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Investor Nomenclature and the Venture Spiral The press loves the term Super Angels. They use it at almost every opportunity they get and sometimes even when they don’t have the right opportunity for it. In my view the terminology being used for early stage investors by the press and the media is not as clear as it should be. I’ve talked about this on several occasions when I’ve been at conference and on panels, but I figured it would make sense to do a post explaining my taxonomy of the early-stage investing world. Friends and Family: Or sometimes referred to as the 3Fs for Friends, Family and Fools. Incubators and Accelerators: Incubators and accelerators have to a large extent replaced the funding from friends and family. The incubators invest usually for an equity stake and buy equity at a extremely low valuation (for example, 7% for $15,000, which implies a pre-money valuation of less than $200,000). Angels: Angels are individual investors, who are investing their own capital and doing so on a part-time basis.

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