Extended Study on Characterizing Business Angels and Their Impact on Start-up Success

Richard Geibel, Jaida Yang


The study is based on previous research that described angel investment and its possible effects in determining a start-up’s success through analyzing 2114 business angels by investigating their professional and entrepreneurial experience, academic formation and their demographic characteristics. This study introduces three new case studies and further broadens the scope of the previous research. The study aims at validating the previous theory that the business angels invest in start-ups that have close proximity to their academic and professional backgrounds. Additionally, this study verifies the previous founding that angel investors of established technology companies had invested in more than one start-up or had experience founding or managing start-ups themselves.  


business angel; start-ups; venture capital; seed and early stage funding

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