David Amis | Howard Stevenson | Howard H. Stevenson
1 Read before swimming with sharks
The relationship between Angel, VC and Entrepreneur has been a source of popular confusion. This book clears up some key misunderstandings, such as the different roles Angels and VC's play in the financing process of startup companies. 'Winning Angels' contains a reasonable quantitative element outlining different valuation methods and deal structures, which should be accessible to any reader with a basic understanding of Corporate Finance or Discounted Cash Flow analysis. It's also made particularly credible by the inclusion of interviews with successful Angels. I was struck by the high bar set by the interviewees, and their generally shared opinion that the calibre of entrepreneur was a factor subordinate to all others. Because it's written from an Angel's perspective, the book is skewed towards investor interests. These fall out of alignment with the entrepreneur in at least one key respect: investors are motivated to maximise the return on their portfolio of investments, rather than any individual company's. It follows that Angels will have a tendency to pursue a number of high risk, high payoff vectors rather than companies with a high probability of success but less financial upside. This isn't a criticism of the book, just an observation of differing interests. In short: high quality advice for people on both sides of the table.
2 Required reading before *seeking* any funding.
The VC funding market (includes angels, VCs, etc) are by its very nature the most *inefficient*. It is an asymmetrical market where information is scant and unproven in most cases. This book provides an insight on how this market functions.
I have been using the Harvard-framework (chapters 11 & 12) for my clients and over a period of time have improvised on it, making it more "executable" (it first appeared in Sahlman's paper on Business Plans quite a few years ago). Chapters 11 & 12 of this book elaborates on this framework and is a good model to follow - these two chapters is well worth the price of this book.
3 Winning Angels: The 7 Fundamentals of Early Stage Investing
Outstanding Book for Both Angels and Entrepreneurs. David and Howard have done a fantastic job in providing an insiders point of view regarding Angel Financing. They provide an in depth analysis of actual deals and the specific numbers used for each deal. This book is not a 50,000 overview of what Angel investing is about, but a practical and very useful "User's manual" if you will about the subject. This book makes you feel like you are sitting down at the table while the deals are being made. One of the best books I have read...highly recommended.
4 Winning Angels: The 7 Fundamentals of Early Stage Investing
This book is clear, informative and well presented. I have just completed an advanced financial course on starting a business. Virtually no time was spent on the topic of angel investors.
It seems to me that this critical topic must be understood by the entrepreneur as he or she consider the funding requirements of a start up company.
Who are Angels? How to do you approach them? What type of investment return do they expect? What types of exit strategies appeal to them and in what time frame? All of these questions are clearly addressed by a cross section of experienced Angels.
This book exceeded my expectations and deserves my time to say thank you.
Suzanne Short
5 Great summary for both the entrepreneur and the investor
As an individual that prefers the entrepreneur side of investments but has worked on both sides of the relationship, I have to state that this book does a great job of packaging and summarizing so much of what is known or "felt" in the investment decision cycle. Feelings are sometimes tough to quantify but the collection of opinions in Winning Angels should stand as a form of qualification. This book is great for helping to communicate the psychology of the investor to an entrepreneur frustrated with the fund raising process.
6 Excellent read
Winning Angels is a "must read" for anyone in the VC world and a great guidebook for anyone wanting to break into the VC world. The book is clear and concise. Ideas/concepts are clearly explained with the aid of great graphs and charts. In addition, Howard and Dave have not only drawn from their expansive knowledge on the subject, but also from other experts in the field.
7 Winning Angels, The 7 Fundamentals of Early Stage Investing
As an angel investor in two start-ups and currently involved in fundraising for another one, I found this book to be an outstanding partner. With a chapter devoted to each aspect of the angel investing process, it is easy to get not only the 10,000 foot view, but also specific ideas on how to do it. I could not recommend this book more highly for serious angels or for entrepreneurs trying to understand them (and perhaps get some of their money).
The only drawback is that some people might think angel investing is for everyone, be sure to read the advice to new angels if you are one.
8 Reunion
On the money. I am biased, but buy one anyway. Tells it from the angel view. Every entrepreneur should read this before making the phone call to the local angel(s).
Dick Morley ...
9 Guide for a challenging environment
This book is an excellent guide for anyone who is serious about angel investing, especially in today's more challenging market environment. It is written in clear, concise format, but conveys a wealth of information. New investors will find this a great starting point; experienced angels will pick up a new trick or two. PS Chapter 33 is particularly well done.
10 A Great Guide...
This book provides the expert and the novice with a great guide to deciding on investments in private companies. Recommended reading in today's environment!
11 First of a Kind !!!
Finally a book that spells out a methodology behind the "mysterious" process of Angel investing. This books takes the reader (whether a novice or seasoned investor) through the "7 Fundementals of Early Stage Investing" based upon the input of a great collection of successful start-up investors aptly called "Winning Angels". This book is well worth the read for anyone who wants to start, improve, or add a better methodology to their early stage investing. This book is a real "winner" itself !! Well done, David Amis and Howard Stevenson, I look forward to your next collaberation.
