Each year, more than 490000 private venture capitalists, or "business angels" commit $56 billion to new and expanding firms owned by over 87000 entrepreneurs. This private investment activity exceeds that of venture capital firms by 13 times in dollars, and by 40 times in number of transactions. This book is the first to accurately describe who these private investors are, and why they back (or fail to back) certain ventures. It also explains just how the transaction is consumated, with many examples of successful (and unsuccessful) investor-entrepreneur match-ups. The author includes nine specific reasons why seriously-considered deals are rejected, and their relative killing power. Based on a representative national sample of "business angels," the data collection for this book took five years to complete, and was sponsored by the US Small Business Administration.