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Business angels and value added: what do we know and where do we go?

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  • Diamanto Politis

Abstract

Business angels have been highlighted as important stakeholders for potential high-growth ventures. Extant empirical research provides evidence that they not only contribute with money but also bring added value to the ventures in which they have invested. However, despite the reported benefits of the value added provided by these investors there are very few studies that try to conceptualize this important issue. The present study seeks to meet this shortcoming by presenting a review of literature and research on business angels and value added. The overall objective is to recognize the range of value added activities that business angels have been reported to perform, aggregate the findings into a set of distinct but complementary value adding roles, and then link these roles to theoretical perspectives that explain why they have the potential to contribute to added value. Four different value added roles performed by informal investors are presented together with an explanation of how they can be seen as complementary to each other. The following discussion is then used to guide future studies of business angels and value added towards areas where our knowledge is still limited.

Suggested Citation

  • Diamanto Politis, 2007. "Business angels and value added: what do we know and where do we go?," Venture Capital, Taylor & Francis Journals, vol. 10(2), pages 127-147, September.
    • Handle: RePEc:taf:veecee:v:10:y:2007:i:2:p:127-147
    DOI: 10.1080/13691060801946147
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    Cited by:

    1. Julien Salin & Nadine Levratto, 2020. "Are business angel-backed companies truly different? a comparative analysis of the financial structure," EconomiX Working Papers 2020-5, University of Paris Nanterre, EconomiX.

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