1. What should government do
1.1. Angel groups
1.2. Also NON-accredited investors
1.3. Startups are born where there are other startups, entrepreneurs, and respect
2. Is there a problem
2.1. There aren't enough (growth) entrepreneurs
3. Role of Angel Investors
3.1. They do not fill the "gap" between F&F and VC
3.2. Having angel investment does not make getting VC easier
4. Investment process
4.1. No complex contracts
4.2. Typically no DD
4.3. Gut feeling valuation
5. Typical investment target
5.1. Also service business
5.2. Typically not high-growth business
5.3. Not only high-tech
5.4. Later stage
5.5. Often home-based
6. Typical startup
6.1. No complete management team in place
6.2. Older entrepreneurs than in media
6.3. More educated
6.4. Often solo entrepreneurs
6.5. Often not even only startup, 100% focus on one company not needed
7. What should we do
7.1. Entrepreneurs
7.1.1. 1. Avoid believing "specialness" of angels as a category of investors
7.1.1.1. No "value difference" to F&F
7.1.2. 2. Understand the true alternatives, such as banks and boot-strapping
7.1.3. 3. Develop an accurate profile of angel investors
7.1.4. 4. Understand what angels are looking for - no need to be next Google
7.1.5. 5. Have a realistic sense when one can get angel money
7.1.5.1. It's much later than one thinks (hopes)
7.1.6. 6. Be aware that raising money as a process is typically haphazard
7.1.7. 7. Understand what you can get out of angels
7.1.7.1. It's just money, actually
7.1.8. 8. Not all angels are the same - a small minority can provide more than just the money
7.2. Angels
7.2.1. 1. Have realistic earning expectations
7.2.2. 2. Ask yourself why you want to make angel investment
7.2.3. 3. Have realistic expectations of what you will get in return
7.2.4. 4. It's not difficult to become an angel investor
7.2.4.1. "All you need to do is find somebody who needs money and write a plain vanilla contract to provide the funds that are needed in return for a stake in the company"
7.2.5. 5. Remember the angel groups
7.2.6. 6. Be selective and focus
7.3. F&F investors
7.3.1. Treat angels with less awe
7.3.2. Don't believe the added value
7.4. VC
7.4.1. Angel goals are not completely aligned with VC goals
7.5. Policy Makers
7.5.1. 1. Remember that the angel market is small
7.5.2. 2. Remember the differences WITHIN angel market
7.5.2.1. Remember that the majority is non-accredited investors
7.5.3. 3. Carefully assess the reasons to intervene
7.5.3.1. Tax credits do not work
7.5.3.2. Could lead to few startup over-valuation
7.5.4. Motivate to invest in angel groups
7.5.4.1. And help the non-accredited investors
8. Angel investing is 8% of all informal investing
9. Market size
9.1. Angel investments = VC investments
9.2. Angle investments is 14% of all informal investments
9.3. 3% of M&A market
10. Types of investors
10.1. Accredited
10.2. Non-accredited
11. All variations
11.1. Sophistication
11.1.1. Naive
11.1.2. Knowledgeable
11.2. Role
11.2.1. Passive
11.2.2. Active
11.3. Investment stages
11.3.1. Early stage
11.3.2. Later stage
11.4. Investment size
11.4.1. Small
11.4.2. Large
11.4.3. Median 10,000 USD
11.5. Instrument
11.5.1. Debt
11.5.2. Equity
11.6. Risk level
11.6.1. High
11.6.2. Low
12. Typical Angel Investor
12.1. Not especially wealthy
12.2. Not especially well-educated
12.3. Not especially old
12.4. Not necessarily male
12.5. Not former entrepreneur
12.6. No difference to typical Friend's and Family Money
12.7. No more startup experience than F&F investor
12.8. Makes less than 1 investment per year
13. Motivations to invest
13.1. To remain involved in the start-up scene
13.2. To learn something new
13.3. To find a job
13.4. As a hobby
13.5. To make money
13.6. To give back to the community
14. Added value
14.1. No added value
14.1.1. There are few exceptions