Time to get investing varies from startup to startup. Typically you should allow at least 6 months for the process from your first meeting with any investor to closing the round. That's not to say it can't happen faster or that it won't take longer, but 6 months gives you a ballpark timeframe.
Why does it take so long? Because pitching to investors is a skill that takes time. You'll get better at it with each meeting, so your early meetings won't be nearly as strong as your later ones. And because investors want to see what type of progress you make from when they first meet you until when they invest. It's like dating. Mark Suster has a fantastic blog post on this topic: Invest in Lines, not Dots
The exception to this rule of thumb is if your startup is "hot" (meaning there's a lot of buzz about it or that you are growing like wildfire.) In this case, investors may invest after 1 meeting.
Angel investors all have different criteria of startups prior to making an investment. Here's a list of basics that most investors would like to see:
- A strong team. Many are investing in the team moreso than the idea. Because the idea will likely evolve and change, but the team
hopefully won't. If you are building web technology, most will
likely want the technical talent to be on the team rather than
outsourced (there are exceptions but they are few and far between.)
- A product. These days, with cloud-based infrastructure, building an initial product is much easier and less costly than it was 5-10
years ago. Because of this investors will want to see some form of
real product prior to investing.
- Traction. Traction is somewhat of a "buzz" word. It could mean users, it could mean revenue, it could mean something else.
Basically, it's a way to show that your "line", as mentioned before,
is upward sloping.