Jason Calacanis, Angel Investor > "Most Active Syndicate"

1. How to be a great
angel investor & syndicate lead...
… from the most active syndicate of the past two years
and one of the top five angel investors of all time.

3. 70%
Of my deals result in zero returns

4. 90%
Of my returns will have come from one deal

5. 95%
Of my returns currently come from two deals

6. 99.9%
Of my time will go to the 148 startups who are not 99% of my returns

7. Why you should be an angel investor
It will make you smarter: In what other position do you get to meet with the most
driven people on the planet and hear their vision for how the world should change?
Low downside: If you invest 5% of your net worth and lose it all or simply return your
money, it shouldn’t make any difference in your quality of life.
Extreme upside: If you invest 5% of your net worth and return 10 - 1,000x your money,
it will will change your life forever.
Extraordinary for networking: You get to spend time with the most powerful, creative
and visionary people in the world every day (investors, founders, team members).

8. How to generate deal flow (basic)
Build your online presence: social media accounts, a dedicated website/blog, a robust
LinkedIn profile and AngelList profile.
Invest with popular syndicates on AngelList and SeedInvest to get your first ten
“badges.”
Attend industry events including demo days, conferences and MeetUp groups.
Email founders and ask “Have you seen anything interesting?

9. How to generate deal flow (advanced)
Build a personal brand like Kevin Rose, Mark Suster, Fred Wilson, @pmarca, Hunter
Walk, Om and myself, by creating content (podcasts, blog posts, social media).
Curate founder relationships, asking folks to “call me when you have your next killer
idea so we can talk about it.”
Seek out the creators of exceptional products (Backupify, Rapportive)
Host your own events (Open Angel Forum, LAUNCH Festival)
Host your own incubator (TechStars, 500, HighwayOne, YCombinator, Launch
Incubator)

10. Selecting great founders
Take an hour-long meeting with your phone turned off.
Ask 10 short questions and take a ton of notes in your journal.
Read your notes and do a ton of research after the meeting. Send the company follow-
up questions based on your research, as this shows that you listened to them and have
thought about their business.
Examine every detail of the founder’s work so you can determine their craftsmanship.

11. Great questions to ask
Why are you doing this business?
Why now?
What makes you uniquely qualified to pursue this business?
Tell me about the competition.
How do you make money?
How much do you charge customers and how much do they currently spend?
Tell me three reasons why this business might fail?

12. How to be a great syndicate lead
1. Select founders who communicate well
2. Select startups that have traction
3. Select startups that have reasonable valuation
4. Do your diligence, encourage syndicate members to
5. Select founders who are not entitled
6. Select founders who take the work seriously

13. Will Title III Funding Work?
( or be the funding of last resort? )

14. Take the Work
Seriously