For Angels

Articles on Angel Investing:

  • Check out the latest articles listed on TCA’s website — click here
  • Blog post by Ben Horowitz (the Horowitz of Andreessen Horowitz) on the distinction between Angels and Venture Capitalists, and when each is most appropriate — click here.
  • “How to evaluate Start-up Jockey” by TCA member David Friedman — click here.

Reports on Angel Investing:

  • 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 Flaimm. 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 — click here
  • 2017 Annual Halo Report from Angel Resource Institute at Willamette University:  This 26 page report is an extensive overview of trends in angel investing — click here

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. — click here
  • 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 — click here
  • 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 — click here
  • Berkonomics (2009) by David Berkus, chairman emeritus of Tech Coast Angels and prominent early stage investor. This book offers 101 bite-sized lessions in building a business from ignition to liquidity event (start-up to sale). — click here
  • 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. — click here
  • 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. — click here
  • 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.– click here
  • 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 — click here
  • Get in Get Out: 100 Rules for Successful Start-up Deals by D. Troy Knauss, Greg A. Pool and Michale G. Cain — click here
  • Startup Wealth: How the Best Angel Investors Make Money in Startup by Josh Maher — click here
  • More books on Angel Investing listed on the Angel Capital Association website — click here

Being Knowledgable About Term Sheets:

  • Model Preferred Equity Term Sheet from Tech Coast Angels and Pasadena Angels — click here
  • TCA sample term sheet for preferred equity — click here
  • TCA sample term sheet for convertible note — click here
  • TCA term sheet definitions — click here
  • 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
    • Presentation — click here
    • Is it Wiser to Buy Convertible Notes or Preferred Stock — click here
    • Advantages and Disadvantages of Convertible Notes — click here
    • Term Sheet Checklist for Notes — click here
    • Convertible Note Glossary — click here

Presentations on term sheets:

Presentations on patents:

Presentations on tax issues for angel investing:

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. for their Resources page, click here

  • TriTech SBDC: TriTech’s Small Business Development Center (Orange County and Inland Empire) offers one-on-one consulting in areas such as identifying capital, startup assistance, commercializing new technologies, marketing products/services and management.  For TriTech’s Resources page, click here.
  • 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 — click here
    • 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 — click here

    • 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 — click here

    • 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 — click here
    • Lead, Follow or Get Out of the Way — The Art and Science of Deal Leadership — click here

    • Stones Unturned: An Investor’s Guide to Due Diligence in Early Stage Companies — click here

    • Understanding Early-Stage Deal Terms — click here

    • Angel Exits: Perspectives and Techniques for Maximizing Investment Returns — click here

    • Director’s Guidebook: How to be an Effective Board Director In Early Stage Companies — click here

    • Angel 201: The 4 Critical Skills Every Angel Investor Should Master — click here

    • Angel 101: A Primer for Angel Investors — click here

  • 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. For Octane’s website, click here.
  • Berkonomics: Blog with lots of tips for entrepreneurs from Dave Berkus, a prominent author and early stage investor — click here

  • Websites of the Most Active Angel Groups (per Halo) in order of number of deals in 2015:
    • Keiretsu Forum (SF/worldwide): click here
    • Tech Coast Angels (Southern California): Invested $170 M in 305 companies — click here
    • Central Texas Angel Network (Texas): Invested $62 M in 110 companies —  click here
    • Houston Angel Network (Texas): Invested $61 M in 170 companies — click here
    • Alliance of Angels (Seattle): click here
    • New York Angels (New York City): Invested over $100M in over 100 companies — click here
    • Wisconsin Investment Partners (Wisconsin): Invested $22M in 44 companies — click here
    • Hyde Park Angels (Midwest): click here
    • Maine Angels (Maine): Invested over $16 M in 64 companies —  click here
    • Desert Angels (Tucson, Arizona):  Invested $37M in over 85 companies — click here
    • LaunchPad Venture Group (Boston): click here
    • Sand Hill Angels (Northern California): click here