Is angel investing worth the effort? A study of Keiretsu Forum†

Abstract

This paper provides a case study of Keiretsu Forum, a Silicon Valley-based angel group. Computing an internal rate of return for the group's investments reveals that they generated higher returns than could have been obtained from the broader equity market as measured by popular index funds. Perhaps more important, this study also indicated that the processes developed by and regularly used by the angel group are effective at identifying potential failed deals but are not so restrictive as to bypass potential winners.

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