Angels not rushing in....

...to fund startups, are going upmarket - Dealbook:

Angel investors were increasingly active in 2010, with total angel investments going up 14 percent to $20.1 billion from $17.6 billion in 2009. But angels were more risk averse than they were in the past, investing in fewer seed stage companies.

Given the huge increase in "startup kickstarting" (dare we call it all a bubble? - see point 4 here) one wonders who will fund all the startup seeds being sown. Anyway, the data suggests that VC maths is still a 33% game at this level (for every 10 funded 1/3rd work, of those 1/3rd, about 1/3rd make a great return, and the overall ROI is 1/3rd):

Mergers and acquisitions were about 66 percent of angel exits, while bankruptcies were 27 percent of exits in 2010. About half of the exits were at a profit and annual returns were 24 to 36 percent.

i.e about 1/3rd of startups will be profitable (and traditionally 1/3rd of those will do really well)