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What’s Your Angel Strategy Part 2: Digging Deeper

Recently we published the What’s Your Angel Strategy article, a brief article on how to build out the first steps of your angel investment strategy. What followed was a deluge of questions, comments and feedback, with active angel investors and angel networks engaging in great discussions on how to develop angel strategies in practice. In this article, we go back to our four angel investors from the first article and dig deeper into their angel investment strategy.

Catching up with our four angels

In the first part of What’s Your Angel Strategy, we introduced four different angel investors, all with different backgrounds and experiences.

Jacob, the former C-level executive, new to angel investing.
Jill, the successfully exited founder, with a strong angel network around here
Moritz, another ex-founder, looking for high-volume angel dealmaking
Heidi, the former corporate development, M&A and corporate venture executive in the European climate space.

Digging deeper with angel strategy canvases

To dig deeper into their respective strategies for angel investing, we introduce the Business Angel Strategy Index. We have 15 key items, pillars, if you will, of a successful angel strategy. Using these 15 items, each angel can assess themselves today and select their target or aspiration, using a 1-5 scale.

The first item, Number of investments, allows each angel to set the target number of investments they wish to hold in their angel portfolio. Select one, for a couple of deals. Select a five for a 200+ giga portfolio of investments over time.

Another item, number five, digs into your understanding of and access to Co-investors. A novice angel would like to answer one; why do I need co-investors? Truly beginner angels might not yet have learned the power of investing in the right networks. A very structured and experience angel may answer four, I have multiple, strong angel, accelerator and VC networks I co-invest with.
Of course, your starting point today, your self-assessment today might be one or two; but with an aspiration to develop into three of four in the future.

Item 12, value creation, is often a critical one for business angels. An honest self-assessment might reveal, answer one, Not sure what I would bring to the able, possibly due to a lack of relevant experience with early-stage investments. A successfully exited founder-turned-angel investor however, may have far more to bring to the table here, and possibly consider herself a four or a five, with multiple strategies and well-developed growth strategy roadmaps.

In total, angel investors can work through the 15 items to both self-assess today and develop their personal development plan for the future.

Emerging vs. experienced angel investors

To accommodate both experienced and new, emerging, aspirational angel investors, you will find the Business Angel Strategy Index in two versions. One for experienced investors, and another for new ones.
We generally think about new vs. experienced at three completed investments. So, if you have never done any angel investments, or you have done one or two, we would suggest you are an emerging angel investor. If you have successfully completed three or more investments, we think it is fair to call you experienced.

At the end of the article, you can download the Business Angel Strategy Index and Emerging Business Angel Strategy Index to both self-assess and create your own, personal development plan.

Returning to our four angel investors

With the introduction to the canvases behind us, we want to return to our four angel investors, Jacob, Jill, Moritz and Heidi. Let’s see how they would use the canvas to assess and shape their angel strategy.

Low deal flow, high tickets (Jacob)

Jacob is our emerging angel, still finding his way into the field. He is still pursuing his low deal flow, high-ticket strategy. In doing his self-assessment, Jacob quickly discovers areas he was not even aware of as an angel. With his C-level experience, he brings extensive experience to the governance and board, but limited relevant experience with funding rounds and exits. For Jacob, there is still a lot to learn.

Trusting the network (Jill)

As a successfully exited founder, Jill has been through the entire founder’s journey from idea to exit. Historically she has had 1-2 exits, and some performance on her angel investments. Looking ahead, she is building up a very structured way of working across access to deal flow, decision making and founders support. Given her experience and willingness to help, most of her founders would possibly call her ‘family’.
She brings extensive depth to both funding rounds and coaching founders on exits.

High Volume (Moritz)

Another exited founder, Moritz is a deal machine. His network of founders, co-investors and follow-on investors make him a Super angel, with a proven ability to structure complex financing rounds and get deals done quickly. Given his experience, Moritz knows the importance of having a long-term exit strategy on all of his investments, and he cultivates a strategic network of 200+ exit options, mostly corporate M&A teams globally.

High-volume, corporate climate tech champion (Heidi)

Heidi left her position in corporate development, M&A and corporate venturing, and now building her own portfolio of projects. Her passion for climate tech runs deep, and her structured way of taking new ideas to market proves incredibly valuable for the 5-10 companies she invests in. Her expertise is commercial, customer discovery, customer personas, sales strategy and go-to-market, primarily to the energy and utility sector. With less focus on exits, Heidi is truly an extension of the BD team for her startups.

