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I think this survey/spreadsheet misses the almost all of the things that motivate angels (check out http://venturehacks.com/startuplist http://venturehacks.com/

I think this survey/spreadsheet misses the almost all of the things that motivate angels (check out http://venturehacks.com/startuplist http://venturehacks.com/startuplist ). Your survey is entirely idea-focused. What it should ask (IMO) is: "Who are you and what have you pulled off in the past?" (with links) "Who vouches for you (investors, preferably)?" "What's the market/idea?" (very short- most investors realize that the idea changing is VERY likely) "Describe your traction?" "Could this be a $100m company?" If you aren't shooting for a big market opportunity ($100m+) you just crossed 95% of angels off your list. If you have no traction/growth, you just crossed 95% of angels off your list-- UNLESS you've clearly kicked ass in the past (note: kicked ass does NOT mean "did really good at your job")

epi0Bauqu 17y ago
I updated the form: --I had figured traction would be included in status, but I just explicitly added help text to that effect. --Added team question with your help text. --Added 'How big is it?' as help text to idea question. I didn't want to scare off any people, however, so left off who vouches for you for now.
- webwright 17y ago
  Yeah, I think the frustrating thing about angel fundraising is that it isn't really fair. You're smart, you've got a good idea, but no one really wants to invest in you unless you've already succeeded with a previous idea/company OR your current idea is already succeeding. In other words, they are looking for a small-but-growing fire in a huge/dry forest they can throw gasoline on. Most people on that list are a little pile of wood that needs a spark. And they are in a foggy stand of trees that MIGHT be a forest, but might just be a few trees on a hillside. Vast majority of investors aren't in the spark business, they are in the gasoline business. http://twitter.com/joshk/statuses/8034018934 http://twitter.com/joshk/statuses/8034018934
  - epi0Bauqu 17y ago
    You're right, but perhaps it is slowly changing. YC et al. have shown funding sparks in small amounts makes sense. That should trickle down eventually. For me personally, I could see investing in sparks if the teams were right. At that level, you need to really believe in the people. It's hard when they have no history, but I think connections are possible. In particular, as a hacker entrepreneur, I think I can decently spot other people with that mentality.
  - cookiecaper 17y ago
    In short, no one wants to give you money unless you don't really need it. It's been true for a long time, and almost all lenders operate that way.
  - bhousel 17y ago
    Agreed. The analogy with the fire is spot-on. I've also heard: "If you ask for money, they'll give you advice. If you ask for advice, they'll give you money."

epi0Bauqu 17y ago

I updated the form: --I had figured traction would be included in status, but I just explicitly added help text to that effect. --Added team question with your help text. --Added 'How big is it?' as help text to idea question. I didn't want to scare off any people, however, so left off who vouches for you for now.

webwright 17y ago
Yeah, I think the frustrating thing about angel fundraising is that it isn't really fair. You're smart, you've got a good idea, but no one really wants to invest in you unless you've already succeeded with a previous idea/company OR your current idea is already succeeding. In other words, they are looking for a small-but-growing fire in a huge/dry forest they can throw gasoline on. Most people on that list are a little pile of wood that needs a spark. And they are in a foggy stand of trees that MIGHT be a forest, but might just be a few trees on a hillside. Vast majority of investors aren't in the spark business, they are in the gasoline business. http://twitter.com/joshk/statuses/8034018934 http://twitter.com/joshk/statuses/8034018934
- epi0Bauqu 17y ago
  You're right, but perhaps it is slowly changing. YC et al. have shown funding sparks in small amounts makes sense. That should trickle down eventually. For me personally, I could see investing in sparks if the teams were right. At that level, you need to really believe in the people. It's hard when they have no history, but I think connections are possible. In particular, as a hacker entrepreneur, I think I can decently spot other people with that mentality.
- cookiecaper 17y ago
  In short, no one wants to give you money unless you don't really need it. It's been true for a long time, and almost all lenders operate that way.
- bhousel 17y ago
  Agreed. The analogy with the fire is spot-on. I've also heard: "If you ask for money, they'll give you advice. If you ask for advice, they'll give you money."