Anthony “Pomp” Pompliano woke some folks up Thursday morning during a panel on angel investing at the Bull City Venture Partners Venture Outlook event, telling the many entrepreneurs in attendance, “80 percent of you might as well shut down your companies and get a job.”

Pompliano, managing partner of Full Tilt Capital and a former product manager at Facebook said that his firm looks at up to 60 deals a week to find one or two of interest. Full Tilt, he said, has done 34 deals in six months, writing checks of $50,000 to $100,000 in early stage investments.

“Of those, four exploded in growth,” he said.

Later, Pompliano said only two metrics determine whether investors make money from their investments in explosive growth deals. Those two factors is said are: “Did you invest and did you get in early?”

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He said Full Tilt does things differently than other seed investors. In one case, he said, he invested in a mobile educational app deal “Everyone in San Francisco and New York saw” and turned down. It raised a $200,000 angel round and went from 9,000 to 100,000 users in six weeks and “They’re off to the races,” he said.

“When we wrote that check, literally everyone said we were crazy,” he added.

Capital efficient startups sought

John Osborne, executive director of Charleston Angel Partners , the region’s longest tenured investment group, and also director of the Harbor Entrepreneur Center in Charleston, pointed out true of most if not all angel groups.

“Our investors tend to look for things they understand: B2B software, medical devices, diagnostics and not B2C companies.”

Matt Dunbar, managing director of the Up State Carolina Angel Network(UCAN) based in South Carolina and an Angel Capital Association board member, echoed that statement, saying, “We have 200 individual decision makers who bring a lot of backgrounds to the table. Areas they’re comfortable with are enterprise software, and industrial manufacturing tech such as senors and materials. We don’t have a lot of business to consumer expertise in the group.”

He said that because there isn’t a “Deep pool of capital,” in the Carolinas, “We look for capital efficient companies that can get to an early exit.” They don’t look for unicorns that have billion dollar exits so much as for “Companies where we think we can improve traction and get to an early exit even without unicorn-level returns.”

Do your homework

Too many entrepreneurs want to go from “starting to winning,” Pompliano said. “You have to think of the steps inbetween like in a video game. Try to advance to the next level,” he suggested.

“Build your credibility at every step of the process,” Dunbar said. “Do your homework and make sure your materials are buttoned up and make sense.” If entrepreneurs are not fully prepared and investors get distracted by lapses, “We have plenty of other things to focus on,” he said.

Osborne noted that “A number of companies reach out to us once and if they don’t get a response, disappear.” Instead, he said, they should “Keep us up to date on the milestones you’re hitting, on how you are moving forward. Don’t think it’s one and done. When we see progress, that’s how we get interested.”

Dunbar also said entrepreneurs in the Southeast need to understand term sheets. “We are not in the Valley and the valuations you read about in TechCrunch may not apply here.”

Entrepreneurs also need to do everything they can to “De-risk” a deal for investors, Pompliano said. “The more data points you provide, the less risk there is: sales, traction points.” He added that founders taking venture capital need a plan on “how to run the business without taking more money.”

It may be shocking, he said, “But the point of a business is to make money. At some point, venture capital is going to dry up and then you’re screwed.”

Dunbar said UCAN said more regional Carolina angel events are planned, including one for fall. “We also hope to host a regional meeting of the Angel Capital Association,” he said.