You care first about enjoying the work that you’re doing. When you get to the place where you’re doing angel investments it’s because you’ve been successful in some other part of your life and that’s afforded you an opportunity to not take cash out of a company. You’re writing a check to a company and that means that you’re doing it because you want to. You’re doing it because it’s interesting and fun. And then secondarily, you’re doing it because you want to make money. Right?

I give you a check, you give me my money back and that’s the way an investment works- you hope, even though it doesn’t happen all of the time, even to the best angel investors. And, I think that’s a little bit of the difference between, let’s say, a professional venture capitalist and an angel investor. To me, a venture capitalist, on the other side of the equation they’ve got limited partners that they have a fiduciary duty to, to make money for.

Their first goal is to make money. Sure, they want to have fun, but they’ve got a responsibility to someone else to make money. With an angel investor, because you’re usually writing a check on your own behalf, it’s a little bit of a different equation and I would say for most angel investors, especially the angel investors that entrepreneurs want to work with or that they should want to work with, enjoying that relationship- that mentoring relationship, that support relationship- that comes with the check that they write, that’s super important.

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