Since around 90% of start-ups fail. (21.5% in first year, 30% second year, 50% fifth year, and 70% in 10th year), Business Angels are generally very cautious about who and what investments to make.

If only  2 or 3 businesses make it beyond 3 years and possibly only 1 hits it ‘big time’, then the investment ‘returns’ have to be pretty high.    

So, Angels will invest time, experience and money but, they will look for proof of concept, market and financial projections, business experience, etc. They will also want a place on the board and (often) a real input into strategy and how things are run for which they will also want some (form of) monthly payment.  While they’ll want a say in the day to day operations, generally they will not expect to get involved with this.