Thank you for taking the time to answer my question!<p>The reason I&#x27;m asking is that I keep imagining this picture: suppose there are 20 areas of economy(there are more but bear with me), and each angel knows one area well. Startups come at random from all 20 areas, so for 1 in 20 pitches the investor hears about something he understands deeply, can ask good questions and question assumptions. And so he can make an educated decision. What about the other 19? He can&#x27;t judge the financials because it&#x27;s too early. He has to rely on various proxies, such as interest from others (not necessarily any more qualified), the quality of the deck, the looks or pedigree of the founders (PhDs and professors are like really sexy as I found out), and so on. The likely rejection reason then comes out arbitrary, and obfuscated. Few people just say &quot;not my area&quot; before you even start. The startup founders are now wasting their time in 95% of the cases, unless they come with a sexy background and then investors are just piling up.<p>Wouldn&#x27;t that be a lot more efficient if investors just referred unknown companies to a buddy who knows the domain area? I don&#x27;t see it happening. Am I looking in the wrong place?