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Business angels: a research review and new agenda

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  • Brett A. White
  • John Dumay

Abstract

This paper provides a structured literature review of 84 business angel articles published between 2000 and 2013, building on the 1999 review contacted by Mason and Harrison. The articles are classified according to the generational framework laid out by Mason and Harrison, which describes first and second generations of articles (prior to 1999) and calls for a third generation of research. We find that Mason and Harrison’s agenda has largely been met, with some notable gaps. We also find that the research is diverse, with many articles falling into what Mason and Harrison call first and second generations. Our paper outlines a new agenda for research focusing on six key areas. Finally, we conclude with a discussion of key implications for policy and practice.

Suggested Citation

  • Brett A. White & John Dumay, 2017. "Business angels: a research review and new agenda," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 183-216, July.
    • Handle: RePEc:taf:veecee:v:19:y:2017:i:3:p:183-216
    DOI: 10.1080/13691066.2017.1290889
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    Cited by:

    1. Berger, Marius & Egeln, Jürgen & Gottschalk, Sandra, 2020. "Finanzierung von jungen Unternehmen in NRW durch Privatinvestoren: Auswertungen und Analysen auf Basis des IAB/ZEW-Gründungspanels 2019 und einer Zusatzstichprobe in NRW," ZEW Expertises, ZEW - Leibniz Centre for European Economic Research, number 222994.
    2. 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.
    3. Ahmed Tolba & Ayman Ismail & Thomas Schøtt, 2021. "People Financing Entrepreneurs within and outside the Family: Pandemic Decline and Resilience in Cultures around the World," JRFM, MDPI, vol. 14(12), pages 1-18, December.
    4. Lefebvre, Vincent & Certhoux, Gilles & Radu-Lefebvre, Miruna, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Technovation, Elsevier, vol. 109(C).
    5. Harrison, Richard T. & Bock, Adam J. & Gregson, Geoff, 2020. "Stairway to heaven? rethinking angel investment policy and practice," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    6. Solodoha, Eliran & Rosenzweig, Stav & Harel, Shai, 2023. "Incentivizing angels to invest in start-ups: Evidence from a natural experiment," Research Policy, Elsevier, vol. 52(1).
    7. Marie-Christine Chalus-Sauvannet & Karine Demauras, 2019. "Caractéristiques et motivations des femmes Business Angels et leurs interactions avec les femmes entrepreneurs ?," Post-Print hal-02121737, HAL.
    8. Harrison, Richard T., 2022. "“Pennies from heaven”? Market failure, circuits of capital and policy support for business angels: The case of cross-border angel investment," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    9. Caroline Tarillon & Han Yu & Ludivine Adla & Elodie Manthé & Geoffroy Enjolras, 2023. "Similarity is not everything: the influence of personal characteristics of entrepreneurs and investors on their fit," International Entrepreneurship and Management Journal, Springer, vol. 19(2), pages 709-732, June.
    10. Marc Cowling & Ross Brown & Neil Lee, 2021. "The geography of business angel investments in the UK: Does local bias (still) matter?," Environment and Planning A, , vol. 53(5), pages 1180-1200, August.
    11. Brett Anthony White & John Dumay, 2020. "The angel investment decision: insights from Australian business angels," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(3), pages 3133-3162, September.
    12. Ferretti, Riccardo & Venturelli, Valeria & Pedrazzoli, Alessia, 2021. "Do multiple competing offerings on a crowdfunding platform influence investment behavior?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    13. Alexandra Zamfirache & Titus Suciu & Carmen Elena Anton & Ruxandra-Gabriela Albu & Ioana-Simona Ivasciuc, 2023. "The Interest Shown by Potential Young Entrepreneurs in Romania Regarding Feasible Funding Sources, in the Context of a Sustainable Entrepreneurial Education," Sustainability, MDPI, vol. 15(6), pages 1-29, March.
    14. Laurence Cohen & Peter Wirtz, 2018. "Caractéristiques des entrepreneurs, finance entrepreneuriale et trajectoires de croissance," Working Papers hal-01723858, HAL.
    15. Monika Wodnicka & Dagmara Skurpel, 2021. "Growth Global Market of E-Commerce Cross Border: The Case of Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 1121-1135.
    16. Ferdinando Giglio, 2021. "Women Entrepreneurs and Business Angel: A Difficult Relationship," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 13(11), pages 1-21, November.
    17. Butticè, Vincenzo & Croce, Annalisa & Ughetto, Elisa, 2021. "Network dynamics in business angel group investment decisions," Journal of Corporate Finance, Elsevier, vol. 66(C).
    18. Balcerzak, Adam P. & Zinecker, Marek & Skalický, Roman & Rogalska, Elżbieta & Doubravský, Karel, 2023. "Technology-oriented start-ups and valuation: A novel approach based on specific contract terms," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    19. Lada Vejmelkova, 2023. "Characteristics Of Informal Venture Capital In The Czech Republic: Quantitative Approach," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 32(1), pages 19-51, june.

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