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  "notes": "The slide presents a detailed table categorizing venture performance by ROI multiple, showing that a small fraction of companies drive the vast majority of total portfolio value.",
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      "text": "Home runs provide all the return on investment. A large, diversified angel portfolio should provide an IRR of at least 25 percent per year. Angels must invest only in high-growth companies. Reducing scale does not reduce risk.",
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      "text": "The bottom row summarizes the basic facts of this study. A total of 117 ventures received total investments of just under $10 million and provided a total return for the portfolio of just over $50 million.",
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      "text": "For decades, experienced angel investors have intuitively used the following rules of thumb for investing in seed and startup companies:",
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      "text": "Startup Pre-money Valuation: The Keystone to Return on Investment",
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