Seed-Stage Success and Growth of Angel Co-investment Networks*
利用手工收集的数据，研究发现天使投资人在种子阶段的成功会带来更多、更高质量的联合投资机会，并增加后续融资成功率，尤其对资历较浅的天使投资人效果更显著。
Abstract Using hand-collected data, we show that coinvestment is widespread in the angel investment market, even among seed-stage startups. Individual angels with demonstrated seed-stage success experience an increase in the quantity, quality, and geographic and industry spread of their coinvestment connections relative to unsuccessful peers and are rewarded with more deal flow. These results are stronger for less-established angels and for angels whose successes are more indicative of their ability. Success also begets more success: the portfolio companies of successful angels are more likely to receive follow-on financing, especially from VC firms. Our results highlight how angels grow their coinvestment networks..