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FiBAN - Art of angel investing by Bill Reichert

FiBAN - Art of angel investing by Bill Reichert



Presentation held at FiBAN's business angel day 20.9.2012.

Presentation held at FiBAN's business angel day 20.9.2012.



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    FiBAN - Art of angel investing by Bill Reichert FiBAN - Art of angel investing by Bill Reichert Presentation Transcript

    • The Art ofAngel 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 Investing10 “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