Thoughts on startups by investors that
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Investment Strategy for Angels

After participating in a seminar I delivered a couple of years ago, an experienced angel investor commented to me he would never write another check for $250,000 to a single startup.  Instead his new strategy would begin writing checks for $25,000 to $50,000 for many companies.

Rob Wiltank’s study  a few years ago validated what many angels have suspected for

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Angel Investing: The Real Make-or-Break Issue

We’ll get there, but let’s start here: I don’t believe in “angel portfolio theory,” which applies Wall Street’s favorite myth to the early stage world. According to this approach, the “smart” way to do angel investing is massive diversification, with scores of early stage bets.

There are several reasons that this common wisdom is more the former than the latter,

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