Danielle Morrill, chief executive of Mattermark, discovered this firsthand. She founded the start-up, which tracks the growth of private companies, in 2013 and said she ended up with almost 160 investments from individuals, many of whom wrote roughly $50,000 checks. The investors often chime in about Mattermark’s product direction, she said, and to be polite, she is encouraging to them. “You want to keep tapping into their collective intelligence so you keep saying ‘Thank you for the feedback’ and they keep sending it,” Ms. Morrill said. “But then you are sitting there alone at 3 a.m. and you have to decide on just one thing to focus your tiny team on and your mind races like you had too much to drink but you’re totally sober.”

http://www.nytimes.com/2015/07/07/technology/for-start-ups-how-many-angels-is-too-many.html?_r=1