Ask HN: How do I find early stage startups to invest in?

Seedrs/CrowdCube is one venue for some.

The more I think about it, the more I think a good way to find under-financed early stage startups is to try working out of a few co-working spaces. This will allow you to really get "on the ground" and see who is working on what, and why. I spent my 20s more or less working in co-working spaces, and they are good places to check out, especially if you wanted to a) spot new opportunities, b) try to 'moneyball' the local scene, c) identify unvarnished / unpolished potential, and d) get a feeling for what is going on at the 'bleeding edge' of startups.

Some notes, based purely on my own experience (YMMV):

* There is a large amount of variance, and basically people with ideas that won't work or decision-making / management practices that won't fly haven't yet been weeded out of the market. So it might be worth thinking that you'd be happy if you had a hit rate of less than 1 out of 10 or 1 out of 15-20.

* I wouldn't tell anyone that you are looking to invest when you initially meet them, because you'll immediately cause an incentive problem. Instead, by working on a side project, or something, you could get to know other founders as a secret shopper / peer.

* The reason the early stage startups haven't received major funding yet is due to several factors. I believe the most compelling one is that the founders aren't good at making themselves seem "investor friendly." (Assuming the concept and execution show promise, there is positive signal, etc.) On a more general note, if you are going to "assess the person" over other factors, working along side them might be a good way to assess them.

What I'm saying is that being proactive might be a great way to find what you are looking for; which from what you write... by the time you "hear" about them it will be "too late."

In UK there is: https://www.crowdcube.com You can invest in early stage European startups.

Depending on your geography, local angel groups can be a good place to start as they will provide a pipeline of local startups and you'd have the opportunity to connect with other investors looking at a similar stage.

As several have mentioned, co-working spaces or pitch events can also be a place to find deal flow. Oftentimes you'll find less experienced entrepreneurs with less formed ideas at these events. As an investor this presents a great opportunity to provide value beyond capital, but may also raise concerns as to the entrepreneur's capabilities.

My greatest finds to date have come when I'm looking in a specific industry or at a specific problem statement. I'm a bit later stage than what you're looking for (Series A - small Series C), so I look for companies with a website (so they can actually reach customers) and search for news releases or any PR they've done. At that point its pretty easy to have an intro conversation and determine whether or not it's something worth pursuing.

Regardless, it takes a lot of conversations to find the right investment candidates.