As the article mentions, 1/2 of all investments lose money (source: http://sites.kauffman.org/pdf/angel_groups_111207.pdf http://sites.kauffman.org/pdf/angel_gr

As the article mentions, 1/2 of all investments lose money (source: http://sites.kauffman.org/pdf/angel_groups_111207.pdf http://sites.kauffman.org/pdf/angel_groups_111207.pdf). Given that, plus the fact that 6-12 months usually provides a lot of hints about whether an investment will be a good one, these findings don't seem very surprising.