Angel: How to Invest in Technology Startups—Timeless Advice from an Angel Investor Who Turned $100,000 into $100,000,000

by Jason Calacanis

When you visit the various sites offering syndicates and browse the deals, I suggest looking for these basic characteristics: A syndicate lead who has been investing for at least five years and has at least one notable, unicorn investment A startup that is based in Silicon Valley A startup that has at least two founders (with two, you have a backup in case one quits) A startup that has a product or service that is already in the market (you’re not qualified to invest in startups that haven’t released their products—and frankly you don’t need to take this risk) A startup that has either (a) six months of continuous user growth or (b) six months of revenue A startup that has notable investors A startup that, post-funding, will have eighteen months of cash remaining, commonly referred to as runway (ask the founder and syndicate lead how many months of runway they will have post-funding)