The more I think about it, the more I think a good way to find under-financed early stage startups is to try working out of a few co-working spaces. This will a

The more I think about it, the more I think a good way to find under-financed early stage startups is to try working out of a few co-working spaces. This will allow you to really get "on the ground" and see who is working on what, and why. I spent my 20s more or less working in co-working spaces, and they are good places to check out, especially if you wanted to a) spot new opportunities, b) try to 'moneyball' the local scene, c) identify unvarnished / unpolished potential, and d) get a feeling for what is going on at the 'bleeding edge' of startups. Some notes, based purely on my own experience (YMMV): * There is a large amount of variance, and basically people with ideas that won't work or decision-making / management practices that won't fly haven't yet been weeded out of the market. So it might be worth thinking that you'd be happy if you had a hit rate of less than 1 out of 10 or 1 out of 15-20. * I wouldn't tell anyone that you are looking to invest when you initially meet them, because you'll immediately cause an incentive problem. Instead, by working on a side project, or something, you could get to know other founders as a secret shopper / peer. * The reason the early stage startups haven't received major funding yet is due to several factors. I believe the most compelling one is that the founders aren't good at making themselves seem "investor friendly." (Assuming the concept and execution show promise, there is positive signal, etc.) On a more general note, if you are going to "assess the person" over other factors, working along side them might be a good way to assess them. What I'm saying is that being proactive might be a great way to find what you are looking for; which from what you write... by the time you "hear" about them it will be "too late."