Insights from ACA’s Storytelling Panel at the 2025 Summit
At the Angel Capital Association’s 2025 Summit, a packed room gathered for one of the most anticipated sessions of the event: “Storytelling – The Good, the Bad, and the Ugly.” Moderated by Seren from Dealum, this candid conversation brought together seasoned angels Mike Eckert (Gulf South Angels), Mark Friedman (RTP Angel Fund), and Kevin Learned (Sage Growth Capital). Their goal? To share the hard-earned lessons that come from decades of angel investing — the wins, the pitfalls, and the deeply human moments in between.
The Good: Unexpected Wins and Lasting Impact
The panel kicked off on a high note, spotlighting stories of investments that defied expectations and delivered outsized returns. Kevin Learned recounted his first angel investment in the 1990s — a scrappy internet access startup that turned his $10,000 into $340,000. Mark Friedman shared the story of FilterEasy, a company launched by two college students selling home air filters that ultimately delivered a 45x return thanks to B2B ingenuity. And Mike Eckert described the fortuitous path to Gulf South Angels’ first unicorn, which began with a lunch meeting in Mississippi and ended with equity in a company acquired by defense tech giant Anduril — now valued at over $36 billion.
The Bad: Mistakes, Missteps, and Misjudgments
But not every story had a happy ending. The panelists turned to cautionary tales of deals that fell apart, often due to missed red flags or rushed diligence. Mark recalled an early internet analytics startup that collapsed just months after investment — a harsh reminder that FOMO should never override process. Kevin detailed a devastating case of fraud where his group lost $400,000, later spending $300,000 more in legal fees to pursue justice. These stories, though painful, underscored the need for transparency, rigor, and sometimes, simply the moral courage to walk away.
The Ugly: Legal Battles, Lost Causes, and Lessons in Grit
Some stories went beyond “bad” — they got ugly. Mike shared a tale involving a charismatic founder, a cardboard six-pack holder that couldn’t be manufactured, and a lawsuit that nearly derailed their angel group. These anecdotes were brutally honest, laced with lessons about diligence, governance, and reputation management. Attendees also heard from John Harbison of Tech Coast Angels, who outlined a practical solution for offloading zombie companies to allow investors to take tax write-offs while protecting nonprofit status.
Beyond the Exit: Rethinking Returns and Legacy
As the session wrapped, the conversation turned reflective. Kevin — preparing to celebrate his 80th birthday — spoke about his shift from equity investing to revenue-based financing.
His firm, Sage Growth Capital, offers a model where investors receive predictable returns without waiting for a liquidity event. It’s a reminder that angel investing isn’t just about the next 100x — it’s also about impact, stewardship, and building ecosystems that last.
Each story shared during the session was more than entertainment — it was a roadmap. Whether you’re a first-time angel or a seasoned investor, these tales offer something invaluable: hard-won wisdom from those who have walked the path.
Learn more: join us for the 2026 Summit of Angel Investing in Westminster, CO! Go online and register now!
