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The idea is that angel investors are supposed to be wealthy people supporting people who need funds, typically who are not wealthy, and don't have the ability to do it themselves.

The key to making money in angel investing is saying no. You meet with 100 companies and say no to 99 of them.

I'd been a great angel investor, but professional venture capital was clearly not the right thing for me.

So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster.

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.

Once investors come in, it's hardly your company anymore!

First of all, in terms of investment in Internet-related developments, venture capitalists - once burned - are now very cautious and are investing in areas that actually make business sense.

If you don't have savings, and your co-founders are as poor as you are, and if Mom and Dad won't loan you money, then your best bet is to find people that know you - your friends. If they, too, won't help, then you're stuck seeking out angel investors.

I'm a very passive investor.