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Angles on angels: Financing technology-based ventures - a historical perspective

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  • John Freear
  • Jeffrey E. Sohl
  • William Wetzel

Abstract

This paper reviews 20 years of research on the angel segment of the venture capital market. A lot has been learnt from one-shot studies of the attitudes, behaviour and characteristics of business angels. Taxonomies have been developed. However, we now need systematic insights into the dynamics of the angel market. The paper calls for longitudinal studies of angel and entrepreneurial behaviour, information flows, links to other market segments, information quality, formal and informal networks and the latent angel problem. The research base needs to be put on a solid theoretical and conceptual foundation. This research will provide the guidance required by public policy to unlock the capital and know-how of the millions of latent angels.

Suggested Citation

  • John Freear & Jeffrey E. Sohl & William Wetzel, 2002. "Angles on angels: Financing technology-based ventures - a historical perspective," Venture Capital, Taylor & Francis Journals, vol. 4(4), pages 275-287, October.
  • Handle: RePEc:taf:veecee:v:4:y:2002:i:4:p:275-287
    DOI: 10.1080/1369106022000024923
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    References listed on IDEAS

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    1. Gordon, Richard L., 1984. "Markets for power: An analysis of electric utility deregulation : by Paul L. Joskow and Richard Schmalensee MIT Press, Cambridge, MA, 1983, 282 pp, [pound sign]17.95," Energy Policy, Elsevier, vol. 12(3), pages 369-370, September.
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    Cited by:

    1. Szerb, László & Bugár, Gyöngyi, 2015. "Informális befektetési hajlandóság és döntéshozatal a magyar lakosság körében [The propensity for informal investment and investment decision-making in Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 356-378.
    2. William Scheela & Edmundo Isidro & Thawatchai Jittrapanun & Nguyen Trang, 2015. "Formal and informal venture capital investing in emerging economies in Southeast Asia," Asia Pacific Journal of Management, Springer, vol. 32(3), pages 597-617, September.
    3. Nadine Levratto & Luc Tessier & Cecile Fonrouge, 2018. "Business performance and angels presence: a fresh look from France 2008–2011," Small Business Economics, Springer, vol. 50(2), pages 339-356, February.
    4. Veroniek Collewaert & Harry J. Sapienza, 2016. "How Does Angel Investor–Entrepreneur Conflict Affect Venture Innovation? It Depends," Entrepreneurship Theory and Practice, , vol. 40(3), pages 573-597, May.
    5. William C. Johnson & Jeffrey Sohl, 2012. "Angels and venture capitalists in the initial public offering market," Venture Capital, Taylor & Francis Journals, vol. 14(1), pages 27-42, January.
    6. Parhankangas, Annaleena & Ehrlich, Michael, 2014. "How entrepreneurs seduce business angels: An impression management approach," Journal of Business Venturing, Elsevier, vol. 29(4), pages 543-564.
    7. Cavallo, Angelo & Ghezzi, Antonio & Dell'Era, Claudio & Pellizzoni, Elena, 2019. "Fostering digital entrepreneurship from startup to scaleup: The role of venture capital funds and angel groups," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 24-35.
    8. Veroniek Collewaert, 2012. "Angel Investors’ and Entrepreneurs’ Intentions to Exit Their Ventures: A Conflict Perspective," Entrepreneurship Theory and Practice, , vol. 36(4), pages 753-779, July.
    9. Laurence Cohen & Peter Wirtz, 2018. "Caractéristiques des entrepreneurs, finance entrepreneuriale et trajectoires de croissance," Working Papers hal-01723858, HAL.
    10. Becsky-Nagy Patricia, 2013. "Venture Capital In Hungarian Academic Spin-Offs," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 351-360, December.
    11. Maxwell, Andrew L. & Jeffrey, Scott A. & Lévesque, Moren, 2011. "Business angel early stage decision making," Journal of Business Venturing, Elsevier, vol. 26(2), pages 212-225, March.
    12. Heukamp, Franz & Liechtenstein, Heinrich & Wakeling, Nick, 2006. "Do business angels alter the risk-return equation in early stage investments? Business angels as seen by venture capitalists in the German speaking countries," IESE Research Papers D/655, IESE Business School.
    13. Appah Ebimobowei & Okoli Margaret Nnenna, 2013. "Angel Investments: A Financing Option for Economic Transformation in Nigeria," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 1(9), pages 341-348.
    14. Garry D. Bruton & Salim Chahine & Igor Filatotchev, 2009. "Founders, Private Equity Investors, and Underpricing in Entrepreneurial IPOs," Entrepreneurship Theory and Practice, , vol. 33(4), pages 909-928, July.
    15. Townsend, David M. & Busenitz, Lowell W., 2015. "Turning water into wine? Exploring the role of dynamic capabilities in early-stage capitalization processes," Journal of Business Venturing, Elsevier, vol. 30(2), pages 292-306.

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