

Harvard Business School Study Shows that Angel Investing is King - davidblerner
http://www.davidblerner.com/david_b_lerner/2010/04/harvard-business-school-study-shows-that-angel-investing-is-king.html
In their recently published landmark study, Professors Josh Lerner and William Kerr were able to demonstrate that on the whole, angel-backed companies enjoy performance gains of 30-50% when compared to other non-funded startups.  Their paper is meticulously researched, invoking in one instance Hammurabi's Code itself to underscore the ancient provenance of individuals making equity investments in high-risk ventures. A great deal of the data analyzed was derived from the actual practices and outcomes of both the Tech Coast Angels (Southern California) and the CommonAngels (Boston).
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richcollins
Their choice of success metrics is interesting. I think I would have chosen
profitability or liquidity instead of survival, venture capital raised and web
site traffic.

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p_h
causation vs. correlation

