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The Angel funnel:
Angels in most cases do not have enough money that they can spread their investment over a statistically significant number of deals, and therefore they know that when they invest they are playing the lottery. And when they play the lottery, they look for a big jackpot rather than for a smaller one. So Angels tend to pick the same type of companies that VCs will take a look at.
Angels are not a good solution for 90% of the entrepreneurs getting started.