Angel Investing: A Report Prepared for the Federal Reserve Banks of Atlanta, Cleveland, Kansas City, Philadelphia and Richmond

This document summarizes the results of four focus groups conducted with angel investors. The goal of the focus groups was to provide information for research staff of the Federal Reserve Banks to develop hypotheses for future studies of angel investing. The author of this report conducted the focus groups, which took place during the summer of 2005 in Atlanta, Cleveland, Denver and Philadelphia.