Yeah, I think the frustrating thing about angel fundraising is that it isn't really fair. You're smart, you've got a good idea, but no one really wants to invest in you unless you've already succeeded with a previous idea/company OR your current idea is already succeeding.
In other words, they are looking for a small-but-growing fire in a huge/dry forest they can throw gasoline on. Most people on that list are a little pile of wood that needs a spark. And they are in a foggy stand of trees that MIGHT be a forest, but might just be a few trees on a hillside. Vast majority of investors aren't in the spark business, they are in the gasoline business.
You're right, but perhaps it is slowly changing. YC et al. have shown funding sparks in small amounts makes sense. That should trickle down eventually.
For me personally, I could see investing in sparks if the teams were right. At that level, you need to really believe in the people.
It's hard when they have no history, but I think connections are possible. In particular, as a hacker entrepreneur, I think I can decently spot other people with that mentality.
In other words, they are looking for a small-but-growing fire in a huge/dry forest they can throw gasoline on. Most people on that list are a little pile of wood that needs a spark. And they are in a foggy stand of trees that MIGHT be a forest, but might just be a few trees on a hillside. Vast majority of investors aren't in the spark business, they are in the gasoline business.
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