The obvious answer is someone that actually makes angel investments but as Feld points out that is not always easy to determine.
I’ve been exposed to many “angel investors” who have actually never written a check for an equity investment. These non-angels come in many shapes and sizes and often end up either offering to become “advisors” for equity (or worse – a retainer), “brokers” (where they help you raise money for a percentage raised), or employees (where the end up trying to get a job).
Now, there is nothing wrong with this, other than them presenting themselves as “angel investors.” Oh, and some people just like to be in clubs with other people who presumably make investments hang out.
Feld concludes that an angel investor is someone who makes at least one equity investment in a seed or early stage company each year of at least $25,000. But most importantly he stresses that if the investor can't or doesn't invest at least $25,000 per year, they shouldn't call themselves an Angel Investor.
Does this logic hold true for Canada? Are our most active Angels investing a minimum of $25K per year?