The 9% success rate is uncannily similar to the music business success rate with major artists. It's long been known that's a 1-in-10 business.
Strangely, within the music business the independent small labels can frequently achieve 1-in-3 rates. Why? Because when they fail they fail small, it didn't cost them a great deal. So they don't need a great deal to recoup those losses. Amongst the indies it's perfectly fine to have a sleeper (slow but constantly selling) album... they're hits still as they recoup their cost x5 which makes money for everyone involved.
To me, angels are closer to the indies and VCs are closer to the major labels. So you've got to ask yourself, is your venture the next big pop/rock act? Or are you the arty, experimental and original new band with limited appeal but with staying power?
Strangely, within the music business the independent small labels can frequently achieve 1-in-3 rates. Why? Because when they fail they fail small, it didn't cost them a great deal. So they don't need a great deal to recoup those losses. Amongst the indies it's perfectly fine to have a sleeper (slow but constantly selling) album... they're hits still as they recoup their cost x5 which makes money for everyone involved.
To me, angels are closer to the indies and VCs are closer to the major labels. So you've got to ask yourself, is your venture the next big pop/rock act? Or are you the arty, experimental and original new band with limited appeal but with staying power?