Brian Nichols is the co-founder of Angel Squad, a community where you’ll learn how to angel invest and get a chance to invest as little as $1k into Hustle Fund's top performing early-stage startups

Most people spend months casually learning about angel investing without building real competence. Twenty hours of concentrated effort produces better foundation than 100 hours of scattered consumption.

This is the intensive curriculum for serious learners.

Why 20 Hours Works

Focused beats scattered. Research on skill acquisition shows concentrated practice produces faster competence than distributed effort. Twenty focused hours beats 100 casual hours.

Foundation is finite. You don't need comprehensive expertise to start investing intelligently. You need sufficient foundation. That foundation is achievable in 20 hours.

Diminishing returns kick in. After foundational concepts, additional theoretical learning provides decreasing value. Real learning happens through practice, which requires starting.

Action orientation. Twenty-hour constraint forces prioritization. You learn what's essential rather than accumulating nice-to-know information that doesn't improve decisions.

As Elizabeth Yin, co-founder and GP of Hustle Fund, explains: "Getting deal flow & education have been the bigger blockers to date" for new investors.

This crash course addresses education blocker efficiently. Deal flow comes through community joining afterward.

Module 1: Portfolio Construction (5 Hours)

Hour 1: Angel Investing Fundamentals What angel investing actually is. Individual capital deployed to early-stage startups. Equity ownership in exchange for risk capital. Basic mechanics of how it works.

Hour 2: Why Portfolios Matter Power law returns explained. Most investments fail completely. Few investments generate returns. Statistical necessity of diversification for capturing outliers.

Hour 3: Portfolio Size and Composition Why 15-20+ investments minimum. How probability math works. Expected outcome distributions. What adequate diversification actually requires.

Hour 4: Realistic Return Expectations What 2-3x portfolio return means practically. Timeline to exits (7-10 years). What success actually looks like versus popular misconceptions.

Hour 5: Deployment Strategy Check size consistency principles. Building portfolio over 2-3 years. Quarterly pacing. Why varying amounts based on conviction fails.

Resources: Hustle Fund blog posts on portfolio construction. One foundational podcast episode on power law dynamics. Key article on angel portfolio math.

Milestone: You can explain portfolio construction rationale clearly and have written personal deployment plan with specific numbers.

Module 2: Investment Structures (5 Hours)

Hour 6: SAFE Fundamentals Simple Agreement for Future Equity basics. Why SAFEs became standard. How conversion works. Basic mechanics every investor must understand.

Hour 7: Valuation Caps Deep Dive What post-money caps mean for ownership. How to calculate your ownership percentage. What reasonable caps look like by stage. Red flags in cap structures.

Hour 8: Discounts and Additional Terms How discounts function in conversion. Pro-rata rights explained. MFN provisions. Which terms matter at small check sizes versus which don't.

Hour 9: Convertible Notes How notes differ from SAFEs. Interest and maturity considerations. When notes are used. Key differences in risk profile.

Hour 10: Dilution and Exit Math How ownership decreases over funding rounds. Modeling dilution through Series A, B, C. Exit scenario calculations. Setting realistic ownership expectations.

Resources: YCombinator SAFE documentation. Legal explainers on term components. Calculator tools for ownership math.

Milestone: You can read actual SAFE term sheet and understand what you're agreeing to. You can assess whether terms are reasonable.

As Eric Bahn, co-founder and GP of Hustle Fund, emphasizes: "For beginners, a bigger startup portfolio is better. It helps with diversification and helps you learn and get reps in. Investing requires practice like everything else."

Understanding structures prepares you for meaningful practice.

Module 3: Evaluation Frameworks (6 Hours)

Hour 11: Team Assessment Basics What to look for in founding teams. Background indicators that matter. How to interpret founder presentations. Red flags and green flags.

Hour 12: Team Assessment Advanced Co-founder dynamics. Domain expertise evaluation. Previous startup experience interpretation. Assessing capability versus credentials.

Hour 13: Market Analysis TAM, SAM, SOM explained practically. Top-down versus bottom-up sizing. What market size actually matters at early stages. Timing considerations.

Hour 14: Business Model Evaluation Revenue model types. Unit economics basics for early stage. Path to profitability assessment. What sustainable models look like.

Hour 15: Product and Traction Product-market fit indicators at early stages. Interpreting early traction data. What metrics matter when. Qualitative versus quantitative signals.

