--- title: The golden rules of successful angel investors | SFC Capital description: The golden rules of successful angel investors image: https://sfccapital.com/hubfs/Imported_Blog_Media/banner_1615982426.webp --- Disclaimer Please note, company introductions through SFC Capital Ltd ('SFC') are only suitable for ‘High Net Worth Individuals’, or ‘Sophisticated Investors’ as defined by the Financial Services & Markets Act 2000 (FSMA) who are familiar with and willing to accept the high risk associated with private investments. Any investor requesting to contact a company through SFC Capital does so at his/her own risk and is solely responsible for conducting any legal, accounting or due diligence review. There has been no investigation to the accuracy of any information or terms contained herein and we strongly suggest that you seek advice from a person authorised under the FSMA who specialises in advising on investments of this kind prior to commencement of any potential transaction. All content provided by SFC Capital is strictly for informational purpose only and does not constitute business, financial, investment, hedging, trading, legal, regulatory, tax or accounting advice or services. SFC Capital is an appointed representative of SFC Capital Partners Ltd which is authorised and regulated by the Financial Conduct Authority (‘FCA’) in the United Kingdom (FRN 736284). This website is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. SFC Capital does not sell or offer to sell any securities and no information provided by SFC Capital is intended to constitute or to be interpreted as any such offer. SFC Capital simply provides an introductory service where potential partners of all sorts can meet. The SFC Angel Fund is managed by SFC Capital Partners Ltd (‘SFCCP’) which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, firm reference number 736284. Information on the Fund is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell the securities mentioned herein. The SFC Angel Fund (the ‘SFC Fund’ or the ‘Fund’) is defined as an ‘unregulated collective investment scheme’ (‘UCIS’) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, this document is only directed at professional clients and eligible counterparties as defined by the FCA and also to persons of a kind to whom the Fund may lawfully be promoted by an authorised person by virtue of Section 238(5) of the Financial Services and Markets Act 2000 and COBS 4.12.4R. Any decision by an investor to buy shares in a fund must be made solely on the basis of the information and terms contained within the Fund’s offering memorandum. Investment in the Fund is made entirely at the investor’s own risk and professional advice should be sought in case of doubt. SFC Capital Partners Ltd (‘SFC’) is authorised and regulated by the Financial Conduct Authority (‘FCA’) in the United Kingdom, firm reference number 736284. This document is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell the securities mentioned herein. The SFC Angel Fund (the ‘SFC Fund’ or the ‘Fund’) is defined as an ‘unregulated collective investment scheme’ (‘UCIS’) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, this document is only directed at professional clients and eligible counterparties as defined by the FCA and also to persons of a kind to whom the Fund may lawfully be promoted by an authorised person by virtue of Section 238(5) of the Financial Services and Markets Act 2000 and COBS 4.12.4R. The SFC Angel Fund is managed by SFC Capital Partners Ltd (‘SFCCP’) which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, firm reference number 736284. Information on the Fund is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell the securities mentioned herein. The SFC Angel Fund (the ‘SFC Fund’ or the ‘Fund’) is defined as an ‘unregulated collective investment scheme’ (‘UCIS’) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, this document is only directed at professional clients and eligible counterparties as defined by the FCA and also to persons of a kind to whom the Fund may lawfully be promoted by an authorised person by virtue of Section 238(5) of the Financial Services and Markets Act 2000 and COBS 4.12.4R. Any decision by an investor to buy shares in a fund must be made solely on the basis of the information and terms contained within the Fund’s offering memorandum. Investment in the Fund is made entirely at the investor’s own risk and professional advice should be sought in case of doubt. The SFC Angel Fund is an SEIS/EIS fund which raises money for early-stage businesses by investing in SEIS and EIS eligible ventures with the aim of returning a profit for investors in the fund. Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution. Investment in SEIS/EIS funds should be considered as part of a diversified portfolio. The availability of tax relief depends on individual circumstances and may change in the future. The availability of tax relief depends on the company invested in maintaining its SEIS/EIS qualifying status. There is no assurance that the investment objectives of any investment product will be achieved or that the strategies and methods described herein will be successful. Past performance is not necessarily a guide to future performance and the value of an investment may go down as well as up. Investors may not get back the full amount invested. No warranties or representations of any kind are expressed or implied on this website. I Accept The Terms ## FCA Mandatory Risk Warning & Risk Summary > ## Risk Warning > > **Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong.** ## Risk Summary **Estimated reading time: 2 min** Due to the potential for losses, the Financial Conduct Authority (“FCA”) considers this investment to be high risk.   What are the key risks? 