Discussion of the Week: Identifying Early Backers

@WSJSTARTUP: What are the best strategies for finding angel investors? (Click here to see what all of our startup mentors have to say) …

Office Hours With the Accelerators — Thursday, Jan. 17, at 3 p.m. EST

@WSJSTARTUP: In this Spreecast chat from Jan. 17, WordPress founder Matt Mullenweg discusses how his popular blogging platform continues to evolve; Beachmint Inc. CEO and MySpace cofounder Josh Berman explains why he believes e-commerce is the new hot industry for startups and Warren Lee, general partner at Canaan Partners, advises viewers on crafting an effective three-minute pitch. …

Angel Networks Are Local and Global

GUEST MENTOR Greg Novak, CEO of Novak Druce Connolly Bove + Quigg LLP: The lines between the various “stages” of funding are blurred today more than ever: friends and family, angel, seed, and series A. All of these stages can overlap to some extent in the amount raised and the timing in the startup lifecycle. …

‘Anchor’ Investors Open Doors

GUEST MENTOR, Mike Hirshland, founder of Resolute.VC:  The single best thing you can do to raise an angel round is find the right “anchor” investor.  Just like wolves and sharks, angels often travel in packs. There’s the Google diaspora, the Paypal mafia, YC alums, liquid Facebookers, the list goes on. …

Investor Capital Is Branching Out — You Should, Too

WAYNE SUTTON: There are new ways to connect with angel investors online, such as through platforms like Gust and AngelList. These allow founders to create a profile about their company for angel investors to review. …

Do Your Research Before Taking on New Investors

GUEST MENTOR, Maynard Webb, founder of Webb Investment Network: When it comes to finding the right investors, entrepreneurs should research the thought-leaders in their vicinity — entrepreneurs who started a similar company, partners at VC firms who have invested in the area, angels who invest there. …

Part II: How Veteran Execs Find Angels

ED ZIMMERMAN: One of the hardest parts about building an angel round is finding the lead. First, you need to identify someone with the money and experience to be willing to hammer out terms and be the first signature on the term sheet. …

Forget Angels, Try Your Parents or Piggy Bank

VIVEK WADHWA: The conventional wisdom in Silicon Valley is that venture capitalists and angel investors provide funding for the majority of startups. …

Start With Family, Incubators and Crowdfunding Sites

KEVIN COLLERAN: Entrepreneurs need a strategy to raise funds while minimizing disruption of daily business operations. If done incorrectly, fundraising can be incredibly distracting and difficult for the entrepreneur, and can slow a business’s momentum. …

Build an Angel Magnet

NAVAL RAVIKANT: You can meet people who invest via AngelList, LinkedIn, Demo Days, tech conferences, etc. But until you have built a great product and/or shown some evidence of customer demand, it’s unlikely that those introductions will mean much. …

Part I: Finding Hard-to-Reach Angels Speaks Volumes

ED ZIMMERMAN: Many angels like to know that a founder can put in the hard work of both finding the right angels and getting the right introductions to them. …

Seek ‘Smart’ Money

MATT MALONEY: While taking outside capital is often necessary, remember that an investor’s experience and expertise is just as, if not more valuable than their money. …