How do angels avoid incinerating money? How do you meet the best founders? Jason Calacanis digs into that and more in his book Angel. 

This is the book that got me into angel investing. Nearly five years and 38 investments later, I decided it was time for a reread. 

This book isn’t just for investors; smart founders read it too to hack investor psychology.

Here are some of JCal’s best lessons… 

1. Focus on launched products. 90% of startups will never launch a product. 90% of those will never get a customer.

The biggest mistake angels make is getting in too early. Focusing on launch products will take a ton of zeros out of your portfolio.

These days, there’s no excuse for not launching a product. It’s never been easier with Claude Code and others.

2. Respond to founders quickly. Jason tells a great story from when he raised for his second startup, Mahalo. He messaged Michael Moritz, one of the leaders of Sequoia.

Within minutes, Moritz called him back, left a message, and emailed him. He left nothing to chance.

One of the biggest problems founders have is investors don’t get back to them. If you’re polite and responsive, you’ll go to the top of every founder’s list.

3. Prep for every meeting. Before every founder meeting, I take 20 minutes to research the company. I don’t want to be the typical investor asking, “How did we get connected?”

The founder is giving up their time. I want to make sure we get the most out of it.

I review the deck, research the team, and use the product if possible. Then, I write down 8-12 questions.

If you’re well-prepared, founders will notice. 

Wrap-Up

Venture capital seems complicated, but it’s actually pretty simple.

Be prepared. Invest in real businesses. Treat founders well. 

Then, place bets and wait. If you’re lucky, you’ll hit the next Uber, SpaceX, or Anthropic. 

In the meantime, you’ll meet some fascinating people and have a lot of fun! 

There will be no blog on Monday. See you guys on Tuesday. And if you’re in New York, best of luck in the storm! 

More on tech: 

How to Get Started Angel Investing

Talking Follow-On Strategy with JCal

My Biggest Lesson from Four Years Angel Investing

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