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His biggest hit so far is making the first investment in Pinterest, the popular social network used to share photos, organized as collections of pictures on a pin board. Launched in March 2010, it has become one of the most visited sites, with 23 million users in 2012 and a valuation of over $1.5 billion. Pinterest was founded in Palo Alto, Silicon Valley, by three youngsters under 30. “I helped them start and guided them as a mentor to become what they are,” says Cohen. “With this single investment I’m done. As soon as I get my liquidity event I will party like there’s no tomorrow.” All the angels dream of “the big hit,” says Cohen, who has written a book on the subject.[24] They are the ones providing 90% of startup capital, by writing checks out of their own pocket. But they don't do it just thinking of financial returns. “I think we do it because it’s fun. There’s no question that everyone thinks he or she is smarter than everyone else,” the Chairman of the New York Angels says half-jokingly. “In reality no one makes money, although some are luckier and hit the jackpot. Then there is the fashion factor. Everyone today wants to be an angel because it is cool. In other words, we are the prima donnas; we have a big ego. But there is also the idea of doing good, to have the satisfaction of helping start new emerging companies.” The pleasure of giving back: an important part of Jewish culture, and of American culture in general.
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Maria Teresa Cometto (Tech and the City: The Making of New York's Startup Community)