A Business Week post by Scott Shane with Case Western Reserve University describes his research that shows how angel groups' deal funnel got tougher from 2007 to 2009. When entrepreneurs apply to a venture group, there's an initial screening that weeks out many, followed by a pitch, then more due diligence, and then, for a few, an investment. At each stage, companies are weeded out.

You may recognize the George Bernard Shaw quote. The rest of it is: the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.

From WSJ.com: Venture Capital Dispatch Turning Unreasonable Ideas Into Reality

Courtesy of VentureHacks. Worth listening to if you'd like to be an angel investor.