Angel investor Jeff Clavier hasn't changed the pace of his investments despite the economic turmoil. He's still investing in about two new Web 2.0 companies per month.

But Clavier has tightened up the requirements for early-stage startups that want his money.

They now need to have the company's product, business model and launch figured out in advance, rather still be experimenting.

The notion of 'let's build up the audience, then figure out how to monetize it, is "just too dangerous" a strategy right now, given that online ad spending is expected to dive next year.   

And VCs that might invest in the company's next round will want to see a proven business model, so startup execs need to have that figured out earlier than before.

Companies also need more cash in the bank for Clavier to be interested. 

"Anything I fund today will have two years of expenses covered," says Clavier, who's been predicting hard times for a while and has seen early-stage valuations come down sharply in the last two months. 

Despite the turmoil, or perhaps because of it, he thinks it's a great time to be investing.

To find out more, click on the video interview.