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Do business angel networks deliver value to business angels?

Author

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  • Dodo Zu Knyphausen-Aufseß
  • Rouven Westphal

Abstract

Business angel networks act as a financial intermediary between investors and start-ups and are a means of overcoming the problem of matching entrepreneurs and business angels. In reality, most business angel networks do not accomplish this goal. Using the results of an empirical survey and five exploratory case studies, we develop three propositions concerning the business model of angel networks. We find theoretical and empirical evidence that angel networks actually foster adverse selection during the investment process. Consequently, angels, especially serial business angels, do not receive sustainable benefits from network services and actually face new risks during the investment process.

Suggested Citation

  • Dodo Zu Knyphausen-Aufseß & Rouven Westphal, 2007. "Do business angel networks deliver value to business angels?," Venture Capital, Taylor & Francis Journals, vol. 10(2), pages 149-169, November.
    • Handle: RePEc:taf:veecee:v:10:y:2007:i:2:p:149-169
    DOI: 10.1080/13691060801946188
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