Winning Angels: The 7 Fundamentals of Early Stage Investing / Edition 1

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Winning Angels is a practical, hands-on guide to angel investing, which includes tools, tactics and strategies for high-tech, low-tech, and every other kind of early-stage investing. Over 50 winning angels in the US and Europe, including Mitch Kapor, Esther Dyson, Andrew Filipowski, Audrey MacLean, and Dick Morley, share their hard-earned years of experience. Some have done over 100 deals each, while others reaped rewards on investments in companies such as Apple Computer,, RealNetworks, idealab!, StarMedia Network,, returning on occasions several hundred times their original investment.

Winning Angels reduces the art of angel investing into a science, and opens the doors to those angels who have limited experience, while augmenting the experience of seasoned investors. Entrepreneurs will benefit by reading and reflecting on the contents of the book before they seek funding. They will gain access to the mindset of winning angels, and how best to win them over, as well as finding information on how to value, structure and harvest their deals.

David Amis, who has made 15 angel investments, previously served as the Managing Director of Venture Capital Report Ltd, which has matched over 300 entrepreneurs with angels. He currently invests individually and through StartUpFund I, where he serves as the Managing Partner. As an entrepreneur, he has raised over $10m from more than 100 individual investors.

Howard Stevenson, who has made over 80 angel investments, headed the Entrepreneur Management Unit at Harvard Business School for 18 years. He is a leading thinker in the areas of entrepreneurship and angel investing and has authored/co-authored six books, his latest is Do Lunch or Be Lunch, and 43 articles.

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Editorial Reviews

From the Publisher

"Winning Angels is a superbly organised and invaluable handbook to start-up investing. You will examine the shape of a typical deal, from chance contact at a networking group to flotation on the stock market. And all the time, you will be told to ask questions. What does my intuition tell me? Do I have experience in this area? Is there a clear product and revenue possibility? And you will learn about leaving people wanting to deal with you in the future. Very wise--that next one could be the real thing." "An insightful and fact-filled primer on how to ferret out great opportunities." ¿ Richard Kramlich, angel in Apple Computer, and partner at Venture Capitalist firm, New Enterprise Associates
"Entrepreneurs would do well to read and reflect on the contents of the book before they seek funding." ¿ Peter Crisp, founding partner of VenRock Venture Capital
"Winning Angels is required reading by angel investors and entrepreneurs. It is the best book on the subject of angel investing." ¿ David Gladstone, Venture Capitalist, angel investor, and author of Venture Capital Handbook and Venture Capital Investor "This book will be a framework helping angels to become winning angels and helping start-up entrepreneurs understand the criteria for support from winning angels." ¿ Bert Twaalfhoven, angel in 24 deals in over 10 countries, Venture Capitalist, and founder of Europe's 500
"In its ever-bigger deals with more predictable pay-offs, the traditional venture capital industry has itself become ripe for disruption. Winning Angels provides a wonderful tutorial for how angel investors can make this happen." ¿ Clayton Christensen, Harvard Business School professor and author of The Innovator's Dilemma
"This is a book about effective execution in a chaotic environment. A must-read for both angels and entrepreneurs." ¿ Wade Myers, Harvard Baker Scholar, US Army Ranger, and founder and CEO of Interelate "Winning Angels shows how many styles and frameworks there are that work, and reinforces how this early stage investing is still hard work." ¿ Michael Rockefeller, member of the Venrock Board, and CEO of Active Media "This is the first world class book on early stage investing, I wish I'd had it years ago." ¿ Prince Heinrich von Liechtenstein, international angel investor, and co-founder of FirstFive

Featuring interviews with 50 venture capitalists and entrepreneurs behind such companies as Apple Computer and, this volume is a guidebook for active and potential "angels" on the fundamentals of sourcing, evaluating, valuing, structuring, negotiating, monitoring, and harvesting. Includes thumbnail photos and a glossary of investment terms. Amis and Stevenson (Harvard Business School) practice what they preach. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780273649168
  • Publisher: FT Press
  • Publication date: 3/5/2001
  • Series: Financial Times Series
  • Edition number: 1
  • Pages: 400
  • Product dimensions: 6.20 (w) x 9.00 (h) x 1.00 (d)

