70% die
6% are worth over 100 million
~1% are worth over 1 billion
With that in mind, why not just use your network?
Obviously, you can overcome that by just spending the time, building dealflow, etc, but it suggests that new angels won't get access to the 1% deals. One of my batchmates was Cruise Automation which has had a spectacular trajectory. I don't know for certain, but I suspect Kyle wouldn't have been willing to take $10k from me. :)
And then, yes, if you think of $10k from the other side, as CEO I don't want 100 people in my cap table that I need to signatures from for every corporate action.
I have also gotten into a hot deal or two as a nobody. I write to the ones I am interested as early as possible with what I like about what they're doing, what I think would be helpful advice, and how my experience may be relevant. I also write checks same day.
That said, its a numbers game, just like any form of sales.