When you talk to angels about venture capitalists and venture capitalists about angels you can sense a certain uneasiness about their relationships with each other. Both need each other, but they have a very different way of doing business and often very different expectations from a deal.
National Dialogue on Entrepreneurship has a link to a paper that looks at the relationship between VCs and Angels. Interestingly, both respond that they have had a negative experience with the other at a rate of 58%. This is an important finding since they tend to overlap on so many deals these days. Entrepreneurs need to understand that while they may have both angels and VCs in their deal, they are likely not going to be on the same page on every issue that comes along. Through in a banker and it can get really confusing. The entrepreneur can end up trying to mediate between several differing perspectives, while at the same time needing to please all of them.
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