There is no, one single correct strategy

As we discuss in The Eight Angel Investor Types: Which One Are You? no two angel investors are the same. Similarly, no two angel strategies need to be the same. Different angels bring different expertise, careers, networks and skill sets. Two angels can get very different outcomes from the Angel Strategy Index, and both can do very well.

What we recommend is for all angel investors to do the following:

  • Step one, an honest self-assessment
  • Step two, looking ahead and reflect on your strengths and weaknesses
  • Step three, develop a forward-looking development roadmap, to become a better angel investor

Our four friends, Mortiz, Jill, Heidi and Jacob all have different careers and backgrounds. They bring different skills, from board and governance to exits and go-to-market. They all have different strategies, designed to maximize their expertise, drive impact and create value in their investments.

Assessing Your Angel Strategy

Now, it’s your turn.

Download the Business Angel Strategy Index OR the Emerging Business Angel Strategy Index to assess and develop your own angel investing strategy.

Reflect on where your strengths are today, and which you want to develop for the future. From founder relationships, like being the first call when something goes wrong in the startup, to developing your network of active co-investors, how you shape your angel strategy is entirely up to you. Using the Angel Strategy Index, you can now assess and score yourself, and then track your development over time.

Good luck with shaping your angel strategy.

A note for angel investor networks

Most angel investor networks are focused on learning and developing the skills of their respective angels. You may want to consider downloading the Angel Strategy Index, print it and run an in-house workshop where angels work in breakout groups to assess, reflect and develop their respective strategies.

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What’s Your Angel Strategy?

Many people are looking to get started with angel investing, but few know how to shape an early angel strategy. We explore how to develop your early angel strategy in practice.

“Wow, that’s interesting”, said the successful real estate developer in the Middle East. “I’ve never actually thought about developing a real angel investing strategy. This is super helpful!”. Those were the words spoken on day one of our three-day Angel Investor Masterclass hosted in the Middle East in late 2023.

With over 60 participants, the group included successfully exited entrepreneurs, ecosystem developers from across the region, entrepreneurs and real estate developers. All engaged, successful businesspeople, all eager to develop their angel investing skills, but none with a clearly defined angel strategy.

To help the group, we brought out three visual strategy Tools:

  • My Angel Strategy Canvas
  • Emerging Business Angel Strategy Index (for emerging angels)
  • Business Angel Strategy Index (for active angels)

Introducing My Angel Strategy Canvas

Our friends at VC Lab have helped simplify the world of venture capital through the use of a clearly defined investment thesis. Inspired by the simplicity and clarity we developed a similar format for angel investors (thank you, VC Lab crew).

The structure of My Angel Strategy Canvas

Dealflow and selection: how many startups are you planning to see before you invest? A partner at a leading VC firm will see between 100 and 3000 deals, and invest in one. As an angel investor, how many are you planning to see and how many are you planning to invest in, over which time frame?

The first part, how many you plan to see, goes to the volume and quality of your deal flow. Do you have access? Do you see deals before others do? Do you see and share deals with your angel network? Do large, high-volume networks involve you in their deal flow? Are you invited in on structured deals? A business angel can see anywhere from zero to 1000’s of deals in a good year. We would recommend seeing a minimum of 100 before actively deploying your funds.

Second, how many investments, go into your portfolio construction? How many companies are you planning to invest in? A small angel portfolio will have 3-10 investments, with significant concentration risk. Remember, most of your angel investments will go to zero. An active angel is likely to hold 30-50 investments, while a high-volume angel investor is likely to have a portfolio of 50-100 investments. What is the right number for you?

Third. Timeline. We have seen too many angel investors get excited and deploy most of their available capital too quickly. Don’t. Make sure you spread your investments over time, typically 3-4 years. This allows you to see many more deals, and work slowly while you also build up your own network and experience.

Next row, we have ticket size. Here, you define how much you are looking to invest per company. An emerging angel investor can come in with as little as $1.000, or as much as $10M per deal. While most startups have some amount of minimum investment, or what we call minimum ticket size, most can also disregard this for the right angel investors. Think about how much you would like to invest per company, and what your hard limit is. This matters, to prevent you from jumping into a hot deal with more capital than you should.

