Edgar B. Davis, Ram Shriram, and the outlook for angel investing. Plus some general VC trouble-making.

1. When Angels Rule the World Paul Kedrosky Ventures West / UC San Diego Feb 22/2007

4. 2 minutes

5. 227,000 49,500

6. 1:1 1 1 More like 1.03:1, but why brag?

7. Two Secrets

8. Secret #1: Angels are Favored by Evolution

9. The Numbers

10. Post-Money Valuations

11. E-mail: $60 Direct sales: $22,000 Indirect sales: $5,000 Direct mail: $70 Airplane banners: $55 Online banner ads: $50 Yellow pages: $20 Search: $8.50 The Cost of Customers is Falling

12. 1985: $71,000 1990: $9,000 1995: $880 2000: $14.29 2007: $0.25 Infrastructure Cost is Falling 1980: $183,000 / Gb

13. $s 

14. Secret #2: VCs are Wimps

15. The soft underbelly of institutional venture capital

17. “ The last time we fought for a deal was 2004 .”

18. Be early.

19. Be useful.

20. Be fast.

21. Be different.

22. Don’t be VCs !

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