By Jim Connolly

Bill Warner wants to see more New Englanders get into angel investing. In fact, the founder of Avid Technology says that if 1,000 new angels came up with $20,000 each, that could create a $20-million fund to provide startup money to new tech companies.

Warner’s suggestion, aired at Future Forward 09 in Weston yesterday, does raise the possibility that $20 million would help a lot of regional startups get off the ground before they show up on venture capital firms’ radar. He said of angel investing, “You’ve made some money, and you now have the chance to do something good, and maybe make some more money.”

Or, maybe Warner just wants more people to share the misery. Several attendees saw the irony. Nice suggestion, and worthwhile idea, they thought. But Warner, an angel himself and backer of the TechStars program, was on a panel loaded with angels talking about how tough it is to get a return on their investments and their risk of getting squashed in later VC-financed rounds.

The panel included Warner, long-time software industry leader John Landry, Jean Hammond of JPH Associates, Joe Caruso of Bantam Group, Bengt Karlsson of First Run Angels and Jeffrey Sohl, director of the Center for Venture Research at the University of New Hampshire.

The panel kicked off with Landry, of Lead Dog Ventures, sharing statistics showing that 39 percent of angels never make money and that 48 percent of angel investments will result in a 100 percent loss within five years. Not cheerful news. The panel went on to air grievances about having their investments typically represented by convertible notes rather than stock, less than friendly terms and VC’s not giving angels a fair shake in later rounds.

Yet, despite the gripes, each angel seemed to take pride in their work and their ability to help startups, not only with money but with what they have learned over their careers. Maybe it’s not just about the money.