[ones_and_zeros]

I get that but, how much money do angel investors have? How long before the 95% failure rate drains their capital?

You'd need at least 20 investments to even think about maybe beating that 95% failure rate, that seems like a very high number of investments for one person to find, evaluate, fund and wait before the 95% catches up to you.

[learc83]

You don't need 20 before it's more likely than not that you get a success. And I'm doubtful that the majority of angel investors actual have a net positive return.