The document discusses angel investing and provides statistics on angel and venture capital investments. It notes that in 2005, angels invested $23.1 billion in 49,500 deals, a small increase from 2004. Angels typically invest in seed/start-up stages and provide guidance in addition to funding. The document also outlines various terms that may be included in angel investment agreements, such as preferred stock rights, interest rates for convertible debt, and liquidation preferences.