Yesterday I had the honor of meeting Andy Sack (founder and CEO of Judy's Book) for the first time face to face. We exchanged many emails on the past, ranging from marketing campaigns to blog comment spam.
The meeting was mostly for us to exchange experiences in the Web 2.0 world.
First of all, Andy is one of those people that you must have a piece of paper and a pen by your side to make notes of great quote opportunities that come out of his mouth. By far, the most valuable information I've got from that meeting was this (not exact words)...
"You'll only raise Angel money from people that are 1 or 2 degrees away from you. This is, angels that know you or angels that know somebody that knows you." -- Andy Sack
He complemented this by saying that Angels are more likely to invest in you if they know you well for at least six months or more.
I just wish somebody had told me that when I was starting Sampa, so I would have started cultivating relationships with Angel Investors back then. What I did instead was not talk to any investor until the Alpha came out, and then, if an Angel passed on the deal I would call it a day and not contact him/her again.
Instead, I should have fostered the relationship, building trust and, maybe, a year or so later pitch from as an entrepreneur to an investor.
To finish, another great quote...
"A lot more deals are done in coffee shops than on Angel forums." -- Andy Sack
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January, 2008