Next row, what is your support?
Most angel investors also want to find ways to support, to back, the companies beyond just the capital they provide. For many, this means taking board seats and actively supporting the companies. Is this something you want to be doing? Is it something you should be doing?

The same thing goes for follow-on rounds. There is a 99% chance that your start-up investment will want (or rather) need to go back to the market and raise more financing. What is your position here? Keep in mind the signalling risk if you do not invest again, it may be harder for later investors to commit. It is not uncommon to see later-stage investors require 20% – 30% participation from existing investors. If you have not decided or even thought about this chain of events, it will likely lead to some semi-challenging discussions between you and the founders. We recommend all angel investors to take an active position on their follow-on and share this openly and early with the founders.

Next row, your investment areas. Are you looking to invest in agritech, edtech, health tech or AI? Are you a beautiful generalist (investing in anything) or a deep tech specialist (only complicated tech?)? Most angels are generalists and stay flexible, but this matters to your access, your deal flow and where you sit in the larger ecosystem.

Finally, we have your contribution. Beyond your capital, this is really where your network, industry experience, access to customers, access to exit partners and investment bankers come in. How are you planning and hoping to contribute – if at all? Sometimes angels just want to participate in deals, with no time or interest for contributing. That’s okay too. Just be open about it.

Generally, we believe all angels can be helpful, most often in recruiting future talent, building boards, and opening their networks to customers and future investors. Sometimes, angels are mentors, sometimes trusted partners, and sometimes just a phone call or WhatsApp message away. Think about what skills and experience you can bring to the table here.

All angels are different

As we discussed in “Eight Angel Types”, all angel investors are different. To illustrate My Angel Strategy Canvas in practice, we have illustrated four examples.

1. Low deal flow, high tickets

Our first example is aiming to see only ten deals and invest in 80% of them over the next 12 months. This high investment rate and investment percentage is likely to lead to fast losses and some serious angel regret. Note also the difference between the average ticket size of $10.000 and the maximum $100.000. We suspect this angel may get pulled into some fast deals going significantly higher than the $10.000 he first indicated.

2. Trusting the network

Our second example is aiming to see 100 deals, and only invest in 5, over the next 24 months. This sounds more like a careful, getting-started strategy. Note that this angel is mostly looking to invest in ‘great deals happening in the angel network’, clearly indicating a willingness to co-invest and work with others. Smart.

Note that this is also a founder, with a network of angel investors around her. Smart. Building the dealflow network.

3. High Volume

This high-volume, German angel aims to see around 80 deals annually, over the coming five years. That is some serious high-volume planning and would require plenty of network and deal flow to succeed. With an average ticket size of $3.000, this is also a great way of getting started relatively cheaply, with a possibility to go to $20.000 in rare cases.

Our German angel is looking to build a portfolio of up to 20 companies, mostly looking for tech companies with proven traction, early users and possibly also early customers secured. Don’t be surprised if this angel investor would want to do customer interviews as a part of his due diligence process. Equally, given his tech background, he may also roll up his sleeves and test out code as he is building his supporting role with the team.

4. High-volume, corporate climate tech champion

Our fourth angel investor recently left her corporate role in energy- and climate tech to pursue a new role in the European climate tech landscape. Her newsletter already has 25.000 readers, a valuable real estate for any founder.

She is aiming to look at 500 companies across Europe and do 5-10 deals, for a 1-2% conversion rate. Her ticket size is relatively low, at $5.000 per deal, with an upper limit of $8.000. But, her network is golden, her corporate access is great and her newsletter makes her a sought-after angel investor for climate-tech founders across Europe.

Your Turn

Now, it’s your turn.

Download My Angel Strategy Canvas and complete your own angel investing strategy.

You may want to reflect on your own deal flow, and how to expand it. Your portfolio construction and your timeline. Make sure to budget the capital to invest (note, that all capital may be lost here). Think about your role and follow-ons. Think about your investment areas. AI is hot today, but may go cold tomorrow (what are the sustainable business models here, after all?); and finally, think about your contribution to the team -if any.

Good luck with shaping your angel strategy.

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The Eight Angel Investor Types: Which One Are You?

In our work with angel investors, angel networks and startup ecosystems around the world we find eight uniquely different angel investor types. From Cairo to London, Palo Alto to Zurich, these angel types all show up, looking to invest, support and contribute; but first, they need to know which type of angel they are.

