Harvard Business School Study Shows that Angel Investing is King

In their recently published landmark study, Professors Josh Lerner and William Kerr were able to demonstrate that on the whole, angel-backed companies enjoy performance gains of 30-50% when compared to other non-funded startups. Their paper is meticulously researched, invoking in one instance Hammurabi's Code itself to underscore the ancient provenance of individuals making equity investments in high-risk ventures. A great deal of the data analyzed was derived from the actual practices and outcomes of both the Tech Coast Angels (Southern California) and the CommonAngels (Boston).