Commitment of resources
Many of the solicitations came from companies
that had already received financial support of
one kind or another. D ANGEL takes the value
of one if a non-VC round is reported in the
funding request. For the 117 firms that reported
private equity amounts, the mean prior investment
amount (ANGEL AMOUNT) was $3.3M.
ANGEL AMOUNT is highly skewed; hence we
use the natural log of ANGEL AMOUNT (measured
in thousands of dollars) in the regression
analysis.