They are OK and getting better. There is a bit of lag on valuation as the old guys keep thinking it is 2005, but over the last 18 months there have been a lot of younger people and people with entrepreneurial background join. If you have a plan on how you will make money then it is worth exploring - at the very least you get to know everyone in Sydney.

The biggest problem is not valuations, but cat herding. As soon as you put a dozen grey hairs in a room you will end up with 13 different opinions. This can make progress a lot slower than it should be.

On the positive we have a partnership with VC fund (SA SideCar) that matches investments by the angels 1:1 with no extra extra due diligence. They automatically follow on in later rounds which is really a massive positive.