1\. You could lose all the money you invest. Investments made by the SFC Angel Fund SEIS (the “Fund”) will be in shares in early-stage businesses. Investors in these shares often lose 100% of the money they invested, as many early-stage businesses fail. 2\. You are unlikely to be protected if something goes wrong Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker here: [https://www.fscs.org.uk/check/investment-protection-checker/](https://sfccapital.com/fca-mandatory-risk-warning-and-risk-summary/%20https://www.fscs.org.uk/check/investment-protection-checker/)    Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here: [https://www.financial-ombudsman.org.uk/consumers](https://www.financial-ombudsman.org.uk/consumers) 3\. You won’t get your money back quickly Even if the businesses the Fund invests your money in are successful, it may take several years to get your money back. The most likely way to get your money back is if the businesses invested in by the Fund are bought by another business or list their shares on an exchange such as the London Stock Exchange. These events are not common. 4\. Don’t put all your eggs in one basket Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.  A good rule of thumb is not to invest more than 10% of your money in high-risk investments.  [https://www.fca.org.uk/investsmart/5-questions-ask-you-invest](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest) 5\. The value of your investment can be reduced The percentage of each investee company that the Fund owns will decrease if the business issues more shares. This could mean that the value of your investment in each investee company reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.  These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. 6\. S/EIS tax reliefs are not guaranteed Whilst it is the Fund's intention to invest mostly in companies qualifying under SEIS legislation, SFC cannot guarantee that all investments will qualify for S/EIS relief (or IHT relief) or, indeed, if they do initially, that they will continue to do so throughout the life of the investment. The tax advantages of investing through the Fund are therefore not guaranteed.  If you are interested in learning more about how to protect yourself, visit the FCA’s website here: [https://www.fca.org.uk/investsmart](https://www.fca.org.uk/investsmart)  Close Don’t invest unless you’re prepared to lose all the money you invest. This is a high risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more. [![SFC Logo + Title x web](https://sfccapital.com/hs-fs/hubfs/SFC%20Logo%20+%20Title%20x%20web.png?width=2000&name=SFC%20Logo%20+%20Title%20x%20web.png)](https://sfccapital.com) - [Startups](https://sfccapital.com/raise) - Investors - [SEIS Fund](https://sfccapital.com/seis-funds) - [EIS Fund](https://sfccapital.com/eis-funds) - [SEIS Explained](https://sfccapital.com/seis-explained) - [EIS Explained](https://sfccapital.com/eis-explained) - [Angel House](https://sfccapital.com/angel-house) - [Advisors](https://sfccapital.com/advisors) - [Portfolio](https://portal.sfccapital.com/portfolio) - [About Us](https://sfccapital.com/about-us) - [Blog](https://sfccapital.com/blog) - [Login](https://portal.sfccapital.com/login) # The golden rules of successful angel investors [Joseph Zipfel, Chief Investment Officer](https://sfccapital.com/blog/author/joseph-zipfel-chief-investment-officer) With a background in investment banking and a Master's from ESCP Europe, Joseph manages SFC Capital's investments, investor relations, and portfolio company fundraising strategies since 2014. 18 Mar 2021 [Investors](https://sfccapital.com/blog/tag/investors) ##### Share on - - - #### There are as many different investment strategies as there are angel investors, but successful angels typically follow five key principles. ##### **Who are angel investors?** The profiles of [angel investors](https://sfccapital.com/angel-house) are very diverse: they range from ‘exited’ entrepreneurs – successful business owners who have sold their companies – to corporate executives and high-income City professionals (investment bankers, asset managers, etc.). These are the main categories, but you will also find angels who are lawyers, consultants, marketing executives and even the odd professional gambler. To [invest in startups](https://sfccapital.com/seis-funds) as angels is gaining popularity, and although angels are still more likely to be middle-aged men, we are increasingly seeing younger and female investors getting involved as well. ##### **What do successful angel investors have in common and how do they operate?** At SFC Capital, we are fortunate to run one of the most active [angel investor networks](https://sfccapital.com/angel-house) in the UK, with over 500 private investors who have invested together in more than 220 young companies. This gives us a unique insight into how these angel investors operate. There are as many different strategies as there are angel investors. They have different goals depending on their wealth, the richest investors might even see investing as a form of entertainment. However, the vast majority of angels would put their capital at risk because they are hoping to generate a significant financial return. Angel investors have very different profiles, so it is not easy to identify common tactics between such different people. One of my favourite books on angel investing and venture capital is “Startup Wealth” by Josh Maher, which compiles interviews of some of the best and most successful angel investors in the US (think those who invested in Google before their search engine had even launched). It’s a very entertaining read, but also quite confusing: the strategies these investors deploy are often very different, if not contradictory. Some are highly analytical and focus on numbers, while others tell you that metrics don’t matter until much later; some encourage you to become actively involved in the management of the companies you invest in, while others recommend being as hands-off as possible. They’re all equally successful, so who do you trust? Fortunately, there are some constant truths in business and observable common traits in successful angel investors. ##### **What are the five golden rules of angel investing?