Understanding the business angel universe

Globally, there are 100’000’s of angels and 1000’s of angel networks. From Nairobi Angels (Kenya), Sand Hill Angels (California), Connect BAN (Norway), Dubai Angels (Dubai) EBAN (European), Doha Tech Angels (Doha), INSEAD Asia Angels (HK/Singapore), AfBan (Africa), SICTIC (Switzerland) these angel networks are critical, vital backbones in any tech ecosystem. From first financing, first coaching, early mentorship, early board roles and introductions to customers, employees and investors, angel networks serve as a vital glue in both mature and emerging ecosystems.

Yet, across these business angel universes, there are many different roles angels can take on.

Based on our work with 100’s and 100’s of angel investors and angel networks globally, through Masterclasses, online programs and ecosystem development, we started looking for similarities, telltale signs, angel personas and profiles. Over time, we identified five, six, later seven and eight different angel types. With Rick located in the heart of Silicon Valley, but also advising global startup ecosystems from Korea to Canada, Brazil to UAE (fun fact, while writing this, Rick is in Brazil teaching a week-long program on startup ecosystems), and Chris residing in the Nordics, but supporting angel networks, innovation agencies and governments in the Middle East, North America, SE Asia, Europe and Africa; we collectively see a vast number of angel types and angel networks around the world.

Based on these early personas, we then sketched out a simple 2 x 2, with ‘Value the angel investor brings’ on the Y-axis and the ‘value creation the angel investor brings to the startup’ on the X-axis. Naturally, different angels will bring different levels of value and support, but we quickly found a significant difference among the angel types.

Once identified, and sketched out, we labelled this visual construct the Business Angel Universe Map. Our goal; visually map out the different types of angel investors we were seeing and help the larger ecosystem make sense of it, grow and develop. Ultimately, we hope, this may lead to better angel networks and better angel investors around the world.

Download the Business Angel Universe Map

Why use the Business Angel Universe Map?

Having used the Business Angel Universe Map over the past 10 months, we find six primary use cases for it.

  • Self-assess
    Where would you place yourself?
  • Self-develop
    Where would you like to develop as an angel investor?
  • Map the angel network
    What does your current angel network look like?
  • Develop the angel network (this is the big one, we find)

How and where would we like to develop the angel network

  • Best practices
    What does ‘great angel investing’ actually look like?
  • Educate
    Educate aspiring angels, active angels, students, entrepreneurs and the larger ecosystem; not all angels are created equal, and just like you know the difference between a pre-seed and Series B investor (at least, you should), you also know the difference between a dipping Toes angel and a Value Creator angel.

What is an angel investor?

Before we proceed, it may be useful to define what is, actually, an angel investor.

In our view, and by most accounts, an angel investor can be best described as a:

  • Individual investing in early-stage companies, exchanging cash for equity ownership
  • Investing her or his personal wealth, not investing on behalf of anyone else
  • An angel investor will typically invest between $10.000 to $250.000, but sometimes as little as $1000, to get started
  • Often taking an active role in supporting, coaching, and mentoring the startup(s) in the early days of the founder’s journey
  • Often holding a full-time job, often in banking, consulting, investments or startup founder, with the investments being a (small) part-time activity outside of work
  • May be retired. With a bit of discretionary funds and time on their hands.
  • In some cases doing angel investing full-time, often as a successfully exited founder or retired consultant, banker, or executive. Thinking about formalizing into a small fund.
  • Very often involved in local or national angel networks, for deal flow, co-investments and follow-on investments
  • Globally, angels are recognized as supplying ca. 90% of all early-stage financing
  • Globally, we estimate there are between 1 million – 1,5 million active angel investors

The Investment Process

DEAL FLOW

Looking for investments or having investments look for you. Maybe you want to see as many deals as possible, or simply take those that are referred to you by friends or colleagues.

INVESTING

Investing in a startup. This can be done via any one of a number of vehicles. First-time starters will typically use a SAFE agreement or Promissory Note.   The same agreements can be found online.  If you’re part of an angel group, there will be plenty of help available.

ADDING VALUE

Some angels are passive. Invest and forget. Others are very active, trying to help the company get to the next steps by advising, mentoring, coaching and more. An angel investor will rarely become part of the board but it does happen.

DRIVING TO EXIT

Normally this is the purview of later-stage, professional, venture capital investors and/or board members but a strong, well-networked angel investor can play a role and potentially reap the benefits.

