Part IV of a Continuing Series on How to Select an Angel Group Several months before Jason Calcanis’ crusade (or jihad—depending on your political affiliation) against for-profit angel groups, I wrote a post about evaluating angel groups and the criteria to use when seeking investment. Although pitching fees—or pay to play—is a good litmus test for weeding out disreputable angel groups, you’ll also find that for-profit angel groups typically have a poor track record with these other criteria. For those that didn’t see the earlier post, the list included:

Seeing last week’s Venture Capital Dispatch in the online Wall Street Journal, When Venture Capitalists Let One Slip Away , reminded me of Jim Armstrong’s (Clearstone Venture Partners) comment last year about false negatives. “You If you think VCs and Angels have had some of the biggest investment oversights, here are some of the bigger and more amusing ones from outside the VC community: “We 8220;You can afford to have a false positive; you can afford to invest in things and fail, but because the big ones are so rare, you cannot afford a false negative. You cannot afford

Pasadena-based LeisureLink , which operates an online marketplace and service for vacation rental booking, has raised $3.5M LeisureLink has previously raised funding from Clearstone Venture Partners, Group RCI, Kodiak Ventures LP, Mission Ventures, Pasadena Angels and the Tech Coast Angels. in a funding round. The round came to light through last week's PricewaterhouseCoopers/NVCA MoneyTree report.