Angel investing is often described as a financial decision. In reality, it’s an emotional one.

In Ep#8 of Angels Decoded, Cheryl Kellond and Andy Walsh explore why many angel investors are hesitating right now. Not because the deals are worse, but because the emotional cost of optimism has suddenly become higher.

Angel investing requires belief in founders, ideas, and a future that doesn’t exist yet. But when the world feels unstable, even experienced investors can find themselves pulling back.

This episode explores why that hesitation happens, how uncertainty impacts capital deployment, and why staying engaged with founders may be more important than ever.

Topics covered:

• Why angel investing is fundamentally an act of optimism
• The emotional impact of uncertainty on investment decisions
• How stepping back from investing can slow innovation
• The unexpected personal and professional benefits of writing early-stage checks
• Why connecting with founders can reignite belief in the future

Sometimes the best response to uncertainty is simple:

Advice: Just write the damn check.

Listen: Apple | Spotify | YouTube

Andy Walsh
2x exited founder and host of Startups Decoded (Top 2% globally). Andy helps founders sharpen judgment and build companies through practical experience and operator insight.

Cheryl Kellond
Founder of Play Money and active angel investor. Cheryl focuses on democratizing angel investing and helping new investors build diversified portfolios while supporting founders with practical guidance and community.

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Web: angelsdecoded.com

Resources

Startups Decoded Podcast: https://startupsdecoded.com

Ep#8: The Emotional Cost of Optimism in Angel Investing