The need for a large financial commitment creates a distinction between philanthropy and charitable giving, which typically plays a supporting role in a charitable organization initiated by someone else. Thus, the conventional usage of philanthropy applies mainly to wealthy persons, and sometimes to a trust created by a wealthy person with a particular cause or objective targeted.

1. has an income that exceeds $100,000
2. is 40 to 60 years old
3. has a net worth in excess of $1,000,000
4. has previous successful entrepreneurial experience
5. expects to hold on the investment for up to five to seven years (although some angels wish to "cash out" after only a few years)
6. enjoys advising the entrepreneur and likes to be part of the action
7. invests up to $150,000 but may participate in a syndicate of other angel investors bringing the total investment to multiples of individual investments
8. refers deals to other private investors even if the angel has chosen not to invest
9. likes to invest in an industry with which the angel is familiar
10. sources deals through referrals