I heard an Angel say "pick a number between 3 and 5 million and move on". I think the point is that the investors need enough equity to have a good upside (50x $) and the company needs to maintain enough equity to be motivated (the majority).

So, if you are shooting for the fences, how much do you think the company can be worth in 5 years? What percentage will give the angel 50x their investment?

I am looking forward to what others have to say.