It is not surprising that it is difficult for entrepreneurs to win the favor of institutional investors. This is an international practice. The investors that entrepreneurs are looking for are angel investors, that is, wealthy individual investors who invest in startups with their own funds. Angel Investment Class is the short board of venture capital in China. This is a container that can hardly be counted as a bucket. Uneven wooden boards are illegal private fund-raising, single and poor exit channels, lack of commercial credit, and scarcity of angel investment. These boards can only carry a little capital. Entrepreneurs should have directed their demands for investment mainly at angel investors, not institutional investors, not to mention the fact that venture capital introduced from the west has landed one by one, which has also changed their temperament and become quite conservative. Statistics show that 64% of the investment projects and 56% of the investment amount are concentrated in the expansion period and the growth period, and this trend continues to expand. Entrepreneurs don't have to expect to catch the wings of angels.

Angel investment is the pioneer of venture capital. In foreign countries, there are also some angel investors who gather to form loose associations and even investment companies, specializing in venture capital. They actually invest in the concept stage and early venture capital institutions. When the idea of starting a business is still in the minds of entrepreneurs, some individual investors fly around like angels to "deliver babies" for these future enterprises. If we take the investment in students as an analogy, the general venture capital companies are mainly college students and middle school students, while angel investors train primary school students and even preschool children in the embryonic stage. Therefore, the first law of angel investors' investment is self-evident, and the possibility of failure in the first investment is extremely high. But the second law is that the benefits of success often exceed any other investment activities. There are many such cases abroad. In China, there are many such examples. When Stone's "Wuxi Suntech" was first established, Little Swan Group and Wuxi Venture Capital Company invested 6 million US dollars, and their investment returns ranged from 10 to 23 times respectively.

Domestic angel investors mainly include senior managers of foreign-funded companies, overseas Chinese and returnees, successful private entrepreneurs and people who get rich first, as well as various venture funds of ZF. Scanning this rare crowd, we can see that the most conspicuous ones are entrepreneurs who retire after success. Their names shine brightly: Gu Yongqiang, former chief operating officer of Sohu, Ning Jun, former financial CEO, Liu Yaolun who invested in AsiaInfo and so on. In addition to these people, there are many successful but low-key angel investors. Compared with the angel team, more and more entrepreneurs emerge every day.