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Angel Investment Data Sources 1.2 A ngel investors are difficult to identify. Many an- gels are independent, individual investors who invest on their own or co-invest with others on an ad hoc basis. Their investments largely occur ‘below the radar’ and are therefore extremely difficult to identify and document and are rarely captured in investment databases. The analysis of angel investment activity is therefore generally restricted to investments that are made in what has been termed the visible market, com- prising managed angel organizations, with the number of members ranging from 10 to upwards of 100.
Angel organizations are organized in a variety of different ways. Key differences between the angel organizations are, first, the extent to which the members are actively involved in the investment decision-making process and second, whether members make their own decisions whether or not to invest in specific deals, or invest in a fund, with the investment decisions made by the man- agement of the group. In some angel organizations, all of the members are actively involved in the investment process. In other cases, angel organizations comprise a core of active members with the remainder playing
2023 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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