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The Art of
Angel Investing
                    FiBAN
         September 20,2012
                            	




             Bill Reichert
            Managing Director
   Garage Technology Ventures
Top Ten Myths of
 Angel Investing
Myths of Angel Investing




  1        “Invest in what you
           know.”

            Reality: Most winners are black
            swans
Myths of Angel Investing




  2        “Focus on making
           money.”

            Reality: Need to focus on
            creating value.
Myths of Angel Investing




  3        “The key is good due
           diligence.”

            Reality: The key is good intuition
Myths of Angel Investing




  4        “Don’t let emotions
           cloud your decision.”

            Reality: Recognize your
            emotions; don’t deny them.
Myths of Angel Investing




  5        “Build consensus
           among a syndicate of
           investors.”
            Reality: Controversial
            investments do better
Myths of Angel Investing




  6        “Success comes
           from adding value.”

            Reality: The harder you work,
            the less successful the startup
Myths of Angel Investing




  7        “Make sure you
           protect yourself.”

            Reality: Keep it simple; don’t
            invest if you are worried about
            control.
Myths of Angel Investing




  8        “Valuation is
           important.”

            Reality: Shared expectations are
            more important.
Myths of Angel Investing




  9        “It’s cheap to start a
           company now.”

            Reality: It’s really expensive to
            build a successful company.
Myths of Angel Investing




10         “Diversify your
           portfolio.”

            Reality: Make few big bets, and
            buy options in several others.
Other Tips . . .


  •  Your influence is not based on the
     size of your check
  •  Buy high, sell higher; there’s no such
     thing as a bargain in venture capital
  •  Don’t chase fads; once a sector is
     hot, you are probably too late
Other Tips . . .


  •  Monitor the “Surprise Ratio”: Positive
     surprises to negative surprises
  •  Lower expectations do not result in
     higher returns
  •  Learn from your mistakes; better yet,
     learn from the mistakes of others
The Art of Angel Investing




                 Bill Reichert
             reichert@garage.com

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FiBAN - Art of angel investing by Bill Reichert

  • 1. The Art of Angel Investing FiBAN September 20,2012 Bill Reichert Managing Director Garage Technology Ventures
  • 2. Top Ten Myths of Angel Investing
  • 3. Myths of Angel Investing 1 “Invest in what you know.” Reality: Most winners are black swans
  • 4. Myths of Angel Investing 2 “Focus on making money.” Reality: Need to focus on creating value.
  • 5. Myths of Angel Investing 3 “The key is good due diligence.” Reality: The key is good intuition
  • 6. Myths of Angel Investing 4 “Don’t let emotions cloud your decision.” Reality: Recognize your emotions; don’t deny them.
  • 7. Myths of Angel Investing 5 “Build consensus among a syndicate of investors.” Reality: Controversial investments do better
  • 8. Myths of Angel Investing 6 “Success comes from adding value.” Reality: The harder you work, the less successful the startup
  • 9. Myths of Angel Investing 7 “Make sure you protect yourself.” Reality: Keep it simple; don’t invest if you are worried about control.
  • 10. Myths of Angel Investing 8 “Valuation is important.” Reality: Shared expectations are more important.
  • 11. Myths of Angel Investing 9 “It’s cheap to start a company now.” Reality: It’s really expensive to build a successful company.
  • 12. Myths of Angel Investing 10 “Diversify your portfolio.” Reality: Make few big bets, and buy options in several others.
  • 13. Other Tips . . . •  Your influence is not based on the size of your check •  Buy high, sell higher; there’s no such thing as a bargain in venture capital •  Don’t chase fads; once a sector is hot, you are probably too late
  • 14. Other Tips . . . •  Monitor the “Surprise Ratio”: Positive surprises to negative surprises •  Lower expectations do not result in higher returns •  Learn from your mistakes; better yet, learn from the mistakes of others
  • 15. The Art of Angel Investing Bill Reichert reichert@garage.com