Drawing on hard data from the Federal Reserve and other sources, the book paints the first reliable group portrait of the lionized angel investors. Surprisingly, he finds that they are fewer, contribute less, and involve themselves in fewer start-ups than the conventional wisdom suggests. Fewer in number than previous observers have suggested, angels typically still have their day jobs, and many make investments of $10,000 or less, and take little or no role in management. Few of the companies they put money into arrive at IPOs, let alone massive returns. The book offers recommendations to entrepreneurs and angels alike for the most productive use of angel investing.