The other issue that for angel investing is that you really ought to be doing 10+ investments a year to actually even out the risks so that you can get a return

The other issue that for angel investing is that you really ought to be doing 10+ investments a year to actually even out the risks so that you can get a return. That's a fairly high watermark. I've done approx 45 investments. One has returned (a small amount) of money in five years, so far.