Hour 16: Due Diligence Calibration Appropriate diligence for $1,000 checks (2-3 hours). What to verify versus accept. Time allocation framework. Avoiding analysis paralysis.

Resources: Investor blog posts on evaluation frameworks. Podcast episodes discussing deal assessment. Sample evaluation templates.

Milestone: You have written personal evaluation criteria. You can assess typical opportunity in 2-3 hours and reach decision.

Module 4: Community and Preparation (4 Hours)

Hour 17: Why Community Matters Deal flow access explanation. Educational infrastructure value. Operational support importance. Peer accountability for sustained practice.

Hour 18: Evaluating Communities Quality indicators for communities. Deal sourcing assessment. Educational programming evaluation. Cost structure analysis. Member satisfaction research.

Hour 19: Operational Preparation Setting up tracking spreadsheet. Creating investment documentation template. Preparing calendar blocks. Financial logistics (accounts, wire capability).

Hour 20: Action Planning Community selection decision. Application preparation. 90-day goal setting. First investment timeline commitment.

Resources: Community comparison frameworks. Tracking spreadsheet templates. Sample documentation formats.

Milestone: Community selected and application submitted. Systems prepared. Specific first investment deadline set.

As Shiyan Koh, co-founder and GP of Hustle Fund, notes: "Great founders can look like anyone and come from anywhere."

Your education prepares you to recognize them across diverse backgrounds.

Optimal Schedule Options

Intensive Weekend (2 Days) Saturday: Modules 1-2 (10 hours). Sunday: Modules 3-4 (10 hours). Exhausting but produces immediate foundation.

One Week Sprint (5 Days) 4 hours daily across weekday evenings and weekend. Module per day plus buffer. Sustainable intensity.

Two Week Program (10 Days) 2 hours daily. Half module per day. More processing time between sessions. Better retention for some learners.

Not Recommended: Spreading 20 hours across months. Momentum loss and context switching reduce effectiveness dramatically.

How to Use Each Hour

First 10 minutes: Review previous session notes. Connect to what you're about to learn.

Core 40 minutes: Primary content consumption. Reading, watching, or listening with active note-taking.

Final 10 minutes: Synthesis and documentation. Capture key insights. Note questions. Connect to overall framework.

Between sessions: Brief review of notes. No additional content consumption. Let learning consolidate.

What This Course Doesn't Include

Real deal exposure: This builds theoretical foundation. Pattern recognition requires actual opportunity review after course completion.

Investment execution: Making investments requires additional time post-course within community context.

Ongoing education: Foundation needs continued development through community programming and practice.

Peer learning: Solo curriculum. Community joining provides peer learning component.

After the 20 Hours

Week 1 post-course: Complete community onboarding. Begin reviewing actual opportunities. Attend first educational session.

Weeks 2-8 post-course: Active observation period. Review all opportunities presented. Apply frameworks from crash course. Develop real pattern recognition.

Weeks 9-12 post-course: First investment. Select opportunity meeting your criteria. Execute investment process.

Ongoing: Portfolio building at quarterly pace. Continued education through community. Sustained practice over years.

Common Crash Course Mistakes

Mistake 1: Passive consumption. Reading without note-taking. Watching without synthesis. Active engagement required for retention.

Mistake 2: Skipping modules. All four modules are necessary. Skipping structures or evaluation leaves critical gaps.

Mistake 3: Extending indefinitely. Adding hours seeking completeness. 20 hours is sufficient for foundation. More theory has diminishing returns.

Mistake 4: Not acting afterward. Completing course without joining community or making investment commitment. Knowledge without action decays.

Measuring Crash Course Success

Knowledge indicators: You can explain portfolio construction. You understand SAFE mechanics. You have evaluation framework. You know realistic outcomes.

Preparation indicators: Community selected and joined. Systems prepared. Calendar blocked. First investment deadline set.

Confidence indicators: You feel prepared (not certain) to evaluate real opportunities. You understand what you don't know and how to learn it through practice.

Angel Squad provides natural next step: immediate deal flow access for applying your framework, continued education through weekly programming from Hustle Fund GPs, community for peer learning and accountability, and $1,000 minimums enabling first investment within 60 days of course completion.

Twenty hours builds genuine foundation. Not complete expertise but sufficient preparation for intelligent action. Complete the crash course, join quality community, and begin real learning through practice.