Angel Investors - Members Only - The Dinner Club, eMedia Club and Washington Dinner Club, Washington D.C - Brief Article

Chief Executive, The, Nov, 2001

THE DINNER CLUB and its offspring, the eMedia Club and the Washington Dinner Club, are what one CEO member calls "ground zero of all early-stage investing in Washington, DC."

Founded by venture investors John May and Cal Simmons (co-authors of Every Business Needs an Angel), the three clubs are open to individuals with a net worth of $1 million or $200,000 in annual income.

Members experienced firsthand the thrill of the tech boom while learning the ropes of equity investing. Naturally, pitches have changed since the dot-corn crash. "Folks used to come in without even a written business plan, and club members would get excited about it," recalls Simmons. "Today, life is different. Founders are more realistic about their valuation and their time to profitability. They're raising the right amount of money again."

Members also use the monthly dinner meetings to absorb new strategies and to network. David Steinberg, for example, joined the eMedia Club when his then-employer, BioNetrix, pitched the club. He parlayed his angel connections into a consulting gig, and in May was hired as CEO of SwapDrive, a local data backup firm with links to the club.