** **1. Focus on people, their incentives and team dynamics** Being an angel investor is more akin to talent recruiting than traditional types of investing. Similarly to hiring new employees, you are entering into a long-term relationship with a person or a team whose performance will determine the success of a business. Unfortunately, it is very difficult to judge people you only know superficially. You have to rely on first impressions, references and whatever information the entrepreneurs give you. This variable is why beginner angel investors typically overlook people when evaluating an investment opportunity in favour of other common criteria such as early metrics, the vision, or the market dynamics. But experienced angel investors know how to identify red flags in entrepreneurs and how to make sure that the people they invest in have the right attitude, mindset and incentives. **First – are you investing in a team or a sole founder?** Although there are some counter-examples, it is extremely difficult to survive the first years of a business alone. Make sure that you invest in a team of complimentary individuals who ideally have collaborated on similar projects before. **Second – you want to see entrepreneurs who present the right mix of insight into their market, skill, grit, vision and persistence.** Passion is not enough – you want entrepreneurs who are obsessed with solving a particular problem and building a successful company around that solution. Building a business is incredibly challenging and often painstakingly slow – are the founders ready for the ride or are they expecting a quick exit? Do they have skin in the game – are they taking personal risks to start this company or are they just having a good time with their investors’ money? **Third – beware of the “wannabe entrepreneurs,” a growing species!** Although it is great to see entrepreneurship being widely celebrated and encouraged, one should be reminded that, by definition, only a minority will make it. The problem with the current hype and the growing supply of capital is that it attracts people who probably should not start companies. Young graduates might do it because it’s the cool thing to do after university. Bored executives coming from the corporate world try to experience the "startup thrill," but are often used to support systems that they don't even perceive exist. Experienced angel investors know how to spot and avoid wannabe entrepreneurs – those that "need money to make any progress," lacking the ability to “go out of the building” and gain customers early on, etc. Good entrepreneurs generally don't wait for investment to start building something. **2. Have a portfolio approach** Every investor knows about the portfolio theory and how to apply it to their traditional investment portfolio (stocks, bonds, etc.). However, there is a tendency to forget the diversification principle when it comes to angel investing, which is a critical mistake. You might get excited about a particular startup and overweigh your investment or only invest in a specific sector that you know best. But diversification is absolutely essential in angel investing. If successful angel investors have one thing in common this is it: they have invested in a LOT of companies. This was necessary to pick the few stars that made them rich. Considering that only 5-10% of deals generate large multiple returns, a portfolio of angel investments should typically include at least 20 companies. A lot of angels stop at 5-10, which is not enough to get a decent chance of hitting a big win. Diversification is also the only factor that is fully under your control when angel investing. Everything else is so contingent on external factors, do yourself the favour of spreading your risk in an optimum way: diversify your portfolio, maintain your position in winners and cut losses on losers. **3. Keep the process simple, but make sure the right incentives are placed and interests are aligned** The corollary to doing a large number of deals is to be able to do them quickly. Good angels keep the investment process simple and don’t overdo the due diligence and legal negotiation process. The best deals tend to close very quickly (in a few weeks) and you will have to move fast if you do not want to be left behind. When investing through a fund, you can be sure their due diligence is thorough, these Investment Committees usually having strict criteria to adhere to, but due diligence at the early-stage angel level should be fairly simple. At the startup phase, there aren’t years of financial data to review and projections are hugely speculative. Provided that you are satisfied with the quality of the team (see above), the soundness of the proposition, the short-term plan and the use of funds, you should proceed with an offer. Good angels accept the high level of contingency and don’t look for answers to questions that can’t be answered at this early stage. The same applies to the legal terms of the deal. Valuation is key and should be negotiated carefully. Entrepreneurs tend to have inflated expectations of the value of their company, consequently, you should not necessarily accept their proposed terms at face value. Knowing that a lot of your angel investments will fail, the key question is: if this one is a winner, can it generate a 10x multiple return on your investment to make up for the losses on others? But the rest of the legal structure of the deal should be kept simple because investors can acquire a bad