AngelList, the Social Network for Startups
Silicon Valley companies often talk a big game about transforming the culture of stodgy old industries, from media and retail to travel and finance. Until recently, though, the high-tech world hadn’t applied its disruptive energy to its own business practices. For decades, forging a deal with the Valley’s small, well-heeled clique of angel investors was a little like trying to break into an exclusive club. Entrepreneurs had to work their personal networks to get meetings with the right financiers and then negotiate privately, with little awareness of fair market value or better opportunities elsewhere. “It was a smoke-filled-room thing,” says Wesley Chan, a partner at Google Ventures, the search giant’s venture arm.
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