Meet the author

I'm Nathan H. Leung. For about 18 months, between mid-2021 and early 2023, I may have been one of Silicon Valley's youngest—and poorest—angel investors.

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Background

How it all started

In July 2021, I took the test to become an SEC-licensed investment adviser, then filed the paperwork to register my own advisory firm — allowing me to bypass the longstanding rule that only the wealthy could invest in startups.

With that, I became an angel investor at age 21, while still an intern at a startup and not yet graduated from college. I made a few small investments into friends' companies before the SEC asked me to stop.

I dropped out of school at 19 to work in tech. Starting my career at Google in the Bay Area before joining hypergrowth startups like Ramp in New York, I built an extensive personal network of startup founders and operators by 21, making a few investments along the way.

I know firsthand how important angel investors are to the virtuous cycle that make Silicon Valley the special place that it is. It's time for the SEC to reform its accredited investor regime: it's time for equity for all angels.

Tell the SEC to fix this

The magic of Silicon Valley is in its virtuous cycle: the culture of successful colleagues pooling together capital to give their hungry, entrepreneurial friends the freedom to pursue their dreams when their startups are barely an idea.

Under the present restrictions, fewer people can participate in this cycle, entrepreneurship is less accessible and fewer companies are founded. Moreover, startup employees and founders, from their firsthand experience in the space, tend to be quite skilled at identifying other promising startups. How many great companies are being overlooked because of accreditation restrictions?

We call on the SEC to reform its accredited investor regime and allow more equitable access to angel investments for smaller, earlier-career investors working at startups.

It's time for equity for all angels. Sign the petition now.

Sign now

Tell the SEC to fix this

We call on the SEC to reform its accredited investor regime and allow more equitable access to angel investments for smaller, earlier-career investors working at startups.

It's time for equity for all angels. Sign the petition now.

Sign now

Tell the SEC to fix this

We call on the SEC to reform its accredited investor regime and allow more equitable access to angel investments for smaller, earlier-career investors working at startups.

It's time for equity for all angels. Sign the petition now.