

Takeaways from three years of angel investing - justinmares
http://www.gabrielweinberg.com/blog/2012/08/takeaways-from-three-years-of-angel-investing.html

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robfitz
Have any other investors posted similarly concrete perspectives/guidelines?
I've seen some fluffy PR ones on VC sites, but never anything this clear or
honest.

Does anyone have links to good ones? Will any additional angels write up their
own?

Thanks for this, Gabriel. Very interesting/helpful.

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martythemaniak
Manu Kumar wrote something similar for their K9 Ventures II fund here:
[http://k9ventures.com/blog/2012/07/19/announcing-k9-ventures...](http://k9ventures.com/blog/2012/07/19/announcing-k9-ventures-
ii-a-40m-technology-focused-micro-vc-fund/)

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fearless
It seems like this investment thesis(low valuation, not in the bay area,
willing to give up a board seat) is aimed at investing in second-tier
startups. It would be interesting to contrast this strategy with that of most
other investors, who are actively trying to fund the best/category leader
startups.

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epi0Bauqu
I'm not interested in second-tier startups, and I disagree with your premise
that those things equate to second-tier startups. It all depends when you get
involved. And FWIW I'm no longer interested in board seats though I think they
are completely misunderstood by first-time entrepreneurs and it is good to
have an active investor (hence party rounds suck). As for valuations, the key
is ownership %. You can get there a number of ways (put more money in,
advising relationship, etc.), but if you are super early you can also get
there with a low valuation (and I'd argue it makes sense since the risk is
much higher).

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bradleyjoyce
2x liquidation preference and a board seat for someone only putting in $25k?
Seems a bit heavy handed (though he says he is moving away from those terms
now).

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epi0Bauqu
Sorry, you misunderstood. Not for me by myself but for the whole Series Seed
syndicate. I only put in $25K but I generally helped put together ~300K for
the company.

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iamjason89
I'd like some advice if you have any. I am a 23 year old living in Austin, Tx.
I am writing a business plan in hopes of getting backing but im not really
sure how to find interested parties. How did you go about deciding on your
ventures?

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tbrooks
Check out Capital Factory - <http://www.capitalfactory.com>

We host a number of startups and meetups in the space. You can learn a ton
just by hanging around the co-working space.

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tocomment
I'm curious why DC isn't in the open angel forum. Is DC worse for startups
than Philli or Boulder?

Just curious, is there a lot of startup activity in Philli? I hadn't really
thought of it before.

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epi0Bauqu
We've invited companies to Open Angel Forum from all over, but I'm sure they'd
open a chapter there if someone wanted to step up and organize it.

I've visited a bunch of east coast cities, and they are in different stages
for sure. Right now I'd say DC is a bit farther behind than Philly, yes.

Philly has a lot going on: <http://redeye.firstround.com/2012/08/hello-
philly.html> [http://www.fastcompany.com/1835775/philadelphia-sets-
sights-...](http://www.fastcompany.com/1835775/philadelphia-sets-sights-
becoming-americas-next-big-tech-town)

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subrat_rout
Where can I find the range of angel investment in software startups but
related to healthcare field such as biotech and pharma?

