Rich Bennis of Kansas Technology Enterprise Corporation has categorized angels into five types: entrepreneurial, corporate, enthusiast, micro-management, and professional.

Entrepreneurial angels - these angels are most comfortable with risk. They are likely to be involved in a number of ventures and play an active role in all. They are likely to invest larger amounts than other types of angels. They provide tremendous value-add to the business with their business experience, domain knowledge and commercial acumen. Generally, they do not look for long-term commitments, are excited by the demands & challenges of identifying "winners" and ensuring that they become successful.

These types are most likely to own and operate highly successful businesses. With an ongoing source of income and perhaps cash in their pocket from an IPO, they can take bigger risks and invest more capital. Usually entrepreneurial angels are looking for synergy with their current business, a way to diversify their portfolios or to help other entrepreneurs up the same ladder. The downside can be that if, for some reason, the synergy or potential does not happen as quickly as envisioned, they can move on to other projects on short notice. However, they can be less demanding and more hands off, giving the entrepreneur an opportunity to grow in their own direction with substantial financial backing. Most angel funding today comes from entrepreneurial angels.

Corporate angels - are former executives who have been made redundant or have taken early retirement. While investment is a goal, many, in fact, are looking for a job. Usually some type of position is part of the deal. One of their drawbacks can be that in startups you need to wear many hats, whereas former executives may have risen to a level of specialization that doesn't fit in a startup operation. Still if they are not too controlling, their expertise and contacts can provide valuable input to the business.

Enthusiast angels - enjoy simply being involved in deals. Most are over 65, independently wealthy from a business they started, and have abbreviated work schedules. Investing is a hobby and spread across several companies so the size of their investment tends to be small –  $10,000 to $200,000. Usually they want no role in management. In a sense, they are the traditional angel - deep pockets and a passive role. Unfortunately, they are few and far between.

Micro-management angels - are serious investors who have in most cases made their wealth through their own efforts. They believe, they know how a business should be run. While rarely a participant in management, they tend to be very active on the board and are not afraid to bring in new management if things do not do well. Control is important to these type of angels.