Fascinating article on the venture capital industry from Paul Graham of Y Combinator. I highly recommend a read even if you are nowhere near the startup or technology ecosystem. A lot to learn here.
"The fact that super-angels invest other people's money makes them doubly alarming to VCs. They don't just compete for startups; they also compete for investors. What super-angels really are is a new form of fast-moving, lightweight VC fund. And those of us in the technology world know what usually happens when something comes along that can be described in terms like that. Usually it's the replacement."