A technician in a clean suit, seen from behind, stands in a blue-lit futuristic laboratory beside a large machine hidden under a smooth cover.
    Angel Investing

    Stealth Startup Investing: Risks Before You Wire Money

    TL;DR: A stealth startup is a company that keeps its product, team or customers private on purpose. Investing in one means writing a check against claims you can't independently see. You can still ve…

    Jeff Barnes, MBA··9 min read
    A machinist's hands guiding a freshly cut metal part on a lathe in a small, bright workshop, with tool racks blurred in the background.
    Angel Investing

    409A Valuation: What Angel Investors Should Check

    TL;DR: A 409A valuation is an independent appraisal of what a private company's common stock is worth for tax purposes, used to set employee option strike prices. It is not the price you pay for pref…

    Jeff Barnes, MBA··8 min read
    An empty, sunlit courthouse hall with a wide stone staircase rising toward tall arched windows.
    Angel Investing

    Convertible Notes vs SAFEs: An Angel's Downside View

    TL;DR: According to Almanac , citing the Angel Capital Association's 2020 Angel Funders Report, 37% of angel deals in 2019 used convertible notes, and SAFEs have gained ground since. If you write che…

    Jeff Barnes, MBA··6 min read
    Empty marble rotunda of a neoclassical courthouse, with columns circling a domed ceiling lit in warm gold against deep navy shadows and a lone silhouette far across the floor.
    Startups

    Cap Table Basics: What Every Investor Must Check

    TL;DR: Carta's data puts the median Series A option pool at 15% of fully diluted equity, and every point of it comes out of your stake, according to Carta . Read a cap table for three things: how lat…

    Jeff Barnes, MBA··9 min read
    Non-identifiable members of an investment committee seated around a table, reviewing materials and in discussion during a startup screening meeting. Navy and gold lighting creates a professional, editorial mood.
    Angel Investing

    What an Angel Investment Network Actually Does

    TL;DR: An angel investment network is a membership organization of accredited investors that screens startups, splits due diligence work among members, and pools capital through syndicates or single …

    Jeff Barnes, MBA··9 min read