We invest in pre-revenue companies solving intricate, valuable problems. Read below for instructions on what to submit.
Answer the five questions below. Brief, direct answers are preferred — there are no word limits, but concise is better.
A 10–15 slide PDF covering the problem, your solution, the team, the technology, the market, and your ask.
3–5 minutes, max. Tell us why you're solving this now and demo your prototype if you have one. A phone recording is perfectly fine.
Your answers are shared with our Investment Committee exactly as you write them. There are no word limits, but brief and direct answers are preferred.
We invest where the problem demands real technical or scientific innovation — not incremental improvement. Tell us what the problem is, who has it, and what technical or scientific barriers have prevented others from solving it.
A solution only qualifies if it creates meaningful value. What is the market opportunity? Who are the customers, and what evidence — conversations, letters of intent, pilot commitments, market data — shows they will pay for it?
At pre-revenue seed stage, the team is the primary asset. For each founder, share your technical background and domain experience — then tell us the most impressive thing you've personally built or achieved.
We don't require proof that the technology works — but we do require a credible technical pathway. Share your current stage, what you've demonstrated, and your next three milestones. For each, be specific: what must be true, and how will you know?
We make initial investments with deployment and execution in mind. Tell us how the capital will be deployed, what milestones it funds, and what those milestones unlock — a next round, a technical proof point, or a customer pilot. Mention any non-dilutive sources (grants, SBIR, partnerships) too.
What's happening in your field, your market, or the technology that makes this the right moment to build this company — and why you are the right person to do it. This is where conviction comes through.
Walk us through a prototype, a simulation, or test results. We're engineers and investors — we appreciate seeing the work, even when it's early. A screen share or a walk through your lab is exactly right.
Upload to Google Drive, Dropbox, YouTube (unlisted), or Loom, and include the link with your submission.
Submit your completed application, pitch deck, and video link in one form. We review every application and respond as quickly as possible, and we greatly appreciate your time and effort.
Headwaters Seed Stage Fund I is managed by Frontier Capital Management LLC, affiliated with Frontier Angels, Bozeman, Montana. This is not an offer of securities.