What does the word “investing” mean to you? Is it different than “saving”? How is it different from “betting”? What’s your mental model look like?
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I guess angels often help the business operationally or also have more than monetary interest in the outcome. e.g. Some angels fund climate change stuff knowing it’s probably not perfect allocation for short term gains.
Maybe that's true but it's an ancillary effect of the core business, the LPs aren't getting into the fund for the productivity gains I can promise you that much