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Fool's Gold: The Truth Behind Angel Investing in America

Scott Shane (A. Malachi Mixon III Professor Entrepreneurial Studies)

$48.95

Hardback

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Oxford University Press Inc
29 January 2009
Investment & securities
The stereotype of the angel investor is a retired wealthy entrepreneur who sees potential, asks tough questions, takes a large stake, and in a few years makes a massive return in an IPO. This outsider fills the gap between the venture capitalist and the professional investor, swooping in with cash and expertise to bring dreams to fruition. Unfortunately, Shane observes, this figure bears no relationship to reality. In Fool's Gold, he draws on hard data from the Federal Reserve and other sources to paint the first reliable group portrait of the lionized angel investors. Surprisingly, he finds that they are fewer, contribute less, and involve themselves in fewer start-ups than the conventional wisdom suggests. Most angels typically still have their day jobs, make investments of $10,000 or less, and take little or no role in assisting entrepreneurs build their companies. Few of the companies they put money into arrive at IPOs, let alone massive returns. But angels can play a critical role, he writes, if the fantasy is abandoned by all concerned. Drawing on his rich store of data, Shane offers recommendations to entrepreneurs and angels alike for the most productive use of angel investing, and suggests how policymakers can encourage it. Particularly promising are angel groups, which pool knowledge and money for wiser and more productive investments. In groups, angels can rely on each other's expertise, share the labor of performing due diligence, and generally insure that their money is being placed--and used--wisely. Fostering the formation of such groups may be the single most important thing that government can do to boost angel investing. Massively researched and briskly written, Fools' Gold offers the first real resource on this misunderstood aspect of our entrepreneurial system.
By:   Scott Shane (A. Malachi Mixon III Professor Entrepreneurial Studies)
Imprint:   Oxford University Press Inc
Country of Publication:   United States
Dimensions:   Height: 240mm,  Width: 160mm,  Spine: 15mm
Weight:   540g
ISBN:   9780195331080
ISBN 10:   0195331087
Series:   Financial Management Association Survey and Synthesis Series
Pages:   288
Publication Date:   29 January 2009
Audience:   Professional and scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active

An angel investor with the North Coast Angel Fund, and a professor of entrepreneurship at Case Western Reserve University, Scott A. Shane is the author of Illusions of Entrepreneurship, among many other books and articles.

Reviews for Fool's Gold: The Truth Behind Angel Investing in America

<br> The story of angel investing is long on opinion and short on data; this book does the opposite and makes a valuable contribution to this emerging financing niche with a practical and skeptical data centric approach to understanding what is going on in the world of angels. --Ian Sobieski, Managing Director, Band of Angels<p><br> What do we think we are doing? Scott Shane shows that we're not consistently targeting the best investments, or the best terms; that we're not as professional as venture capitalists--and our results reflect this lack of focus. Become a professional angel investor; start here to first learn the mistakes and omissions that angel investing is fraught with. --Frank Peters, Chairman, Board of Governors, Tech Coast Angels, Host, theFrankPetersShow.com<p><br> Venture capitalists, policy makers and entrepreneurs should read this book and take note. Scott Shane has uncovered the mythology surrounding angel investing by examining the facts and drawing crystal clear


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