The typical angel is often described as an older, wealthy, retired, experienced entrepreneur who regularly makes large, sophisticated, equity investments in other people’s high growth start-ups. While a few angels and their investments look like this, most do not.

• Most angels aren’t wealthy; the majority of them are unaccredited investors.

• Few angels are retired; about two-thirds are still working full or part time.

• Most angels aren’t old; the odds that a person makes an angel investment peaks at between 45 and 54 years of age.

• Angels are no more likely to be experienced entrepreneurs than friends and family investors.

• The typical angel investment is only $10,000 (although the average investment is $77,000).

• 40 percent of the funding that angels provide takes the form of debt.

• Less than 21 percent of angel investments are staged.

• Two-thirds of the companies that get angel money are worth less than $1 million at the time of investment.

You can find out more about angels in Fool’s Gold: The Truth Behind Angel Investing in America.

Editor’s Note: the above article was originally posted at Small Business Trends as: What do Business Angels Look Like?

About the Author: Scott Shane is A. Malachi Mixon III, Professor of Entrepreneurial Studies at Case Western Reserve University. He is the author of eight books, including Illusions of Entrepreneurship: The Costly Myths that Entrepreneurs, Investors, and Policy Makers Live By; Finding Fertile Ground: Identifying Extraordinary Opportunities for New Ventures; Technology Strategy for Managers and Entrepreneurs; and From Ice Cream to the Internet: Using Franchising to Drive the Growth and Profits of Your Company.