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Finally, they tend to invest locally. It's easier to meet an adventurist in person; they're not being hounded by companies every day, so they're more open. And they're not concentrated in a few financial centers... they're probably in your own neighbourhood.

Now, since they're investing smaller amounts, you may need to contact more than one. In fact a band of angels -- a bunch of smaller investors -- might be a good idea..

Next time, we'll look at how to find them.

How to spot an adventurist

Often a business owner or middle manager

About 20 years older than you

Usually won't seek voting control

Will often invest up to $100,000

In most cases, the angel really is an angel. He or she is someone who doesn't want to control your business, but wants the psychological benefit of being associated with it. Maybe they're bored with their own work or want to be mentors -- launching a new generation of entrepreneurs.

Grant getting grit
Staying power can be the key to financing success

If you're lucky, you can get the funding and backing you need immediately. But if you're prepared to stick it out for the long haul, you virtually guarantee yourself success. Follow these seven steps to success.

1. Keep at them. While you might feel, having gone through the process of applying, that you've done your job and can knock off, don't stop now! Maintain the momentum. Go after other agencies and programs while the tricks of the trade are fresh in your mind.

2. Once you've gone through the work, you effectively have a template. It's a lot easier to adjust your template proposal to meet the needs of different programs than it is to start from scratch. It increases your opportunities to apply and your chances at success.

3. Plan to get funding for key stages. By setting up these mileposts, you give yourself tangible funding target dates.

4. If you're refused by a particular agency, don't write them off. You've made your initial contact, and this is an opportunity to build a relationship that will pay off down the road. Ask for constructive criticism. Find out specifically why you were refused. With the insight you'll get as to what the agency is looking for, use your relationship and name recognition to try again.

5. That same tactic will give you new strategies to use when approaching other agencies.

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