File Size: 3326 KB
Print Length: 288 pages
Publisher: HarperBusiness (July 18, 2017)
Publication Date: July 18, 2017
Give credit where credit is due: Calacanis made an all-time great investment in Uber that made both him and Sequoia Capital many tens of huge amount of money. But here’s the key problem with the publication: Calacanis wrote Angel to advise individuals how to invest their own funds as angel investors. Nevertheless almost all of Calacanis’ investment history is deploying the capital of others -- first through the Sequoia Capital Scout program, then as a DOCTOR in the , 000, 000 LAUNCH fund he elevated. And when investing other people’s money, you follow an entirely different strategy as your risk threshold is higher and you often can raise more before realizing any increases. Thus, Calacanis deployed Sequoia’s funds at a level and pace far different from what he advises individuals, risking little to none of his own money.
Unwittingly or not, Calacanis outlined a strategy in this mass-market publication that only can and really should be followed by the select few that already have a fortune above ,50 million. His rule of thumb is to set up up to 10% of your net worth in angel investment (despite stating in the Angellist syndicate webpage that “angel investing should never be more than 1% of your total portfolio/net worth" ), and he writes that you need to purchase at minimum 50 startups to obtain outsize returns. Given that many startups have minimum investment thresholds, you’ll likely need at least k for each startup, which entails million+ for 50 companies, requiring a , 000, 000 net worth for this million invested.
At one point he mentions he’ll provide advice on ways to get in the game with less funds, but in the part “Going Straight from College or university to Angel Investing” he provides no such choices, and simply rifts how he wished he would have gotten in early on on companies like Microsoft and Hewlett Packard. In “How to Be an Angel Investor with Little or No Money” the alternatives he mentions to being an angel are: being a VC, buying shares on the secondary market, becoming an advisor, or starting a company. Nothing of these are ways to build and scale an angel portfolio. While he really does suggest getting started by investing some capital in syndicates, he (rightfully) never suggests that this only is a solid path to a strong portfolio; it's a smart tactic to help you build credibility and a network, but not something that on its own provides a path to a profile with a desirable risk/reward profile.
It might be one thing if the book evidently addressed why Calacanis adopted path A however, you should follow path B, but this doesn't happen. Sadly what I believe becomes buried in this are the decades of bustle that it took for Calacanis to have entry to the opportunities he performed - namely Sequoia Funds funds to invest risk free, and an audience with early-stage Uber (which attended a startup message event he hosted, went to by several other VCs). These came about because of his dogged strategy to building (and sometimes failing with) startups, social networking, self-promoting, and running the single most well-known start-up launch/pitch event, initially with TechCrunch.
Finally, it troubled me to see clear inaccuracies in the publication that caused it to be in through insufficient editing and review. In chapter 3, he outlines a hypothetical angel portfolio which he says results 5k, when the figures add up to only 0k. In the analysis of this, he conflates results on the angel profile with returns on one’s entire net worth, in the end unintentionally outlining a horrendous risk/return scenario in a section intended to the actual opposite., I truly enjoyed reading this article book and I actually finished it in under a day. Most of the other reviews speak about why this guide is great for those considering buying technology start-ups as well as the founders who are going to message to angel investors. So I'll tell you why I actually think everyone else should read this book too!
Many messages in this book are the same ones I actually pass along to my students. After teaching over twenty five years at the college level, I know the number one factor of success for students is whether or not they “Do the work”, as the author often creates. That's certainly not a amaze. But what's great is that he tells you what that is, in great detail, for individuals who want to pursue angel trading.
The work he talks about for investing can be applied in any field and he uses wonderful examples to quickly and effectively make these factors. He talks about being attentive deeply, clear and regular communication, research, learning from failure, and so much more.
Although not a bio or memoir, there are many stories about what he did when and how he learned from that experience and in a means that draws the reader to actually want to know more!
Some have said that there are extremely few people who have the time and money to follow the author's advice but I actually disagree. The example succumbed the last chapter covers someone investing hundreds of thousands of dollars, something that evidently only a few can do. Yet if you aren't at that economic level, there are other ways to get into this field. He discussions about how exactly to purchase startups using syndicates with as little as 00 per investment. He talks about getting started as an advisor and tells about his own encounters as an advisor. He also talks about how exactly you could have more time and money-read it to find out!
Even if you're not considering angel investing (or are risk averse! ) I'd still recommend this guide. It gives you a lot to consider when dealing with your strategy to life, business, opportunities, and so much more!, Jason is a huge asset to the start-up ecosystem. There is no other person who really does all the to share best practices with the public. He or she is the most candid investor in the ecosystem and he has the humor and charm to present his ideas in a highly entertaining way.
If you love the book as much as I did check away his podcast " This particular Week In Startups" on YouTube or iTunes. He or she continues to deliver great insight into the world of high tech startups and he brings on fantastic friends., " Angel" may be a book for those considering buying the start-up industry it also provides some things to consider if you're trying to build upwards your own startup. Written by the ultimate industry insider (who's directly interacted with the actual Entrepreneurs of the Facebooks, Twitters and Ubers of this world), " Angel" offers insight how angel buyers (and maybe VCs) find, select and help startup companies as well as their motivation. Founders can reverse engineer this process to make their startups more valuable for potential suitors or plan earlier on when they need additional funding (if any).
Calacanis' rags to riches story is sometimes i bet its hard to believe as it is a mixture of grit, luck, willpower and great timing, but the process he went through has the probability of be duplicated elsewhere (notwithstanding his insistence of a Silicon Valley-centric universe) and that effort with a never-say-die attitude can bring just rewards, if you are aware of yourself as well as the possible collaborators and competitors around you. " Angel" highlights it all!
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