There is no way that I would pitch to them. I wouldn't even pitch to any of the members individually because your pitch will likely get back to the competitor.

There is no way that I would pitch to them. I wouldn't even pitch to any of the members individually because your pitch will likely get back to the competitor. And I'd be especially wary of getting a lot of interest, then going down the path of due diligence, only to get rejected later (while all of your IP and mojo got passed on to the angel). Does it sound like I'm paranoid? Sure, but I don't think that doing my competitor's work for them is a good strategy. I've been around long enough to know that angels share with one another; there just isn't enough deal flow anywhere in the world that one or two angel investors can find and develop on their own. As an angel, you need to develop a lot of contacts and to do that, that means sharing deal flow and helping out friends whenever possible. Be careful.