Monday, April 29, 2013

Returns and Risk in Angel investing

What Makes for Good Angel Investing?  

What Factors Generate Higher Returns for Angels?  

What is the typical Time to Exit for a Successful vs Unsuccessful Start-up Seeking Angel Funding?

The man who can answer these questions and more is  Dr. Robert Wiltbank.  He will be a Keynote speaker at the May 16 Seattle Angel Conference, providing his insights into Angel Conference investment returns, and factors for success.

Rob is actively tracking the activities of the OEN Angel Oregon style Conferences and the Oregon Angel Fund. His analysis of Angel Investing and Venture Capital returns have been referenced in many conversations, especially the Returns for Angel Investors in Groups.

Dr. Wiltbanks groundbreaking review of the returns and risks in Angel Investing leads him to conclusions that are of great interest to Angel investors:
"As a group, the risk taken by these angels is rewarded with overall returns—2.6X in 3.5 years—that are fairly attractive. This research also indicates that angel investors may positively influence their rates of return by making wise decisions about due diligence, avoiding ventures in unfamiliar industries, follow-on investments, and productively participating in the ventures post-investment"
Dr. Wiltbank's research focuses on strategy making under uncertainty, particularly as it relates to growing new organizations. He is a leading researcher in the field of angel investing, and has published research in top tier academic journals covering topics from change in top management teams, to non-predictive strategies; from entrepreneurial expertise in marketing, to formal venture capital investment practices. He also serves on the editorial board of the Journal of Business Venturing.


Robert Wiltbank is Associate Professor of Strategic Management for the Atkinson Graduate School of Management at Willamette University. His research focuses on strategy development under uncertainty, particularly as it relates to new venture development. His study of angel investing practices and performance is the first empirical examination of the outcomes achieved by angel investors in the U.S. His publications include a study of top management team change in new ventures in Organization Science, and a study on the effectiveness of formal venture capital practices among angel investors in Venture Capital. At Willamette University he teaches courses on New Venture Creation, Strategic Management, and Industry Analysis.

He is also a Partner at Montlake Capital, a growth stage venture investment firm headquartered in Seattle, Washington. He currently serves on the board of Max-Viz Inc, and the board of the Angel Resource Institute.  In addition, he teaches governance and strategy to nonprofit organizations throughout the U.S. as part of National Arts Strategies, a nonprofit organization dedicated to developing managerial expertise in non-profits.

Rob is co-author of the book The Catalyst from Crown Publishing, based on his research as a Batten Institute Research Fellow with the Darden School at the University of Virginia, selected by Business Week as one of the top 10 books on innovation and leadership in 2009. He is also co-author of Effectual Entrepreneurship, from Routledge Publishing in 2011, a text on entrepreneurial expertise based on 15 years of academic research on the topic. He holds a Ph.D. in Strategic Management from the University of Washington, and a degree in finance & accounting from Oregon State University.

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