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

There's an angel investing education industry selling courses for $5,000 to $20,000. What they don't want you to know is that better education is available for free or at fraction of the cost through communities where active VCs share what they're actually doing.

This is the education approach that premium course sellers don't want you to discover.

Why Expensive Courses Underdeliver

Problem 1: Instructors often aren't active investors Many course instructors stopped investing years ago or never invested meaningfully. They teach theory rather than current practice.

Problem 2: Content is static Courses created once and sold repeatedly. Markets evolve faster than curricula update. What worked in 2019 may not apply in 2026.

Problem 3: No deal flow included Courses teach frameworks without providing opportunities to apply them. Education without application produces knowledge without judgment.

Problem 4: Premium pricing reflects marketing, not value High prices come from advertising costs, professional production, and perceived exclusivity. Content itself often matches free alternatives.

Problem 5: Time-limited access Many courses restrict access to months or a year. Learning stops when access expires. No ongoing development.

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.

Expensive courses solve only education blocker (often poorly) while ignoring deal flow entirely.

What VCs Actually Want You to Learn

Lesson 1: Portfolio construction is everything Not selection skill, not evaluation brilliance, not market timing. Portfolio math determines outcomes. This lesson is free but often buried in paid courses behind flashier content.

Lesson 2: Nobody reliably picks winners Even top VCs miss constantly. Humility about selection ability is essential. Courses promising winner-picking skills are selling fantasy.

Lesson 3: Process beats insight Consistent disciplined approach outperforms sporadic brilliant moves. Boring process discipline produces better results than exciting conviction-based bets.

Lesson 4: Speed matters more than depth At early stages, quick assessment with adequate information beats lengthy analysis seeking certainty. Calibrated evaluation, not exhaustive diligence.

Lesson 5: Community infrastructure changes outcomes Solo investing is unsustainable. Community provides deal flow, education, accountability, and support that individual effort can't match.

The Free Alternative: Community-Based Education

What it looks like: Active VCs teaching through community programming. Weekly sessions covering evaluation, portfolio construction, market dynamics. Real-time perspective from people investing right now.

Why it's better:

Current perspective: Instructors are actively investing. They know current valuations, market conditions, and deal dynamics.

Integrated with deal flow: Learn frameworks and immediately apply to real opportunities. Theory connects directly to practice.

Ongoing rather than fixed: Education continues indefinitely. Weekly programming, not one-time course. Continuous development.

Peer learning included: Community discussion provides horizontal learning that courses can't replicate. Learn from others at similar stages.

Cost comparison: Angel Squad membership ($3,500 lifetime) provides education plus deal flow plus community. Premium courses charge $10,000+ for education only.

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."

Community education supports actual practice. Courses provide knowledge without application pathway.

What Premium Courses Include (And What You're Paying For)

Typical course contents:

• Video modules covering basics (available free in blogs and podcasts)
• PDF worksheets and templates (useful but not worth thousands)
• Limited live sessions (often with junior instructors)
• Time-bounded community access (expires after course ends)
• Certificate of completion (meaningless in practice)

What you're actually paying for:

• Professional video production
• Marketing and advertising costs
• Instructor's personal brand premium
• Perceived exclusivity signaling
• Administrative overhead

What's missing:

• Deal flow to apply learning
• Ongoing education beyond course period
• Active investor instructors
• Sustained community support
• Current market perspective

The Community Education Model

How Angel Squad education works:

Weekly programming: Sessions with Hustle Fund GPs covering evaluation frameworks, portfolio construction, market analysis, and practical guidance.

Current perspective: Elizabeth Yin, Eric Bahn, and Shiyan Koh actively invest across hundreds of startups. Teaching reflects current practice, not historical patterns.

Integrated application: Learning applies directly to deals available through community. Evaluate real opportunities using frameworks from sessions.

Lifetime access: Education continues indefinitely. Not time-bounded course but ongoing development resource.

Peer discussion: 2,000+ member community for discussion, questions, and shared learning.

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

Active VCs teach pattern recognition that evolves with changing founder landscape.

Comparing Education Approaches

Premium course ($10,000-20,000):

• Static content from possibly inactive instructors
• No deal flow
• Time-limited access
• Professional production value
• Certificate (meaningless)
• Isolated learning

Community membership ($3,500):

• Ongoing content from active investors
• Curated deal flow included
• Lifetime access
• Practical focus over production polish
• Real portfolio building
• Peer learning and support

Free resources ($0):

• Blogs, podcasts, and public content
• No structure or curation
• No deal flow
• No community
• Self-directed learning only
• Adequate for foundation, insufficient for practice

Recommended approach: Use free resources for initial foundation (4-6 weeks). Join community for ongoing education, deal flow, and support.

What Course Sellers Don't Want You to Know

Truth 1: Most course content is available free through practitioner blogs and podcasts. You're paying for organization and marketing, not unique information.

Truth 2: Courses without deal flow produce knowledge without application. Education value is limited without opportunities to practice.

Truth 3: Time-bounded access means your learning stops when course ends. Markets and practices continue evolving.

Truth 4: Instructor track records are often unverifiable or unimpressive. Teaching skill doesn't equal investing skill.

Truth 5: Community membership provides better value at lower cost. Deal flow plus education plus support exceeds education alone.

Taking Action on Better Education

Step 1: Build free foundation (weeks 1-6) Read Hustle Fund blog on portfolio construction. Listen to practitioner podcasts. Understand basics before spending money.

Step 2: Skip premium courses Don't pay $10,000+ for education alone. That budget is better spent on actual investments.

Step 3: Join community with integrated education (week 7) Angel Squad provides weekly education from active VCs plus deal flow plus peer community. Better education at fraction of course cost.

Step 4: Apply learning immediately Use community deal flow to apply frameworks. Theory becomes judgment through practice.

Step 5: Continue learning indefinitely Ongoing community programming keeps education current. No expiration date on access or development.

The angel investing education industry profits from selling expensive courses to aspiring investors. Active VCs providing community education deliver better value because their incentives align with your success. They want you to become capable investor who continues engaging, not customer who completes course and disappears.

Choose education that comes with practice opportunity. Skip the premium courses that course sellers hope you'll buy.