Angel investors are now more difficult to find than ten years ago, for the simple reason they got sucked into the slipstream of venture capital’s subpriming, and the fog of false positives and false negatives as the fallout VCs left to angel investors have made them crawl back into their shell of privacy and embarrassment. The success rate of angel investors deploying their own money even more dismal than venture capital’s success rate using other people’s money (OPM).
Investing in innovation has turned into a pageantry of positivity, a self-adulating sect from the look of it at times, quite the opposite to the vehement dissent of an existing norm urging and inspiring entrepreneurs to break such a defective norm. The sect mentioned above unable to ever yield venture-style returns.
A systemic popularization, deflation, and commoditization of risk induced by risk aversion and diversification, excessive deal fragmentation, deal collusion through heavy syndication, and evolutionary irreverence responsible for the corresponding deflation of consistency of returns, as I predicted in The (first ever) State of Venture Capital in 2010.
I told you so.