I'd add a number 6. Angel Investors are competent negotiators. I just lived through a startup where the board, led by the Angel Investors representative turne

I'd add a number 6. Angel Investors are competent negotiators. I just lived through a startup where the board, led by the Angel Investors representative turned down a multi-million dollar offer because they thought they could get a better one. (They were wrong.) So instead of getting their money back plus a bit, they are losing it all and trying to recover it by trashing what's left of the business. Eventually I will write my blog post on "More tales of greed and incompetence on the electronic frontier."; right now I'm too busy picking up the pieces and making sure that our customers aren't going to be left stranded when we fold up the circus and put it away.