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Business angels in Germany: A research note

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  • Malte Brettel

Abstract

This paper provides an introduction to the informal venture capital market in Germany. It is based on a survey of 48 business angels. The results show that business angels in Germany make investments that close the equity gap. German business angels also provide advice and support to their investee companies. Their investment behaviour is comparable to business angels in the UK and the USA. The biggest difference is that German business angels are richer and allocate a smaller portion of their wealth to informal investments. They are motivated by the desire to have fun and to help their investee companies, as well as seeking capital growth. Although the findings cannot claim to be representative for all German business angels, they are comparable with the results of other studies in Germany.

Suggested Citation

  • Malte Brettel, 2003. "Business angels in Germany: A research note," Venture Capital, Taylor & Francis Journals, vol. 5(3), pages 251-268.
    • Handle: RePEc:taf:veecee:v:5:y:2003:i:3:p:251-268
    DOI: 10.1080/1369106032000122095
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    Cited by:

    1. Carpentier, Cécile & Suret, Jean-Marc, 2015. "Angel group members' decision process and rejection criteria: A longitudinal analysis," Journal of Business Venturing, Elsevier, vol. 30(6), pages 808-821.
    2. Sebastian Schmidt & David Bendig & Malte Brettel, 2018. "Building an equity story: the impact of effectuation on business angel investments," Journal of Business Economics, Springer, vol. 88(3), pages 471-501, May.
    3. Kosztopulosz, Andreász & Makra, Zsolt, 2004. "Az üzleti angyalok szerepe a növekedni képes kisvállalkozások fejlesztésében Magyarországon [The role of business angels in developing small firms in Hungary with growth potential]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 717-739.
    4. Andreas Hoegen & Dennis M. Steininger & Daniel Veit, 2018. "How do investors decide? An interdisciplinary review of decision-making in crowdfunding," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 339-365, August.
    5. Vincenzo Butticè & Massimo G. Colombo & Mike Wright, 2017. "Serial Crowdfunding, Social Capital, and Project Success," Entrepreneurship Theory and Practice, , vol. 41(2), pages 183-207, March.
    6. Berger, Marius & Gottschalk, Sandra, 2021. "Financing and advising early stage startups: The effect of angel investor subsidies," ZEW Discussion Papers 21-069, ZEW - Leibniz Centre for European Economic Research.
    7. 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).
    8. Yaokuang Li & Shuoyuan Jiang & Dan Long & Huidao Tang & Juan Wu, 2014. "An exploratory study of business angels in China: a research note," Venture Capital, Taylor & Francis Journals, vol. 16(1), pages 69-83, January.
    9. John P. Berns & Maria Figueroa-Armijos & Serge P. da Motta Veiga & Timothy C. Dunne, 2020. "Dynamics of Lending-Based Prosocial Crowdfunding: Using a Social Responsibility Lens," Journal of Business Ethics, Springer, vol. 161(1), pages 169-185, January.
    10. 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.
    11. 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.
    12. 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.
    13. Dorothea Schäfer & Dirk Schilder, 2008. "Smart capital in German start-ups -- an empirical analysis," Venture Capital, Taylor & Francis Journals, vol. 11(2), pages 163-183, August.
    14. Vanessa Diaz-Moriana & Colm O’Gorman, 2013. "Informal Investors and the Informal Venture Capital Market in Ireland," Journal of Asian Scientific Research, Asian Economic and Social Society, vol. 3(6), pages 630-643, June.
    15. 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.
    16. Györfy Lehel & Madaras Szilárd, 2020. "Influencing Factors of the Informal Investment in Central Europe," Economics and Business, Sciendo, vol. 34(1), pages 78-91, February.
    17. Fili, Andreas, 2014. "Mentoring the CEO or monitoring the ROI? The business angel's interrole conflict in the venture relationship," Working Paper Series 14/7, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
    18. 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.
    19. 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.

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