Articles on Angel Investing:
- Check out the latest articles listed on TCA’s website
- Blog post by Ben Horowitz (the Horowitz of Andreessen Horowitz) on the distinction between Angels and Venture Capitalists, and when each is most appropriate
- “How to Evaluate a Start-up Jockey” by TCA member David Friedman
Reports on Angel Investing:
- Angel Capital Association’s Angel Funders Report
- 2020 ACA AFR: The ACA Angel Funders Report 2020 is a deep dive into investment trends reflecting a growing North American angel ecosystem, benefitting communities with innovative new companies and jobs. The report is based on information collected from a variety of ACA member groups, including some of the most active investing communities. The Angel Funders Report analyzes angel capital investments made during 2019, and features profiles, stories, and insights from leading angel investors and startup company executives. The report also includes initial perspectives regarding the impact of the COVID-19 pandemic on the investing ecosystem.
- 2019 ACA AFR: The 2019 Angel Funders Report to provide angels with insights on the factors that affect the outcomes of startup investments.
- 2018 Angel Investing By the Numbers: ACA’s Angel Funders Pilot Report: This webinar was presented on December 5, 2018 by TCA’s Chairman Emeritus Steve Flaim. ACA has launched a major strategic initiative, the Angel Funders Report, to collect member investment data for the kind of analysis that can help significantly drive further returns. From valuation norms and round size data to syndication trends, term patterns and exit timing, the Angel Funders Report promises to provide angels with information on factors that impact the outcomes of startup investments. This pilot report covers 2017 data from the initial (beta) set of 26 angel groups
- Latest Annual Halo Report on Angel Investing and Startup Trends from Angel Resource Institute. This report is an overview of trends in angel investing. Since 2018, many angel groups have shifted to reporting their data to ACA’s Angel Funders Report, so Halo has become incomplete.
- Angel Resource Institute’s Kauffman Guidebook to Develop the Right Angel Organization for Your Community
Books on Angel Investing:
- Angel Investing: The Gust Guide to Making Money and Having Fun Investing in Startups by David Rose (Founder of GUST and New York Angels, and prominent early-stage investor). This book is a comprehensive, entertaining guide that walks readers through every step of the way to becoming a successful angel investor.
- The Startup Checklist: 25 Steps to a Scalable, High-Growth Business by David Rose. This book provides the concrete steps about the ins and outs of startup execution, management, legal issues, and practical processes throughout the launch and growth phases, and how to avoid the critical missteps that threaten the foundation of your business
- Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist (2012) by Brad Feld and Jason Mendelson. The authors been involved in hundreds of venture capital financings, and now, with the Second Edition of Venture Deals, they continue to share their experiences in this field with you. In 2016, Brad won from the Angel Capital Association their Hans Severiens award, which is the highest honor to an individual in the Angel community
- Berkonomics (2009) by David Berkus, chairman emeritus of Tech Coast Angels and prominent early stage investor. This book offers 101 bite-sized lessons in building a business from ignition to liquidity event (start-up to sale).
- Advanced Berkonomics (2011) by David Berkus, chairman emeritus of Tech Coast Angels and prominent early stage investor. The book contains 101 bite-sized insights for entrepreneurs, business managers, venture capitalists, angel investors and board members. Each insight is a short, easy to read and memorable nugget of actionable advice.
- Basic Berkonomics (2012) by David Berkus, chairman emeritus of Tech Coast Angels and prominent early stage investor. This book is your resource for your life of entrepreneurism, from start to successful exit, supplying important insights into the entire process.
- Extending the Runway (2006) by David Berkus, chairman emeritus of Tech Coast Angels and prominent early stage investor. A must-read book for every C-level executive and venture capitalist who now or has ever managed a fragile, growing young business.
