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Day: 2 July 2026

The £340,000 Habit: What Angel Investing Research Really Says About Due Diligence and Returns

Two-panel cartoon of two angel investors deploying the same £100,000. The left panel ("Under 20 Hours") shows an old-school angel signing a cheque on a handshake and a thin folder, with a small money bag labelled £110,000. The right panel ("Over 20 Hours") shows a research-informed angel studying a 52-week league table of bank-verified founder revenue, with a large money bag labelled £590,000. The contrast makes the essay's claim visible: diligence hours, not instinct, separate angel outcomes.

Most angel investors would have done better in a tracker fund. The research has said so for the better part of two decades, and most angels have smiled politely and carried on. That sentence should annoy you. Good. It’s meant to. Because the interesting thing about angel investing isn’t that it’s risky, which everyone knows, […]

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The £340,000 Habit: What Angel Investing Research Really Says About Due Diligence and Returns

Thirty years of UK angel research describes the same problem.

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