The AIPP focused exclusively on investors who were members of angel investment groups to gain somewhat more efficient access to angel investors and provide an identifiable sample population. Two hundred seventy-six angel investor groups were contacted and asked to distribute a survey to their members. Data were collected online through a questionnaire that asked for information on the investors’ experience, the ventures in which they had invested, and details about their investment in and exit from those ventures. We received participation from eighty-six of these groups (31 percent), and received information from 13 percent of the members of those eighty-six groups. For seven angel groups, 60 percent to 100 percent of angel group members participated. The results for this set of highparticipation groups showed no significant differences in the distribution of returns when compared to the groups with lower participation rates, indicating that self-selection bias does not have a strong impact on our findings. Data from the 539 individual angel investors, who all are members of angel groups, form the basis of this report. Only 8 percent of the exits occurred prior to 2000; 30 percent of the exits were from 2000 to 2003; and the remaining exits were from 2004 to the present. Ninety percent of the initial investments occurred 1994, and 65 percent were initiated after 1999.
A special thanks to the Angel Capital Education Foundation for their support of this work.