Despite being invisible to many entrepreneurs, the informal investment market contains the largest pool of risk capital in the United States. Although there is no verification of the size of this pool or the total amount of financing provided by these business angels, related statistics provide some indication. A 1980 survey of a sample of a sample of issuers of private placements by corporations, reported to the Securities and Exchange Commission under Rule 146, found that 87 percent of those buying these issues were individual investors or personal trusts, investing an average of $74,000. Private placements filed under Rule 145 average over $1 billion per year. Another indication becomes apparent on examination of the filings