Good points. vc requires some governance and BOD level skills. [1] angels may or may not have, they tend be more product focused and hands-off. etc. Look at the problems YC was having winding down with "founder breakups" etc.

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[1] in addition to cash, business skills, contacts, etc which are obvious but omitted for brevity. angels if they have these skills is more likely from previous works, and not from being an angel per se.