Meet Bob.  He's a swell guy.  Would you invest in Bob's startup at a valuation of $10 million?  I won't tell you what industry the startup is in, what its business plan is, or whether the startup actually exists or will exist in the future.  But Bob's a hungry lad with a gleam in his eye, so that's alright then.<p>Seriously, if you really wanted to give Bob $300k for an angel investment, wouldn't it make sense to wait until he actually had a startup to invest in?