1. THE VALLEY OF DEATH Kimberlie Cerrone

2. The Angel Investing her own money Usually participating early - in the first/second “outside” investment round Determine her own investment strategies and processes Bridging the financing gap between F&F ( $5M) Angels support companies while they address/reduce/remove technology risk, IP-related risk, product risk, and people risk

3. The Valley of Death Angels invest about the same amount of total investment capital year after year as VCs (in the US) Angels invest in >16,000 startups/year in the U.S. Meanwhile, the definition of “early stage” in venture capital has gotten later and later VCs invest in 400-600 startups/year in the U.S.

4. Who is going to support our startups while they address competitive risks, financing risk, barriers to entry, regulatory risk, environmental concerns, time to market, market adoption, political risk, liquidity concerns???