One of the fascinating things about making angel investments back in 2017/18/19 is how much actual work is required to grow a business

It’s mental

So many twists and turns

Now 5 plus years later, and one startup was close to 100mil gbp valuation, doing a series C, to only be found cooking the books, and go to zero

Whilst another I am just witnessing the founder get booted out, as the board felt the business was going to die h less they did

Early stage capital allocation is not just about the investment, it’s all the hustle that happens after

I’ve not followed on in any of the additional round since 2019, in favour of just watching how it plays

In future, when I do this again, I’ll look to be much more active in how the strategy plays, and the founder is supported

There’s all sorts of opportunities to pickup extra value on the way through, with down rounds etc, as long as you know the business well

Action leads to clarity

Take risk

Get skin in the game

Learn

Never stop!