📊 Figure 1: Benchmark Importance Weights by Strategic Area
Importance weights derived from regression analysis across 101 respondents
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Last Updated: 04/23/26
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What actually drives member satisfaction in angel networks? This report answers that question using survey data from 101 angel investors across approximately 13 groups, analyzed through a regression-based Customer Value Equation framework.
The short answer: members stay for community first and deals second. Other things certainly matter, but not nearly as much.
The model explains 77% of the variance in overall member satisfaction (R2 = 0.77), meaning that 23% of member satisfaction is attributable to factors not measured. All five strategic areas tested were significant predictors of member satisfaction. Community and Social Experience leads at 28% of overall satisfaction, Deal Quality and Access follows at 17%. Learning, Investment Decision Support, and Impact and Mentorship each contribute 10-12%. Overall satisfaction across the dataset is 6.1 out of 7.
Model R2 = 77%, meaning the model explains 77% of variance in overall member satisfaction.
📊 Figure 1: Benchmark Importance Weights by Strategic Area
Importance weights derived from regression analysis across 101 respondents
Community and deal access together account for 45% of member satisfaction. The remaining named drivers split the next 27%.
If a network is deciding where to invest time and resources, the data points clearly toward initiatives that increase relationship-building and deal quality as the highest ROI options.
📊 Figure 2: Actual vs. Predicted Member Satisfaction (n = 101)
Figure 2 shows how well the model predicts actual satisfaction for each respondent. Most results fall near the diagonal, so the value equation is broadly reliable (as reflected by the model R-squared of 0.77).
On visual inspection, it seems that at the top right, a band of respondents scored 7 regardless of what the model predicted. This is likely because a respondent who feels "off the charts 8 out of 7" can only mark 7.
📊 Table 1**: Average Performance by Network**
Table 1 shows how each named group (anonymized as G1-G3 for privacy) performed relative to the benchmark across overall satisfaction and the five strategic areas.
