Joe Platnick, Director of the Pasadena Angles, answered my question on the Angels blog.

One other way to put the overall process into perspective is to talk about the numbers on a monthly basis:

    80-100 funding applications

    6 invitations to present at the screening meeting

    1-2 invitations to present at the member breakfast

    One company funded per month (on average)

As you can see, it’s a little like applying to Harvard—similar percentages, but without the elitism and having your father donate a library in order to get in.

You can read their full process here. [Thanks Joe]

I'd love to hear what angel groups are like to work with from an entrepreneur. If you've gone through this process and want to clue me in, contact me. (I'll keep our conversation private if you prefer.)