Angels are also extremely discerning in the projects that they will invest in (rejecting, on average, approximately 97% of the proposals submitted to them). Angel investors typically invest in a business after the entrepreneur's "love capital" (capital from relatives and friends) has been exhausted, but before the firm has reached a stage at which it will be eligible for venture capital investment. Angel investments typically range from about £ 15,000 to £ 300,000, although investments may range upwards of £ 500,000. Research also indicates that, historically, most angel investors seek to invest close to home-within a 100 mile radius of where they live.