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The number of people with business ideas greatly exceeds the number of angels with money to invest, so the notion of angels pitching to entrepreneurs as an event signals that angels have too much money.

This is not to say that angels don't pitch to entrepreneurs; they do, but they do it after the entrepreneurs pitch to them (and a pitch can be a purely reputational discussion/email (e.g. "if you want money, ask for advice") rather than a session in the elevator, so let's not be constrained by silly definitions).

To see that process run in reverse is insane and signals a serious problem in the market.

Note: I'm an entrepreneur and am in this game with some success, so I'm not speaking out of jealousy...

On the other hand, the number of GOOD people with GOOD business ideas is almost always far less than the available capital. Angels don't want into any old deal; they all want into the best couple of deals. That is why YC Demo Day is so well attended.

I have to offer an alternative perspective; the number of angels greatly exceeds the number of opportunities they are collectively going after. The best entrepreneurs are often in a position to choose one angel over another. Unlike the PGs of the world, most investors must market themselves to have access to a stream of quality deals.

This event is a marketing tool for angels to garner the attention of as many startups as they can in areas they are interested in investing. The title of the event makes it seem as though the tables have been turned on the entrepreneur and investor, but in the end everyone can guess who is going to be approaching who.

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