reputation by insisting on onerous terms. However, make sure that key investor protections are included (such as tag and drag along rights, pre-emption rights, minority protections, etc.) and further, that interests are aligned with the management – have they created an option pool to attract future staff, how are investors repaid in case of a liquidation, etc. You also want to make sure that investors are represented and consulted on major decisions and large expenditures. Being known as an angel investor who can move quickly as long as the terms are standard will build your profile and allow you to have access to great dealflow in the future. **4. Get involved to the right degree** Angel investing is definitely an “active” type of investment where you get to know the management of the companies you invest in and agree on ways of supporting them. The right level of involvement depends on the company, your domain expertise and how well you get along with the entrepreneurs. Some angels are more hands-off than others but the majority look for ways to help the management teams. Investors can help put together a proper governance structure with regular board meetings to track progress, discuss the long-term strategy and keep the directors accountable. Investors should also have basic controls over the company and be able to oversee how their funds are being used. With these powers, they can help with decisions such as major hires and other strategic arrangements. Beware of entrepreneurs who don't want you involved and make sure that investors have as little input as possible. Good entrepreneurs do the opposite, and surround themselves with good people, constantly seek advice and keep stakeholders in the loop of the business’ developments. Nevertheless, the job of an angel is to be helpful and not to put unnecessary pressure on the entrepreneur. The angel should also avoid getting too involved in the running of the company, thereby taking responsibility away from the CEO. Investors are not operators – if you feel the need to get too involved to compensate for the shortcomings of the entrepreneurs, you probably haven’t followed rule #1 and backed the wrong team in the first place. **5. Don’t believe the hype** Last but not least – don’t jump on the bandwagon. Some sectors can be seen as the flavour of the month and will attract too many entrepreneurs building similar solutions and seeking unreasonable terms such as very high valuations. Currently, we are seeing this dynamic in a number of domains such as artificial intelligence, blockchain and fintech, which are typically the most talked about topics in the startup world. These sectors and technologies are hugely popular with entrepreneurs and investors, and will generate a large number of companies with more or less solid business plans. Experienced angels remain cool-headed and do not forget the fundamentals of their strategy – even if the sector appears very exciting.  Successful angels also invest in rule-breaking startups that are disrupting their respective industry, where they can see no immediate direct competition – or rather, it should be at least difficult to define direct competitors. If a sector is too hot, it probably means that the wave has already passed, the competition already got funded and will have a head-start on any new entrant. An angel investor should always try to look for trends that have not gone mainstream yet, as these will be the true sources of value in the future. *Capital at risk. For professional investors only. Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution.* ## Related Articles 14 Sep 2023 [Startup Stories](https://sfccapital.com/blog/tag/startup-stories) ##### [Startup Stories: Halocycle](https://sfccapital.com/blog/startup-stories-halocycle) Recycling the unrecyclable: Halocycle vs. the plastic waste problem Halocycle is leading the charge ... [Read More](https://sfccapital.com/blog/startup-stories-halocycle) 23 Mar 2021 [Startups](https://sfccapital.com/blog/tag/startups) ##### [EdTech is not all about the kids](https://sfccapital.com/blog/edtech-is-not-all-about-the-kids) SFC's COO Angelika Burawska writes about the future of edtech for Startups Magazine Originally publi... 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This website is intended for  professional investors, high net worth investor or certified sophisticated investors only for the purposes of the FCA's Conduct of Business Sourcebook.; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell any securities. Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution. Investment in SEIS/EIS eligible companies should be considered as part of a diversified portfolio. The availability of tax relief depends on individual circumstances and may change in the future. The availability of tax relief depends on the company invested in maintaining its SEIS/EIS qualifying status. There is no assurance that the investment objectives of any investment opportunity will be achieved or that the strategies and methods described herein will be successful. The investment products cited herein may place capital at risk and therefore investors may not get back the full amount invested. Past performance is not necessarily a guide to future performance and the value of an investment may go down as well as up. Investors may not get back the full amount invested. Companies’ pitches for investment are not offers to the public and investments can only be made by members of SFC Capital. SFC Capital takes no responsibility for this information or for any recommendations or opinions made by the companies. Neither SFC Capital nor any of its employees provide any financial or tax advice in relation to the investments and investors are recommended to seek independent financial and tax advice before committing. 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