Brad Feld venture capitalist and Managing Director Foundry Group
“ [entrepreneurs will] encounter three types of angel investors. The first type  the potential [lead investor]” is decisive and “ [will lead the round if interested or quickly decline]”. This is optimal for entrepreneurs because “[entrepreneurs will know where they stand ”.
“The second type  (and they’re very common) is  [a maybe]” who wants to stay informed without an early commitment. Feld advises entrepreneurs to maintain contact with this type without wasting “ time trying to convert maybes into lead investors.”
An angel may respond differently depending on the deal so one can’t stereotype.
“The third type  [isn’t] really [an] angel” and is the most problematic because he’ll “ cause  distraction and delay.”
Entrepreneurs should expeditiously characterize each angel into 1 of these 3 types and focus on the first type to reach the first third of the financing. “ push aggressively toward the closing with the goal of moving the maybe [to yes or no].”
If the financing’s first third is committed, the rest generally falls into place more promptly. “ committed angels [call friends to complete a deal] and some [maybes may join in]. It doesn’t always work this way ” but getting the first third is promising. Brad Feld, Focus on the First One-Third chapter, book Do More Faster by David Cohen & Brad Feld copyrt 2011, pg 241-242