Top-tier VCs and their spin-offs have generally had excellent reputations, which they strive to preserve. At the other end, successful entrepreneurs who later c

Top-tier VCs and their spin-offs have generally had excellent reputations, which they strive to preserve. At the other end, successful entrepreneurs who later choose to seed selective startups are the best "angels" because they look to add value to a process they understand (and from which they seek to profit as the startup profits). In between are the lower-tier VCs and the "organized" angels - a no-man's land that has occasional pockets of opportunity but that is more often than not treacherous for startups who may wander into it. My experience with institutional angel investors is that they should be approached with great caution. Some may offer value but caveat emptor.