According to a recent article in BetaBeat, the NY Angels, a consortium of NY independent angel investors, might be behind the times. Adam Neary, founder of the startup Profitably, ended up with zip when working with the group after an investor missed his closing deadline upon committing to lead a financing round. According to a nameless VC mentioned in the article, everything at NY Angels “suffers from being decided by a giant committee.”
Brian Cohen, vice-chairman of NY Angels, admitted to BetaBeat that the group may have fallen behind but countered with the fact that a tapping the wisdom of the collective allows them to make educated investments.
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Sad !
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