Print

BUSINESS ANGELES – SOURCE OF FINANCE

ALEKSANDRA STANKOVSKA
ELIZABETA STAMEVSKA
SAVICA DIMITRIESKA

 

Abstract

Business angels have long been recognized as an important source of finance for entrepreneurial businesses, particularly in the start-up and early growth stages when the financial support required is too small to be economic for Venture Capital fund investment.
The current study aims to provide an overall picture of the business angel market in Europe, USA, Canada and Japan. Angel investors play a key role in the development of economies, as many successful entrepreneurs decide to help up-and-coming startups with funding and mentorship.
They invest partly for the returns, which can be exceptionally high, and talk about return of capital in multiples, not percentages. But equally importantly, many of them invest because they have something more to offer their investee companies such as skills and knowledge.


Keywords

business angels, source of finance, business angel market, skills and knowledge


JEL Codes: N20, O16


References

BAF (2015). Understanding the nature and impact of business angels funding, Available at: http://www.eban.org/wp-content/uploads/2017/11/Final-Report_Understanding-the-Nature-and-Impact-of-the-business-angels-in-Funding-Research-and-Innovation_FV.pdf [Accessed 27 Feb 2018]
Chen, J. (2017). The Early-Stage Capital Market? Available at: https://junchen.caltech.edu/files/2017/08/JMP.pdf [Accessed 22 Feb 2018]
EUAGENDA (2018), Available at: https://euagenda.eu/organisers/eban [Accessed 10 March 2018]
HBAN (2013). Investing in Private Companies Insights for Business Angel Investors, Available
http://www.hban.org/_fileupload/HBANInvestorGuideEquity1_3_5%281%29.pdf [Accessed 13 Feb 2018]
InerTradeIreland (2016). Funding for growth the business angels market on the Island of Ireland, Available at: http://www.intertradeireland.com/media/intertradeirelandcom/researchandstatistics/publications/15.8.16FinalBusinessAngelsReport7-16.pdf [Accessed 18 Feb 2018]
OECD (2011). Financing High-Growth Firms: The Role of Angel Investors, Available at: www.oecd.org/industry/smes/31919215.pdf [Accessed 15 Feb 2018]
SeedLegals (2017). Top 17 Most Active Angel Groups in London, Available at: https://seedlegals.com/blog/top-17-most-active-angel-groups-in-london [Accessed 20 Feb 2018]
Sugioka, T., Angel Investment in Japan, Available at: http://www.nicmr.com/nicmr/english/report/repo/2002/2002win02.pdf [Accessed 20 Feb]
WBAF (2018). Why angel investment is important, Available at: http://wbaforum.org/why-angel-investment-is-important/index.html [Accessed 20 Feb 2018]
http://static1.squarespace.com/static/5481bc79e4b01c4bf3ceed80/t/564a571be4b0aed2fa5ff555/1447712539717/Fifth+Era+WP+final-b.pdf
http://www.businessangelseurope.com/SitePages/default.aspx
http://www.eif.org/news_centre/publications/eif-wp-46.pdf
https://hbr.org/2017/09/the-comprehensive-case-for-investing-more-vc-money-in-women-led-startups
https://junchen.caltech.edu/files/2017/08/JMP.pdf
https://www.managementexchange.com/sites/default/files/media/posts/documents/angel_groups_1112071.pdf
https://www.researchgate.net/publication/230640793_Business_Angels_in_Germany
https://www.sbs.ox.ac.uk/sites/default/files/Entrepreneurship_Centre/Docs/financing-high-growth-firms-wilson.pdf
www.kauffman.org/sources_of_economic_hope_womens_entrepreneurship.pdf
www.nwbc.gov/sites/default/files/NWBC_Final%20(2).pdf
www.sup.org
www.ukbusinessangelsassociation.org.uk


Full Text: PDF (English)