“I hate to say your gut matters,” Adelsbach says. “Especially in this world where everything needs to be an algorithm to give you credibility, but this is not that world. Angel investing is still very much an art over a science. Therefore, trading your gut is super important.” What is also important for Adelsbach, more than your optimistic math on a path to an exit, is that you can be mentored. What angels like Adelsbach want to see is that you have the right team and a massive market. And critically, if you are a newbie in the startup world, demonstrate that you are open to receiving mentoring.