Investing as an Angel or VC

He says that there was no demand at $12 million but almost infinite demand at $9 million. That rubs me as being a sign of herd behavior on the part of the investors. So all you would need to do is bid a little higher than everyone else and you would have been able to snap up a much bigger share of the company. Obviously you would still need to be able to determine which founders were more likely to succeed.