Fund: New York Angels
Posted by Anonymous on 2011-04-06
I spent a fair bit of time with the NY Angels and there are few things I can tell you:
1. NY Angels' purpose is to multiple David Rose's investment dollars and puff up his reputation (see #3). He puts in, say, $25K, the Angels put in 10x - 20x. Rose gets a huge multiplier effect from every dollar he invests. He would have a lot more credibility as an investor if he were willing to make investments on his own.
2. the "Angels" in NY Angels don't add much value. Their questions come straight out of VC blog (and The Funded) posts entitled "What questions do Angel investors ask?" and during the Q&A, they rattle them off one by one. Few have any unique insight.
3. the "Angels" have no proprietary deal flow. Most of them were/are mid-level execs around NYC and have made some money, but they have had little to no outside contact with real entrepreneurs. So what you get is 70 or so Angels each bringing in maybe 1 lead a year, and the rest comes in over the transom as a result of NY Angels' reputation.PRIVATE: Members Only