Dear investor,

We thank you for your participation in a survey that aims at breaking new ground in our understanding of angel investing and at providing new practical insights useful for your investing activities.

The Survey, which is online and completely anonymous, does not ask any question about financial returns.

The data will be stored in the UK on a secure server for the protection of your privacy. Responses will be used only in aggregate form for the purpose of statistical analysis. Individual responses will not be made available to anybody else.

The Survey is part of the RICAFE project at the London School of Economics (LSE): www.lse.ac.uk/ricafe. It builds on a previous survey of European venture capital firms by Marco Da Rin, whose results were featured in The Economist Special Report on venture capital in April 2004.

Answering the Survey will take about 3 minutes for the general part and about 2 minutes for each portfolio company.

We ask some of your precious time because we need detailed information to produce a convincing statistical analysis. Existing studies are based on small unrepresentative samples, and are limited to descriptive analysis. To gain convincing practical insights we need a large sample which can be analyzed with rigorous statistical techniques.

We will make the results of this Survey available to all respondents at the latest by June 2011. You will be able to access the report just by logging in. In case of interest, we will gladly hold meetings to illustrate the practical implications of our results.

You can reach us anytime for any questions by e-mail: m.da-rin@lse.ac.uk (or marco.darin@uvt.nl), and m.penas@uvt.nl, or by phone: +31 13 466-2054 and +31 13 466-8150.


With many thanks for your time,