Angel Performance Project Presentation

The study analyzed data from 86 angel investor groups and over 3,000 investments to assess financial returns. It found overall attractive returns but a highly skewed distribution, with most money returned from a small fraction of deals yielding 10x or higher returns. The study also examined how factors like due diligence, industry expertise, participation level, follow-on investing, and involvement of venture capital related to financial returns. High levels of due diligence, industry expertise, and participation correlated with higher median returns.