Meet the Author

David Amis has been involved in angel investing, capital matchmaking and start-ups since 1989. At the age of 23, he founded a small firm, which consulted with over 25 start-up stage companies. In 1996 he led the buyout of Venture Capital Report (UK) , the first and most successful angel introduction service in the world and served as Managing Director for one year. In 1997, he founded Amis Ventures (USA), which connects entrepreneurs and private investors to facilitate seed, start-up, an expansion capital deals. Professor Howard Stevenson is Sarofilm-Rock Professor of Business Administrtion at Harvard University; (this chair was established to provide a continuing base for research and teaching in th field of entrepreneurship.) He has authored, edited or co-authored six books. He was a founder and first president of the Baupost Group, Inc. which manges partnerships investing in liquid securities. He is currently a director of Bessemer Securities Corporation, Camp Dresser & McKee, Landmark Communictions, Sheffield Steel, Gulf States Steel, and The Baupost Group, Inc. as well as a trustee for several private trusts and foundations. He is listed in Who's Who in America. He is a president of Sudbury Valley Trustees, a trustee of the Boston Ballet, and a member of the Harvard Club of new York City.

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Table of Contents

Acknowledgments vi
Foreword x
Part I The angel investor and investing strategy 1
1 The angel investor learning curve 3
2 Creating your angel investing strategy 5
3 The angels in this book 24
4 The seven fundamentals 26
4 Takeaways 27
Part II The seven fundamentals of early-stage investing 29
Sourcing: 1st fundamental 31
5 Start section 33
6 Generating deal flow 35
7 Activities in detail 37
8 Things to think about 56
9 Winning angels 2000 61
10 Special sections 66
4 Takeaways From Sourcing 71
Evaluating: 2nd fundamental 73
11 Start section 75
12 The Harvard framework 77
13 The expanded framework 79
14 Risk 105
15 Angel strategies for winning and speed 107
16 Rejection section 110
17 Things to think about 114
18 Winning angels 2000 120
19 Special sections 127
4 Takeaways From Evaluating 142
Valuing: 3rd fundamental 143
20 Start section 145
21 The five approaches to valuation 146
22 The 12 methods 149
23 Interelate example 157
24 Four levers of early-stage returns 163
25 Things to think about 166
26 Winning angels 2000 168
27 Special sections 171
4 Takeaways From Valuing 177
Structuring: 4th fundamental 179
28 Start section 181
29 Two camps 183
30 Deal terms 185
31 The three fundamental structures 189
32 Future rounds 198
33 The VC perspective 202
34 Winning angels 2000 205
35 Special sections 208
4 Takeaways From Structuring 222
Negotiating: 5th fundamental 223
36 Start section 225
37 Angels who don't negotiate 226
38 Angels who do negotiate 228
39 If you are going to negotiate 229
40 Winning angels 2000 235
41 Special sections 239
4 Takeaways From Negotiating 244
Supporting: 6th fundamental 245
42 Start section 242
43 The five participation roles 249
44 Value events 254
45 The four types of start-ups 257
46 Things to think about 264
47 Winning angels 2000 271
48 Special sections 276
4 Takeaways From Supporting 284
Harvesting: 7th fundamental 285
49 Start section 287
50 The seven harvesting methods 289
51 Negative harvests and other exits 299
52 Harvesting value events 303
53 Things to think about 306
54 Winning angels 2000 309
55 Special sections 313
4 Takeaways From Harvesting 323
Part III Angels and other investors 325
56 Biographies of the angels interviewed in this book 327
Bibliography 354
Glossary 355
Index 361
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  • Anonymous

    Posted April 19, 2001

    A Must Read for Angels and Entrepreneurs

    I recently was the co-chair for the 2001 Boston Angel/Entrepreneur Conference that was attended by over 500 participants (200 indentified as early stage investors). I read the book from an entrepreneurs perspective and now feel that I have a solid grasp of the fundamentals of early stage investing. Of great benefit is the real life accounts from seasoned angels. This is a must read for both angels and entrepreneurs!

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