Members typically invest between US$100,000 and US$1,500,000 in companies that have begun operations, but have not reached a stage for acquiring venture capital.

In 1997, NYNMA co-founders, including Brian Horey, Laura Sachar, Alain Bankier and Jason Wright, facilitated the creation of the program to match new entrepreneurs with experienced Angel Investors.

Following the crash of the dot-com bubble, NYNMA was disbanded and, in 2003, some of its remaining active angel investors spun themselves off into a separate, not-for-profit group under the leadership of David S. Rose, a serial entrepreneur and investor.

Its 130 accredited investor members include Gideon Gartner (Gartner Group and GIGA), Esther Dyson (Release 1.0 and PC Forum), Alan Patricof (Apax Ventures and Greycroft Partners), Scott Kurnit (About.com), Roger Ehrenberg (IA Capital), Jeff Stewart (Mimeo.com), Jon Whelan (AfterNIC.com), Linda Holliday (Digitas Health) and other technology entrepreneurs.

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