Angel Investors Do Make Money, Data Shows 2.5x Returns Overall

Editor?s note: Robert Wiltbank, PhD, is a professor at Willamette University in Portland, Ore. He is co-author of Effectual Entrepreneurship?and of The Catalyst, as well as many academic articles in the fields of entrepreneurship and strategy. I began studying angel investing returns about 10 years ago as a result of a problem I couldn?t resolve. Over these years I?ve compiled the largest data set on angel investor financial returns that exists, through research backed by the Kauffman Foundation, NESTA (a UK-based entrepreneurship foundation), the University of Washington, and Willamette University. The best estimate of overall angel investor returns from this data is 2.5 times their investment, though in any one investment the odds of a positive return are less than 50 percent. This is absolutely competitive with venture capital returns.

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