Deep dive into the eight angel investor types

While a generic definition of angel investors is useful, we believe you need to get the far more granular and nuanced view to truly understand the different angel roles.

DIPPING TOES

A Dipping Toes angel will often say they are here to learn. They are just taking their first steps as an angel investor. Angel investors in this category may have recently sold a business or saved up some money for early-stage investing. They are primarily looking to learn. This can be a great starting point for any angel investor, looking to build skills over time.

Joining an angel network is a good way to get started.  You will be able to see deals, and get advice from peers, others will be there to help with due diligence and the form of investment will likely be set for you. You will learn a lot in a short period of time.

Beware of getting overly excited too early, allocating too much money too quickly (splurge) or over-allocating into a single company (concentration risk). Our recommendation to Dipping Toes is to see at least 100 deals before making a single investment. As you probably can imagine, this never happens…..

SPRAY & PRAY

The Spray & Pray angel is quite common in growing ecosystems. There may have been some wildly successful angel investments in the ecosystem, and people are looking to ‘get luck fast’. A Spray & Pray angel understands it is all about building an angel portfolio, possibly needing 50-100 investments to have a good shot at significant returns.

Yet, the Spray & Pray often happens without much plan, discipline or portfolio construction.

If you’re part of an angel group, perhaps you are the person who says “yes” more often than not.  It’s OK, you’re playing the odds. In our experience, this angel type is mostly focused, even excited, about making the investments (cash out), but has limited attention on what follows next (follow-ons) and how to generate exits (cash back).

WEALTHY ANGEL

We have met many wealthy angels. They might have made their respective fortunes in real estate development, holding a C-level position or even inherited the capital. What they have in common is that they have more capital than experience as an angel.

As such, they might come in a take large positions (20% – 50% equity stake), drive up valuations and generally shift the local market for early-stage investments, yet not always in a good way. We have seen ample examples of a wealthy angel, with the best of intentions taking an exuberant ownership stake in the first round, without understanding the founders’ journey and the need to develop a long-term capital strategy.

Typically not part of an angel group.  No real desire to share the company with other, smaller,  less sophisticated investors.

On the flip side, any founder able to catch a wealthy angel knows they likely have first-hand access to further follow-on financing, effectively cornering the angel to keep investing and not lose their investment. Of course, the flip side to that again, is that founders quickly get overly diluted by doing this.

We have seen many wealthy angels quickly grasp angel investing, and ‘stepping up’ in their active angel roles over time.

ANGEL PARTICIPANT

The angel participant can be described as the most innocent, supportive and naïve player in the angel universe. As a participant, this angel is just happy to invest, to join rounds and get some deals done. Will often rely on angel networks and club deals. Will rarely spend any significant time with founders, boards or due diligence.

An angel participant may also be a more experienced operator, executive or investor, but choosing to sit in the back of the bus, to join rounds, but without the hassle of getting involved.

We believe the more passive angel participant is important and very welcome, but would also recommend this investor type to develop a strong, trusted network of co-investors who can lead the due diligence and get deals done.   Angel group perhaps?

These first four types can best be described as somewhat new or passive in angel investing. They may be here to learn, to get deals done and to get investments completed, but they bring somewhat limited value and network to the startups. Equally, they are likely to spend less time in the role of an angel investor.

The following four types, however, are different. All four are more active, more experienced and bring vastly more value to their investments.

STRATEGIC NETWORKER

The Strategic Networker Angel is using all her might to connect, support and network the founders. She may be more selective on making investments, often asking “Can I bring these founders into my network of trusted relationships?”; but when she does, she is able to open doors, get access to clients, secure follow-on investors and generally use her network to the fullest.

What clearly separates her from the previous angel investors, is her ability to proactively lean into the deal and guide founders through tight-knit networks and relationships. Often, she will say things like “I want to bring you into the CXO of this large company, to discuss a possible M&A” , or “I want to set up a dinner with a former executive to discuss taking a board seat with you”.

The downside to the Strategic Networker is usually the capacity and sufficient time to work with too many founders.

ANGEL LEAD

The Angel Lead is a very different role from the previous five. This angel is often in charge of structuring rounds and bringing a large number of angels together in the same round.

The Angel Lead acts as the point of contact, due diligence manager and overall deal manager between a larger angel group and the founders. An Angel Lead may be part-time or full-time employed by the angel network, or at a minimum partially compensated for the work performed on getting deals done.

