> ## Content Index > Fetch the complete content index at: https://www.cremornedigitalhub.com.au/llms.txt > Use this file to discover other available public pages before exploring further. # Inside the Mind of an Angel: What We Learned at Our Angel-Curious Lunch & Learn - URL: https://www.cremornedigitalhub.com.au/blog/inside-the-mind-of-an-angel-what-we-learned-at-our-angel-curious-lunch-learn/ - Published: 2026-07-24T23:00:01.000Z - Updated: 2026-07-24T23:00:01.000Z - Author: Angelica Alinsod - Tags: #blog-col If you've ever wondered how angel investors actually think — what makes them write a cheque, what makes them walk away, and what founders get wrong when courting them, our latest CDH Lunch & Learn had you covered. This session was built for founders who are angel-curious: not yet raising, but keen to understand the earliest layer of startup capital before they get there. CDH General Manager **Alan Tsen** stepped in to share his own angel investing playbook built over 8 years and 11+ personal investments, predominantly in early-stage fintech. Before CDH, Alan headed up IAG's accelerator program, led revenue strategy at a global fintech startup, was founding GM at Stone & Chalk Melbourne, founded a company and started his career in tax. He's sat on both sides of the cap table as a founder and as the person writing the cheque.It showed in how practically he broke things down. Here are the biggest takeaways for founders thinking about bringing angels onto their register. ### 1\. Angels fill rounds — they rarely lead them Outside of syndicates, angels typically don't set the terms of a raise. Think of your round like a jar: a lead investor (usually a fund) provides the "big rocks," and angels are the sand that fills the gaps. In Australia, most angels write cheques in the $5K–$50K range, and they typically prefer that the round's terms are set. ### 2\. They're backing people and insight, not traction At pre-seed and seed, there usually isn't meaningful traction to point to anyway. Alan's most recent cheque went to a founder and a concept — no product yet. Angels who invest this early are pricing in belief in the person, not de-risked metrics. ### 3\. Understand *why* they're investing Motivations vary. Some want the asymmetric upside of the "next Canva," others want proximity to sharp operators and a front-row seat to how they build, and some are quietly building a track record toward launching their own fund one day. Knowing which type you're talking should shape how you pitch them. ### 4\. There are two broad angel archetypes - **Capital angels** write the cheque and step back. That's not a bad thing — sometimes all you need is fast, low-friction money. - **Operator angels** have been in the trenches and can genuinely accelerate you, unblocking a go-to-market problem, opening a warm intro to a fund, or lending credibility that helps your next raise. Don't assume every angel is this type, and don't be disappointed when they're not. ### 5\. Ask direct questions before you take the money Alan's suggested checklist for any prospective angel: - What's your average ticket size? - What stage do you usually invest at? - What do you actually invest in? - How do you typically help founders? - When should I come back to you? The answers tell you whether they're a fit and whether they're going to be useful or just another name to manage on your cap table. ### 6\. Good angels leave a paper trail Want to find angels who actually operate in your niche? Skip the generic spray-and-pray lists. Look for people who write, podcast, or blog about the space, sharing how they think is often a strong signal of both operator credibility and a willingness to be genuinely helpful. ### 7\. Cold outreach works, if it's thoughtful Alan is a fan of cold DMs and cold emails, provided they're specific and well-researched. A short, direct note explaining what you're building and exactly what you want from the conversation goes a long way. Treat it like a sales outreach: know why you want them, specifically. ### 8\. Be deliberate about who joins your cap table Bringing on angels is a rare chance to assemble a bench of advisors you could never otherwise afford to hire. But more angels means more admin, more small cheques to chase, and occasionally a "meddler" who gives strategic advice without understanding the day-to-day reality of an early-stage company. Screen for fit, not just for money. --- Want to connect with Alan Tsen directly? Find him on [LinkedIn](https://www.linkedin.com/in/alan-tsen-22742716/?ref=cremornedigitalhub.com.au).