How to get angel funding for your start-up

I just read an interesting study by a man called Wetzel. He, provides a seven step process for an entrepreneur on what he needs to do in order to get angel funding:

1.      Have a well written business plan

      Prepare a comprehensive, documented business plan, including a two-three-page synopsis of the venture and its management

2.       Be realistic about the risks and prospects of the venture

3.     Understand your investor

      Recognize what risk capital is and that it deserves to be expensive, and understand the processes investors follow in structuring and pricing a deal

4.      Find an investor with relevant experience and knowledge

      Look for an angel with relevant experience as well as capital, i.e. look close to home for an investor that understands the venture and will work with it.

5.     Talk about exit

      Be prepared to discuss when and how and investor can cash in his or her chips. Shared liquidation expectations are especially critical for ventures with limited prospects for an eventual public offering or acquisition by a larger firm.

6.      Focus on non financial returns, BAs find this valuable

      If the venture is likely to appeal to an individual investors “hot buttons”, exploit them for both sides will benefit.

7.       Have a long term investment plan

       Anticipate the need for substantial follow-on financing if the venture succeeds, and be sure that either initial investors can provide it or they are themselves realistic about the cost of additional outside equity. 

      I found that this is a great list and find one more thing in his studies interesting. He asked his 113 BAs to name frequent sources of investment opportunities, here's how they answered:

• Business partners (52%)
• Friends (50%)
• Active personal search (41%)
• Investment bankers (15%)
•  Others (business brokers, commercial bankers, attorneys and accountants)

      Now this study predates the internet age (it's from an articel published in 1983, named "Angels and informal risk capital"). How has these channels changed with the arrival of social media? And what tips should be told the aspiring entrepreneur on how to find and approach these sources of informal risk capital?