Drawing on literature from organizational behavior, strategic change and technology, we examine the new ventures’ readiness for funding by angel investors, using a unique dataset of 334 firms that sought investment from a prominent angel group located outside of Boston, MA during 2007-2008. Findings suggest that tangible, objective characteristics are important during the first decision-making stage, but that intangible, subjective new venture characteristics may be critical during subsequent decision stages. Interestingly, location remains significant throughout the angel investment decision-making process. Implications are discussed.