For two shows now I've been waiting to hear what it was that renewed, reinvigorated, and recommitted you as an Angel Investor. I thought it was going to be this show but you still did not explain yourself.

One can always find someone with good results. Even the article titled The Coming Collapse of Venture Capital admits that there are a few good firms. But you don't explain how finding someone else with good results renews you.

Was it the area they focus on? Are you going to switch from investing in life science to investing in the same technologies AoA invests in? Many of the past winners of AoA's Company of the Year award have been consumer products and services. The kind of things you said in the past that you stay away from. How did these people who invest in things that you've said you stay away from reinvigorate you?

Was it there strict discipline on valuations? (FRANK: Yes) If you exercised the same discipline in your past portfolio, got better valuations in those deals, would that have made you successful as an Angel?

Is it the fact that they do not use the fast pitch? Their website says the very first meeting is 90 minutes with ten minutes given for the presentation.

You just haven't explained what you are going to do differently and what impact it is going to have. The past three shows in a row, reiterate the theme of less risky opportunities with smaller paydays. Is this the source of your reinvigoration?

The show mostly discussed the administrative process with the key step of "pick the best" left unexplained. First they pick the best business plans, and then they pick the best presentations. How is "the best" determined?

The most important thing TCA can learn from AoA is that 60% of their presenters get funded plus they are claiming a good success rate. TCA on the other hand spends a lot of effort hyping its reputation instead of showing substance.

When an entrepreneur approaches TCA he finds he is competing against things like hair extensions and serial failing entrepreneurs with no market for their product. There is no sense that the wheat is being separated from the chafe. TCA doesn't give the impression that it is taking itself or the entrepreneur seriously.

Your written response to my question is very interesting and it seems a whole show could be done on your response. I asked if it was their strict discipline on valuations and you replied "yes".

So what exactly is the formula that reinvigorates you? Are you looking for a particular % ROI, and then a valuation, adoption rate, and definition of the market that equates to the return you are after? It would be great to hear the discipline that you intend to stick to and how you intend to manage all the issues that are connected to it. How do you quantify a valuation to determine if an opportunity meets your requirement?

This is where I think investing in a life science company gets tricky. What happens when the company does not find the cure? Or when a lot more money is needed to find it? The more follow on money needed equals more dilution and soon one may no longer be at the required % of return even if the cure is found.

It would be great to hear your formula for determining valuations and how your past portfolio would be treating you differently if it followed the AoA discipline.

This is another great episode! A few of my favorite episodes from the most recent include interview with Jim Armstrong and those generally with Dave Berkus on them. Although I am more on the entrepreneur side myself, I find this particular episode to provide useful insight into how angels think and operate. Dan Rosen is clearly someone of high caliber, so this also makes the show refreshing to listen to.

Frank, you mentioned that angel investing is a lonely sport. So is entrepreneurship, at least in the early days of a company. I had a couple of years to prepare launching my own company, and has been working full-time on the venture for about a year now. During this period, your show and some others (such as Stanford Entrepreneur Thought Leadership series, venture voice) have been the "entertainment" for my lonely moments. I also learned a great deal and hopefully to apply the knowledge in real operation. So much so that I feel compelled to official subscribe. Thanks for this great show and keep it up, Frank!

Enjoyed the Dan Rosen interview... nice to hear some good news from the "generalist" angel community!