In day two of our David v. David/ Super Angel v. VC SMACKDOWN, even Dave McClure admits “Super Angel” is a flawed term. But he insists there’s still a difference between what he does and what David Hornik does as a partner for August Capital. And, he insists it’s a better way to make money and the future of investing in the consumer Internet.

We also tackle the thorny topic of “value add.” Can an investor who doesn’t have operating experience really add value to a startup, and is “worked at Google” or “worked at PayPal” equal operating experience to starting, running and exiting a successful company? In old days, angels were known for deeply mentoring their portfolio companies, but how do you mentor when you’re investing in 500 startups?

For the first segment in our series, on why there’s so much smack-talking between these two groups that ostensibly need one another, go here. We warned you yesterday about the NSFW language and that warning still holds.

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Authors: Sarah Lacy

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