Angels Flee From Tech Start-Ups

By CLAIRE CAIN MILLER and BRAD STONE | NYTimes.com

"During normal economic times, several years after a start-up raises angel financing, it seeks larger amounts of money from venture capitalists to grow. But as venture capitalists also cut back on investments, many angels are wary of investing in a start-up without the assurance that the company will be able to raise more money to keep growing."