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Steven, you are *absolutely* on target, and I'm actually quite surprised at the 'prominent' angel you describe. Certainly the vast majority of serious, 'prominent' angels in both the US and Canada are fully committed to integrating our operations with appropriate VC funds.

If anything, I believe that there is a much greater disconnect between "early stage" and "late stage" regardless of where then money comes from, than there is between angels and VCs.

Here at New York Angels, the majority of the investments that we've made in the past year have been co-investments, sometimes with other angel groups but usually with simpatico VC funds, including First Round Capital, Next Stage Capital, RRE Ventures, Milestone Venture Partners, iNovia Capital, and, of course, Brightspark.

Bottom line: you're right, and he's all wet [grin].

I think there are different type's of Angels. Angel's that dont invest frequently and dont have much experience can be short sighted as they maybe measuring their investments vs other assets, which is a mistake.

More 'professional' angels who do multiple deals a year and from some perspectives look and act like small vc's firms can be great partners.

A key thing for entrepreneurs to do is to ensure all their investors have the same expectations around time and investment capital in the future.

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