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The problem is, you do need to be a millionaire to be an angel investor. IF not you open your investments up to liability unless you really are "friends and family".

This industry is regulated and McClure sorta completely glossed over it.

I would be an angel investor if I was allowed. I would have been doing it for the past 4 years, and I would have much enjoyed doing that. I had 6 figures and 20 years of startup experience and was ready to write checks.

I just never found a way around the need to get accreditation. (Note when you have a successful exit you have cash in the bank, but that doesn't mean you necessarily have a $250k a year job, or $1M in the bank!)

Maybe in the bay area there are lawyers who can set you up to do this even despite the regulations... I dunno.

But this seems to be a glaring omission on his part. Or maybe the law has changed recently and that's why his program could now work.

I actually do believe the law changed recently.


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