In this episode, John Radford interviews Tony Kula, a seasoned entrepreneur and angel investor, discussing the intricacies of early-stage B2B SaaS investing. They explore the importance of founder characteristics, the balance between bootstrapping and seeking funding, common mistakes made by founders, and the role of an angel investor. Tony shares insights from his investment journey, emphasizing the significance of authenticity and the long-term nature of investor-founder relationships. takeaways Angel investing is a blend of art and science. The founder's characteristics are crucial for investment decisions. Bootstrapping can be a viable path for startups. Investors should focus on capital efficiency and MRR growth. Common mistakes include creating fake urgency and overselling. Authenticity in storytelling is vital for founders. Investors often look for founder-investor fit. Sales issues are a common challenge for startups. Time is often underestimated in the startup journey. Angel investing can be rewarding and keeps investors engaged.