate to you reason for passing and often an invitation to resubmit when specified milestones have been met. We like to get this done within 2 weeks.

Step 6
In Person Screening Meeting

About 1/3 of submissions proceed to in-person screening.

Our two screening committees operate all year with two meetings each a month, but fewer meetings during holiday periods. They are Biotech and Genomics ("Bio/Genomics") Committee and Device and Digital ("Device/Digital") Committee.

The Bio/Genomics Committee includes:

• products the FDA would classify as drugs

• diagnostic products.

The Device/Digital includes:

• products the FDA would classify as medical devices

• a wide variety of digital solutions. 

We fund life science tools companies and other ventures that require FDA approval and those that do not. The meeting begins at 6:30 pm Tuesday evenings in Palo Alto. The companies have 20 minutes to present which is followed by a members-only discussion of the company. Light dinner sandwiches and snacks are provided for members.

Entrepreneurs are encouraged to reach out the assigned Fellow and committee head to secure an interested member who will be the Deal Lead for LSA. Either before or during the meeting likely members can be identified.

Step 7
Dinner Meeting and Due Diligence Lunch

About 1/2 the deals that go through screening (1/6 of original submissions) advance to one of the five LSA dinner meetings (February, April, June, September, and November) and a due diligence lunch later. If the deal is “off-cycle” not close to a dinner meeting it may go directly to a due diligence lunch.

Two new companies come to each dinner and each has 20 minutes to present and questions. There is often a third company from the existing portfolio who is raising further funds that gets 10 minutes. The dinner is complimentary for one entrepreneur from each company.

We provide one hour of free coaching from a professional on how to make effective presentations for companies that present at one of our dinner meetings.

The due diligence lunch is a one-hour session, usually at the WSGR offices in Palo Alto (650 Page Mill Road). The meeting is open only to LSA Members, Fellows, and Sponsors. Sandwiches and drinks are provided.

Step 8
Final Due Diligence and Closing

The LSA Deal Lead and the CEO will work through our Executive Administrator to communicate with the membership to close the deal. Our Executive Administrator handles the paperwork on our end. The company does not have to send documents to the individual investors.

For each investment, we write one check and sign one set of paperwork and so appear as a single investor on portfolio company capitalization charts.  Our separate individual members pool their holdings through special purpose LLCs.  We prefer active investment, generally providing a board member or Observer, or some other form of strategic or operational advisor to portfolio companies.  We will invest in companies outside of our geographic area, especially when those companies are supported by local angel groups who we know or have invested alongside.

Step 9
Post Investment

We like to have a representative on the Board or with Board visitation rights. Board visitation can be done remotely. We participate on average in over 2 further fundraisings by the company. This representative plays an important role in maintaining relationships with LSA members and facilitating our participation in later funding.

We encourage our members to provide mentoring and contacts to help the company. The entrepreneurs are well-served to reach out to the investors during our process so they have established relationship to be used post investment.

Step 10
Exit Event

We keep the holdings in our LLC as long as reasonable. When there is an IPO or stock merger with another company, we usually distribute the individual holdings to the members.