Proctologist's too. They really get to the bottom of things during due diligence.nytimes.com/2021/08/09/tec…
2/ FOMO on IPO's isn't as high today as it was in 1999. FOMO about Angel investing was common then too.
During the Internet bubble I would often eat breakfast at the Madison Park Starbucks and would watch Angels passing checks to founders. Yes, paper checks were common then.
During the Internet bubble I would often eat breakfast at the Madison Park Starbucks and would watch Angels passing checks to founders. Yes, paper checks were common then.
3/ Twenty investors invested ~$ 1M in the Amazon seed round in return for 20% of the company. Some of them did so in a Starbucks.
Some people who were asked and declined have never been the same. They remain compulsive Angel investors since they fear missing another AMZN.
Some people who were asked and declined have never been the same. They remain compulsive Angel investors since they fear missing another AMZN.
4/ One problem with posts about Celebrity X having a big venture exit is the number of investments the celebrity made that went to zero isn't revealed.
"Most Angels don’t do well at it. But if even 95% are no good, too many people look around and say, “I’m in the 5%." H/t CM
"Most Angels don’t do well at it. But if even 95% are no good, too many people look around and say, “I’m in the 5%." H/t CM
5/ Also not in articles are stories about celebrity investors who have made scores of investments with results somewhere between terrible and horrific. That's survivor bias.
Some Angel investors are pros. Some pretend they are pros and others are having fun with house money.
Some Angel investors are pros. Some pretend they are pros and others are having fun with house money.
6/ Over 3,000 new angel investors will make their first deal in 2021, compared to 2,725 last year, according to PitchBook.
Angels invested $2.1 billion in start-ups in just the first six months of this year; "only" $2.6 billion was raised in all of 2020.
Angels invested $2.1 billion in start-ups in just the first six months of this year; "only" $2.6 billion was raised in all of 2020.
7/ "I don't want a proctologist who knows Schopenhauer or Angel investing. I want a doctor who is specialized. Nobody wants to go to a doctor that’s half proctologist and half dentist. On the other hand, I don’t think you’d have much of a life if all you did was proctology.”
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