The Angel Diaries: Why angels need to think beyond the first cheque – follow‑on discipline, portfolio reality, and building the next generation of investors

Angel investing is often described as writing a cheque and backing a founder – but in practice, the first investment is rarely the most important one. In this session, Lynne Cadenhead shares a highly practical perspective on what sustained angel investing really requires, and why under‑capitalised, one‑off investments can damage both companies and portfolios.

Drawing on her experience as an active angel with around 15 companies currently in her portfolio, Lynne discusses the importance of planning for multiple rounds, supporting founders through longer funding journeys, and understanding the time and commitment involved in building a meaningful angel portfolio.

The conversation also explores a wider challenge facing the angel ecosystem: how to attract and retain the next generation of investors, diversify angel groups, and ensure that decades of experience are not lost as long‑standing angels step back.