The numbers vary but as an order of magnitude, for every 100 opportunities submitted to angel groups, 15-20 are screened by the screening teams with 4-6 accepted for presentation to the members. Due diligence and term sheet negotiations reduce those further to 2-4 opportunities which actually receive an investment. The best path for the entrepreneur is to use the “rifle approach” as opposed to the “shotgun approach”. Entrepreneurs may be best served to do their own due diligence and submit only to angel groups to which their opportunity is a match with the groups’ criteria.
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