Entrepreneurs meet financiers: Evidence from the business angel market

Cipollone, Angela; Giordani, Paolo

doi:10.1016/j.jbusvent.2018.11.003

Cited by 13 publications

(5 citation statements)

References 62 publications

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“…), and to an asymmetric information reducing effect as 'good' companies seek out better quality VCs. Consistent with the sorting and matching process outlined in Cipollone and Giordani (2019), as better projects from better companies present themselves to VCs with a good reputation, this reduces the need for VCs to have representation on the boards of distant companies.…”

Section: Hypothesis Developmentmentioning

confidence: 88%

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The geography of business angel investments in the UK: Does local bias (still) matter?

2021

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Business angels (BAs) - high net worth individuals who provide informal risk capital to firms - are seen as important providers of entrepreneurial finance. Theory and conventional wisdom suggest that the need for face-to-face interaction will ensure angels will have a strong predilection for local investments. We empirically test this assumption using a large representative survey of UK BAs. Our results show local bias is less common than previously thought with only one quarter of total investments made locally. However, we also show pronounced regional disparities, with investment activity dominated by BAs in London and Southern England. In these locations there is a stronger propensity for localised investment patterns mediated by the ‘thick’ nature of the informal risk capital market. Together these trends further reinforce and exacerbate the disparities evident in the UK’s financial system. The findings make an important contribution to the literature and public policy debates on the uneven nature of financial markets for sources of entrepreneurial finance.

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Section: Hypothesis Developmentmentioning

confidence: 88%

“…This suggests that a willingness to invest at greater physical distance is associated with direct human capital relevant to investing, a longer track record. It also avoids the 'stepping-on-toes' effect which was identified by Cipollone and Giordani (2019) as a notable feature of localised investing.…”

Section: Data Methodology and Descriptive Statisticsmentioning

confidence: 99%

The geography of business angel investments in the UK: Does local bias (still) matter?

2021

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“…Complex studies show that occasional angels and angel funds are stronger substitutes for venture capitalists (VC) than serial angels, and the companies in which angels invest are unlikely to ever switch to VC financing [102]. The business angel market manifests itself through a process of searching for and matching entrepreneurs with financiers [103]. It has been demonstrated that political decision-makers must be involved in increasing the confidence of angels in tax benefits and the creation of networks and online communities that offer consultancy to entrepreneurs in order to attract angels [104].…”

Section: Funding Sources Applied For By Companiesmentioning

confidence: 99%

Sustainable Entrepreneurship: Romanian Entrepreneurs’ Funding Sources in the Present-Day Context of Sustainability

Anton,

Zamfirache,

Albu

et al. 2024

Sustainability

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This paper aims to provide an in-depth analysis of the knowledge of and access to funding sources in the context of sustainability. Additionally, it seeks to analyse the perspectives and intentions of entrepreneurs regarding the use of such sources in the future. For this purpose, quantitative research was conducted, and data were collected from a sample of 267 respondents, companies operating in the Central Region of Romania. The evidence indicates that reinvestment of profits is the most commonly used funding source, followed by bank loans and leasing. The least-used and least-known funding source are Business Angels. Among the conclusions of the study, the demonstration of the link between the level of use of the funding sources, which moderates the close relationship between sustainability and the financial performance of a company, is noteworthy. Ultimately, this research opens new ways for collaboration between the academic environment, government, and local authorities. The results can be beneficial for stakeholders at both the micro- and macroeconomic levels interested in the sustainable development of the SME sector.

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“…In matching entrepreneurs with investors, there is a protocol for matching entrepreneurs and business angels [39] and other models that match entrepreneurs with investors in general [40][41][42].…”

Section: Previous Matching For Intergenerational Business Teamsmentioning

confidence: 99%

Intergenerational Entrepreneurship to Foster Sustainable Development: A Methodological Training Proposal

et al. 2021

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Intergenerational entrepreneurial initiatives are aimed at addressing the needs and opportunities of certain social groups and have the potential of becoming successful business projects. Moreover, they are a key to undertake sustainability practices that may represent a competitive advantage for the companies and an example to imitate when creating businesses. The objective of the study is to propose an intergenerational training methodology so that young people and seniors can create companies together, generating social cohesion and sustainable development in response to generational challenges. Intergenerational entrepreneurship seems to be a novel research area, especially when referring to developing methodologies of collaborative entrepreneurship projects. For this purpose, our literature review focuses on, first, the matching theories and experiences applied for intergenerational cooperation; then, literature about training methodologies for entrepreneurship is reviewed; finally, the main theories on training skills for entrepreneurship are approached. Focus groups were conducted as they serve as the main sources of data and are very appropriate for the generation of new ideas within a social context. In general, results show that, for achieving a successful intergenerational cooperation, some specific training is needed for both generations. This paper is a starting point for future research approaching intergenerational entrepreneurship, or entrepreneurial initiatives with singular characteristics, such as rural contexts or people with disabilities.

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Entrepreneurs meet financiers: Evidence from the business angel market

Cited by 13 publications

References 62 publications

The geography of business angel investments in the UK: Does local bias (still) matter?

The geography of business angel investments in the UK: Does local bias (still) matter?

Sustainable Entrepreneurship: Romanian Entrepreneurs’ Funding Sources in the Present-Day Context of Sustainability

Intergenerational Entrepreneurship to Foster Sustainable Development: A Methodological Training Proposal

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