A solid Angel Lead will be able to establish a streamlined work process, efficiently providing angels access to documents, while easily handling term sheets, investment proposals and closing documents, including signature and payments, in some cases handling 20 to 50 angels in the same deal.

In our work with angel networks, we view the Angel Lead as one of the absolutely most important pieces to any angel network. If your angel network do not have 1-2 clearly defined Angel Leads, that should be a key priority for the coming year. In our Angel Masterclasses, we cover the role of Angel Leads in-depth, as a key success factor to any angel ecosystem.

VALUE CREATOR

The first time I (Chris), met a Value Creator Angel he said “You know, before I make any angel investments, I take the deck and go talk to all my VC friends. I ask them two questions. 1. How likely are you to invest in this founder, and 2. What do you need to see from this startup to make an investment (traction metrics)? Then I go back and make my decision to invest or not”.  With a track record of 7X DPI (cash paid back), Marc has built himself into a true Value Creator angel investor.

A Value Creator angel investor works almost as an early-stage venture capital firm.
Strategy, processes, portfolio development and value creation; the tools we find these angels use are almost identical to any early-stage VC firm.

The Value Creators we have met are often ex-founders. They understand the journey and the challenges. They understand the importance of getting the next 3-4 financing rounds right. They work tirelessly on building exit networks, exit options and exit partners.

A superb Value Creator can seemingly ‘create magic’ by doing deals and getting deals done.

In many of the emerging ecosystems we work with, there simply aren’t a lot of Value Creators, due to the limited number of exits and repeat founders in the market. Due to this, angel networks should consider developing a more ‘elite’ cohort of advanced angels, with the ability to ‘step up and lead’, beyond the skills and impact of regular angel investors.

SUPER ANGEL

The final type is what we call the Super Angel.
In our experience, every market may only hold a single Super Angel. The Super Angel sits head and shoulders above the majority of angels, but at the same time works to include others, build the network and expand the ecosystem.

A Super Angel can take a very active role with the startup (as an investor, mentor, not necessarily as a board member), and guide the company through the next 3-5 years of growth. The Super Angel also brings a vast, unparalleled network of follow-on investors and exit candidates. Sometimes, the Super Angel may act as an official scout of a larger VC firm (Scout Program), but many Super Angels may also decline that invitation, as they are perfectly capable of investing and doing a large number of deals by themselves.

What separates the Value Creator and Super Angel is the reach of their networks (access to talent globally) and their overview of the market, from dealflow, and follow-on to exits.

Notable examples of Super Angels include Ron Conway, who defined the term, ex-Googler Chris Sacca (and later founder of Lower Carbon Capital), Swiss Angel of the Year, Thomas Dübendorfer, with 9 startups founded, founder of SICTIC (now on its 130th investor day) and author of the Swiss Angel Handbook and former McKinsey Partner, Trond Riiber Knudsen (and more recently active GP in funds like Katapult and Antler).

In our work, we point to the uniqueness of the Super Angel and recommend ecosystems to develop ramp-up programs to get more founders (Thomas), engineers (Chris) or advisors (Trond) to step up into the Super Angel roles.

Eight types, which one are you?

With these eight types mapped out, the next question is, which one are you?
From Dipping Toes to Super Angel, you should be able to recognize your current profile.

Perhaps, more importantly, which are you striving to grow into? Looking ahead, which is the type of angel investor you want to be?

Pulling it all together

With over 50 years of collective experience working with angel investors, we have seen the good, the bad, the shady and the impressive. Fully recognizing that successful angel investing requires access to a strong deal flow pipeline of founder talent, combined with a rich ecosystem of customers, partners, follow-on investors, board talent, M&As, secondaries and various exit opportunities; being a great angel investor is not (just) about doing the deal. It is just as much to be the active partner in year zero, year one and year two. All angels start somewhere, but growing into the roles as Angel Lead, Value Creator or Super Angel is the result of years of work, supporting founders, structuring deals, managing cap tables, and balancing power dynamics between capital holders and founders that build the future.

If you are just getting started, maybe you should check out our next article, What’s Your Angel Strategy?

For angel networks, angel investors, innovation agencies and anyone with a keen interest in angel investing, we hope that the Business Angel Universe Map can serve as a useful tool, a guide to developing both your personal angel skills as well as your larger angel investor network. Angel investors and angel networks make up a critical part of any startup ecosystem – and we hope to see many more successful angel investors in the future.

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