Now that I have shared some of my transformation over the past year or two (albeit perhaps a little late to the party), I thought I would share some of the practical manifestations of the aforementioned discussed paradigm shift.
I am going to use the angel investing group to which I belong and for which I was elected Managing Partner for 2011 - UtahAngels.
Manifestation #1: AngelList (angel.co)
Some of the partners and associates of UtahAngels are active in AngelList, which is, quoting VentureHacks, a "curated list of super high-quality angel investors." The deals on AngelList are very strong. Currently, several of us are conducting due diligence on deals found through AngelList.
Manifestation #2: Identification of Sweet Spots
So far this year, we have held two angel group meetings and had about 14 presentations from entrepreneurs seeking our capital. We are conducting due diligence on some of them. We receive many applications and interested inquiries each month. Most of the presenters come from those who reach out and get to know someone in our group. What has changed is that the teachings of Greg Warnock, Scott Frazier, and me have led to the development of "sweet spots" - types of companies in which we are MUCH more likely to invest.
Type I - Startup (get our foot in the door, provide mentoring)
Both of these are significant advancements for us. UtahAngels' partners and associates mentor countless entrepreneurs with hours upon hours of time invested regardless of the fit. We love entrepreneurs. We are entrepreneurs. These "sweet spots" help entrepreneurs self-select themselves for our consideration. Knowing what we want and will invest in makes the process better for everyone. We respect entrepreneurs' time too much to have them spend their time chasing the wrong fit.
Tell me what you think of AngelList and the "sweet spots."