Jason Calcanis
Angel
ISBN 978-0-06-256070-4
I thought I’d mix things up and start sharing my thoughts on interesting books I’ve been reading that fit into the vague categorization of entrepreneurship and personal improvement. Now, I don’t have degrees in either book reviewology or reviewonomy, so this will probably be a bit different than other reviews you’ve encountered in professional publications, by professional reviewologists. However, it might be a fun change of pace to share what I’ve been reading and a few points that could spark some discussion.
Now, I somehow wind up with a lot of books from conferences I attend. Honestly, I probably attend too many conferences and events – it’s to the point where it’s noticeable when I’m not there. With every event I attend, I usually end up walking away either with a handful of reading material or several additions to the reading list as suggested by connections new and old. I wound up receiving a copy of Angel by Jason Calcanis as a prize for pitching at the Young Entrepreneur Convention elevator pitch competition back in April. He was one of the judges in the final round of the competition, and took part in a fireside chat near the conclusion of the convention.
Both the fireside chat and the book involved excellent nuggets of information wrapped up in a great deal of bravado. Calcanis has done extremely well for himself over the years, so the bravado is well warranted. Some of his bets on companies are still ongoing, so we shouldn’t hang the “mission accomplished” banner just yet – Uber is probably the biggest name that he’s put money into, and time will tell whether the new CEO can completely undo the public relations damage that the former CEO inflicted on the company.
There were many similarities between what Calcanis wrote in the book as what I’ve heard from other investors, especially Paul Singh. Knowing how these players operate in the investment space is important for entrepreneurs of all stripes, even those who plan to bootstrap, just to see what things are like on the other side of the fence. The book was written more as a roadmap for people who want to enter the angel investment space, but the majority of it was informative as a portal into that world for those who want to connect and interact with investment funds for their companies.
Here are some of the most important things I took away from the book:
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Communication is the key to a successful business relationship.
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Nearly everything is negotiable.
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Everyone needs mentors.
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Honestly is the best policy.
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There are times when you should just say no.
There was one main point in the book where I disagree with Calcanis – that Silicon Valley is the center of the entrepreneurial universe. I think we are starting to see the tipping point on this, where most startups are now priced out of that part of the country without raising ridiculous quantities of money. I know I’m a bit biased toward the Midwestern startup ecosystem, but studies consistently show that you get much more “bang for your buck” when you base your startup in this part of the country. One catastrophic event is going to pop the bubble in Silicon Valley, and I wouldn’t be surprised if we see fallout on the level of the dot-com bust at the turn of the century.
Time will tell, and I know people in Calcanis’ space are into big bets rather than sustainable growth. I’d rather take the sustainable growth and avoid the cardiac infarctions.
Overall: 8/10, would recommend, both for the insight into the angel investment space, and for the writing style.