This study analyzed the investment decision factors of angel investors from the investor's perspective to promote investment in local startups using the AHP technique. To achieve the purpose of the study, a total of 110 respondents, including angel investors and those in charge of direct and related work related to investment such as venture capital and mother funds, were surveyed, and 47 of them were used for analysis. We differentiated from previous studies by setting the perspectives on investment decisions into resource-based perspective, industrial organization theory perspective, managerial characteristics perspective, business management function perspective, and other perspectives, and derived the factors that affect investment based on these perspectives through AHP analysis.
 The results of analyzing the relative importance of angel investors' investment decision factors for startups are as follows. From the managerial characteristics perspective, technical expertise, experience and performance in the area of managerial characteristics, marketing management function perspective, whether there is an independent distribution network and marketing organization, legal and other factors such as venture company certification, ISO certification, and the possibility of principal recovery, and resource-based perspective, differentiation in the area of products and services, original technology, and R&D capabilities in the area of technology were found to be the priorities of angel investors' investment decisions. As a result, it can be interpreted that a company's resources have a positive effect on its performance. It can be seen that angel investors put more emphasis on managerial characteristics when making investment decisions in startups, and on the contrary, they value the financial part of the company less. This may be due to the fact that start-ups are not able to secure a secure financial position unlike general companies.
 By identifying and analyzing the priorities of angel investors' investment decision factors across groups, this study provides practical implications for understanding investors and helping entrepreneurs to revalidate and strengthen their businesses from an investor's perspective.