Many of them have to us unacceptable fund-raising efficiency ratios (spending more than 30% of the money raised in raising the money).

FORBES: America's Least-Bang-For-The-Buck Big Charities

AngelList has changed the early stage funding scene, bringing online efficiency to what was a decidedly analog process of raising angel funding.

FORBES: AngelList Takes Angel Investing To Warp Speed

But this research also shows that other factors, such as government economic policies, local enterprise, the efficiency of public administration and the amount of foreign direct investment are just as important in raising economic performance.

ECONOMIST: European regional aid