They may be affiliated in that they have some contact with you or your business, or they could be nonaffiliated in that they currently have no idea you even exist. Obviously, it's easier to start with someone who is already familiar with you and has a vested interest in the relationship. Recognizing that there is no typical angel, just like there are no typical Ultrapreneurs, it's still helpful to establish a characteristic profile of angels. Various surveys and research reports have yielded some interesting characteristics for identifying angels. Primary investment motivation is a high rate of return.
Secondary motivation is capital appreciation.
They learn of investment opportunities from associates and friends. Less than 30 percent of referrals come from attorneys or accountants. They would like to see more opportunities than they currently see and refer investments they make to their investment network. Contrary to venture capitalist, angels don't rank comprehensive business plans on the top of their criteria list. However, they rank management ability the highest, and seek a clear, demonstrated market need, plus a large market potential for the product or service.