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Thoughts by José Luis Agell
The rise of Angels
September 20, 2010Posted by on
There’s being a general discussion out there about how the VC industry is changing , enabling the rise of Angels and Super Angels. The financial downturn has definitely forced a change of model. But there are other factors which are modifying the way start-ups are funded, especially in their early stages.
And here are my notes:
- The rise of Angels is an effect of the rise of power of Entrepreneurs,who have gained enormous amount of leverage due to:
- -Technology improvements (cloud-computing, social media, blogs, Adwords…).
- – Companies can be built as they grow.
- – Incubators have surged and are the new business schools. “Learning by doing”.
- Entrepreneurs are demanding new rights (less control, more specific knowledge, cash upfront,…)
- Lots of successful entrepreneurs are becoming Angels in order to capitalize their money, especially now that real state is not a business.
- Financial effects: rounds are continuous, valuation prices change everyday, no round leads, no board seats.
- VCs bring Money, Advise and Control.
- Angels bring Money, sometimes Advise, no Control.
- “Less meeting, more tweetting”. Broadcast (or multicast) your brand.
- There are companies now who are financing themselves with Angels, from beginning to end.
- Angels investments stay local. You want to know the entrepreneurs.
- The smaller the startup, the smaller the Board should be. Early stage companies should have around 2 people in the Board.
Thanks Naval for sharing your insights!