Let me first set the scene by describing what I mean by angel investors, because the definitions have become blurred in recent years. They are private individuals who typically have some domain knowledge of the space they are investing in, and who invest at the earliest stage in start-ups. Usually, investing is not their full-time job and they invest relatively small amounts compared to institutional investors.  In successful start-up ecosystems like San Francisco, New York and London, there is an active community of angels who back start-ups looking for pre-seed and seed-stage investment. Typically, angels there have worked in start-ups…

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