A guide to the fundamentals of how to think about investing in startups at angel stage. This is useful both to early stage investors for how to critically evaluate startups, and for startup founders to understand what is (or should be!) important to investors when thinking about pitching them for funding and evaluating their own business model. I teach founders to evaluate their business model not to pitch investors, but to give them a better shot of an exit. If you are fundable, you are fundable.