Business angel investment will not only provide a certain financial support for enterprises, but also through the way of management to provide value-added services to be invested enterprises. In the call of the public innovation, entrepreneurship and peoples', Internet start-ups emerge in endlessly, repeatedly verified iteration is based on the idea of lean start-up, in the product by the creative generation to MVP (minimum visualization prototype) to product market, product user experience and product market size are and product innovation are closely related. Through combing the relevant literature, construct the investment management and product innovation performance of new venture theory model, and from the two dimensions of investment supervision and management and value-added services for angel investment and new ventures in the process of two-way choice and investment interaction behavior provides suggestions for reference,points out the limitation and future research directions.