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Liftoff: when strong growth is predicted by angels and fuelled by professional venture funds


  • Christophe Bonnet
  • Peter Wirtz
  • Christophe Haon


The present research links knowledge about business angels’ individual cognitive and behavioral features and about their co-investment practice with professional venture funds in explaining differential rates of growth. We conducted a survey by questionnaire and were able to gather a unique dataset concerning the characteristics, investment practice and growth performance of a sample of 124 business angels having made a total of 222 investments in the south eastern region of France surrounding Grenoble. Our contribution to the literature is twofold: first, to our knowledge, the present study is the first systematic exploration of the investment practice of business angels in the French market for entrepreneurial finance, and thus helps extend our knowledge of angel investing beyond the limits of North America and the United Kingdom. Second, we make a specific contribution to a better understanding of the determinants of growth in ventures funded by business angels. It appears that especially strong growth rates are significantly supported when business angels and professional venture capitalists co-invest simultaneously due to a certain cognitive closeness.

Suggested Citation

  • Christophe Bonnet & Peter Wirtz & Christophe Haon, 2013. "Liftoff: when strong growth is predicted by angels and fuelled by professional venture funds," Revue de l'Entrepreneuriat, De Boeck Université, vol. 12(4), pages 59-78.
  • Handle: RePEc:cai:rendbu:entre_124_0059

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    Cited by:

    1. Peter Wirtz & Christophe Bonnet & Laurence Cohen, 2015. "Angel Cognition and Active Involvement in BAN Governance and Management," Working Papers hal-01182804, HAL.
    2. Peter Wirtz & Christophe Bonnet & Laurence Cohen, 2015. "Angel Cognition and Active Involvement in BAN Governance and Management," Working paper serie RMT - Grenoble Ecole de Management hal-01182804, HAL.
    3. Johannes Wallmeroth & Peter Wirtz & Alexander Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    4. Nadine Levratto & Luc Tessier, 2014. "La croissance des PME est-elle favorisée par les Business Angels ? Une analyse à partir du cas français en 2008 et 2009," EconomiX Working Papers 2014-48, University of Paris Nanterre, EconomiX.
    5. repec:eee:corfin:v:50:y:2018:i:c:p:538-555 is not listed on IDEAS
    6. Laurence Cohen & Peter Wirtz, 2018. "Caractéristiques des entrepreneurs, finance entrepreneuriale et trajectoires de croissance," Working Papers hal-01723858, HAL.


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