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Leone mentions the angel scouts briefly. Curious:

--how do these angels structure the relationship? is it just that they invest out of an angel fund with a single LP?

--what is the real downside of taking an investment from a scout that is backed by a larger VC? he mentions that people get upset about it, but it's unclear why it's such a negative thing.

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the downside comes when you need to raise money from VCs. if the larger VC -- which made a proxy investment via the angel scout -- does not invest in you again, it becomes a red flag for other investors. this grants the larger VC more leverage during negotiations because you effectively need the VC to participate, or else risk scaring away other VCs. this assumes the other VCs know the angel scout is a proxy for the larger VC.

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