- You Are Not Them: The Authentic Entrepreneur’s Way by Sid Mohasseb, former President TCA-Orange County
- Dream Toolbox: Building an Entrepreneurial Mind and Financial Abundance by Kenneth C. Aldrich, TCA member
- The Entrepreneur’s Journey by Hambleton Lord and Christopher Mirabile
- Angel Investing by the Numbers: Valuation, Capitalization, Portfolio Construction and Startup Economics by Hambleton Lord and Christopher Mirabile
- Fundamentals of Angel Investing by Hambleton Lord and Christopher Mirabile
- Guide, Advise and Inspire: How Startup Boards Drive Growth and Exits by Hambleton Lord and Christopher Mirabile
- Leaders Wanted: Making Startup Deals Happen: Advanced Techniques in Deal Leadership and Due Diligence for Early Stage Investors by Hambleton Lord and Christopher Mirabile
- Venture Capital: A Practical Guide to Fund Formation and Management by Hambleton Lord and Christopher Mirabile
- What Every Angel Investor Wants You to Know: An Insider Reveals How to Get Smart Funding for Your Billion Dollar Idea (2013) by Brian Cohen and John Kador
- Get in Get Out: 100 Rules for Successful Start-up Deals by D. Troy Knauss, Greg A. Pool and Michale G. Cain
- Startup Wealth: How the Best Angel Investors Make Money in Startup by Josh Maher
- Have Fun, Fight Back, and Keep the Party Going: Lessons from a New Orleans Entrepreneur’s Journey to the Inc. 5000 by Jeff O’Hara
- Starting Your Own Venture Investment Fund: A How To Guide by Kevin Joseph Moore
- Venture Capital For Dummies by Peter K. Adams and Nicole Gravagna
- How to Make Money with Angel Investors: 100 Rules to Get a Start-Up Funded from the Minds of Investors and Entrepreneurs by D. Troy Knass and Michael Cain
- The Next Step for Investors: Revenue-based Financing by Luni Libes
- More books on Angel Investing listed on the Angel Capital Association website
Being Knowledegable About Term Sheets:
- Model Preferred Equity Term Sheet from Tech Coast Angels and Pasadena Angels
- TCA sample term sheet for preferred equity
- TCA sample term sheet for convertible note
- TCA term sheet definitions
- Presentation Materials on “The Great Convertible Note Debate – What Angels Need to Know” at the 2016 Angel Capital Association Summit by John Huston (Ohio TechAngels, David Sorin (McCarter & English) and Annarie Lyles (Jumpstart New Jersey Angel Network
Resources available on other websites:
- Angel Capital Association: ACA is the North American professional association of active accredited investors provides unparalleled access to trending ideas and professional knowledge to help improve returns and promote effective public policies for angels and startups. Although not a funding source, ACA provides entrepreneurs an inside view into how angels think.
- Seraf Compass: A thoughtful, well organized resources site devoted to Angel Education. There are free eBooks, videos, articles, checklists etc. covering pretty much every aspect of angel investing
Angel Investing by the Numbers is a series of 15 articles on understanding startup economics and capitalization, valuing early stage companies, and building a successful portfolio
- Venture Capital – A Practical Guide to Fund Formation and Management is a series of 20 articles on how to raise and manage funds. The series addresses best practices, fund raising strategies, legal & accounting issues, time management, economics, reporting and much more
- Tools of the Trade: Introducing the Seraf Toolbox for Early Stage Investors includes Tools for Board Directors, Tools for Conducting Due Diligence, Tools for Navigating Deal Terms and Investment Documents
Lead, Follow or Get Out of the Way — The Art and Science of Deal Leadership
Stones Unturned: An Investor’s Guide to Due Diligence in Early Stage Companies
Angel Exits: Perspectives and Techniques for Maximizing Investment Returns
Director’s Guidebook: How to be an Effective Board Director In Early Stage Companies
Angel 201: The 4 Critical Skills Every Angel Investor Should Master
- Octane’s Launchpad SBDC: Octane’s Launchpad Small Business Development Center (Orange County) provides business guidance and creates access to capital growth resources through its network of investors, companies, subject matter advisors, and academics.
- Berkonomics: Blog with lots of tips for entrepreneurs from Dave Berkus, a prominent author and early stage investor
- Websites of the Most Active Angel Groups (per Halo) in order of number of deals in 2015:
- Keiretsu Forum (SF/worldwide)
- Tech Coast Angels (Southern California): Invested $170 M in 305 companies
- Central Texas Angel Network (Texas): Invested $62 M in 110 companies
- Houston Angel Network (Texas): Invested $61 M in 170 companies
- Alliance of Angels (Seattle)
- New York Angels (New York City): Invested over $100M in over 100 companies
- Wisconsin Investment Partners (Wisconsin): Invested $22M in 44 companies
- Hyde Park Angels (Midwest)
- Maine Angels (Maine): Invested over $16 M in 64 companies
- Desert Angels (Tucson, Arizona): Invested $37M in over 85 companies
- LaunchPad Venture Group (Boston)
- Sand Hill Angels (Northern California)