The old wisdom for investors in start-ups said you needed an experienced hand as a CEO. The Valley's new wisdom: don't fund anyone over 30. The average age of Y Combinator founders is 25.
Their diet consisted of Lean Cuisine, with the exception of some frozen steaks that Crosby's father sent them. The Styrofoam box in which the steaks were shipped became their coffee table.
One trend I've noticed since becoming an angel investor is that those with relevant business experience and contacts are increasingly sought-after, and that many entrepreneurs are starting to distinguish among different types of angel investors.
Therefore "professional" angel capital is playing an increasingly important role in the early-stage capital formation process, and has truly become a distinct asset class between the small-time angel investors and the venture capitalists.