VC firm:

• General Partner or Managing Director
• then principals/directors (deal partners usually without final decision power)
• associates (2 years; due diligence; usually not deal partners; they do the most work on the cap table)
• analysts (most junior)
• venture partners/operating partners (part-time role at VC firm; experienced entrepreneurs; help with managing as board member in investments or they sponsor deals)
• EIRs (in-between startups; intros & due diligence help for firm; some paid, some not)

VC firms vary in size/hierarchy

• know who you are talking to within the firm & what power they have
• try to insist on a direct relationship with the MD/GP who will stay longer at the firm & who has real decision making power

angel investors

• make sure accredited
• or they have “appropriate exemption” (not sure what this means) to do this, ask your lawyer
• some angels raise their own funds & become micro VCs
• they have same fiduciary responsibility at that point
• don’t let yourself be held hostage by your angels if you have many
• consider creating a special purpose limited partnership controlled by just one angel as a vehicle for them to invest this prevents you having to chase 20 signatures for financing or selling the company etc

syndicate

• VCs mostly invest in syndicates