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Title: Winning Angels: The 7 Fundamentals of Early Stage Investing by David Amis, Howard Stevenson, Howard H. Stevenson ISBN: 0-273-64916-7 Publisher: Financial Times Prentice Hall Pub. Date: March, 2001 Format: Paperback Volumes: 1 List Price(USD): $29.00 |
Average Customer Rating: 4.91 (11 reviews)
Rating: 4
Summary: Read before swimming with sharks
Comment: The relationship between Angel, VC and Entrepreneur has been a source of popular confusion. This book clears up some key misunderstandings, such as the different roles Angels and VC's play in the financing process of startup companies. 'Winning Angels' contains a reasonable quantitative element outlining different valuation methods and deal structures, which should be accessible to any reader with a basic understanding of Corporate Finance or Discounted Cash Flow analysis. It's also made particularly credible by the inclusion of interviews with successful Angels. I was struck by the high bar set by the interviewees, and their generally shared opinion that the calibre of entrepreneur was a factor subordinate to all others. Because it's written from an Angel's perspective, the book is skewed towards investor interests. These fall out of alignment with the entrepreneur in at least one key respect: investors are motivated to maximise the return on their portfolio of investments, rather than any individual company's. It follows that Angels will have a tendency to pursue a number of high risk, high payoff vectors rather than companies with a high probability of success but less financial upside. This isn't a criticism of the book, just an observation of differing interests. In short: high quality advice for people on both sides of the table.
Rating: 5
Summary: First of a Kind !!!
Comment: Finally a book that spells out a methodology behind the "mysterious" process of Angel investing. This books takes the reader (whether a novice or seasoned investor) through the "7 Fundementals of Early Stage Investing" based upon the input of a great collection of successful start-up investors aptly called "Winning Angels". This book is well worth the read for anyone who wants to start, improve, or add a better methodology to their early stage investing. This book is a real "winner" itself !! Well done, David Amis and Howard Stevenson, I look forward to your next collaberation.
Rating: 5
Summary: Required reading before *seeking* any funding.
Comment: The VC funding market (includes angels, VCs, etc) are by its very nature the most *inefficient*. It is an asymmetrical market where information is scant and unproven in most cases. This book provides an insight on how this market functions.
I have been using the Harvard-framework (chapters 11 & 12) for my clients and over a period of time have improvised on it, making it more "executable" (it first appeared in Sahlman's paper on Business Plans quite a few years ago). Chapters 11 & 12 of this book elaborates on this framework and is a good model to follow - these two chapters is well worth the price of this book.
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