Women entrepreneurs securing business angel financing: tales from the field

Amatucci, Frances M.; Sohl, Jeffrey

doi:10.1080/1369106042000223579

Cited by 71 publications

(41 citation statements)

References 28 publications

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“…They introduce and support more formalized approaches to operational and strategic work by introducing strict accounting procedures, regular reports on financial data, and operational progress and cash flow planning (Stedler and Peters 2003;Macht 2011b). The business angels are also involved in long-range planning through formulating business strategies (Ehrlich et al 1994), developing the company's long-term strategy (Prowse 1998), or discussing such strategies (Amatucci and Sohl 2004;Brettel 2003). Others have identified activities such as project refinement (Lindström and Olofsson 2001) and involvement in setting performance incentives (Prowse 1998).…”

Section: The Structuring Processmentioning

confidence: 99%

Business angel post-investment activities: a multi-level review

Fili

Grünberg

2014

J Manag Gov

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In this article, empirical research on post-investment activities of business angels is reviewed and conceptualized as five distinct governance processes: boundary spanning, structuring, leadership, doing, and monitoring. These processes have the potential to reduce the exposure of business angels to relational risk and market risk.The identification of these governance processes also contributes towards understanding the social aspect of business angels' post investment involvement. In particular, it is shown how the recognition of the cognitive/institutional dimension opens up for new questions about post-investment involvement. Finally, it is proposed that venture performance can be enhanced in practice if business angels and venture members develop skills that are connected to the governance processes.

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Section: The Structuring Processmentioning

confidence: 99%

Business angel post-investment activities: a multi-level review

Fili

Grünberg

2014

J Manag Gov

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“…This fact hampers their ability to grow and increases the risk of financial distress if the firm does not have sufficient liquidity to weather periods of adversity. Amatucci and Sohl (2004) did a series of in-depth interviews with women entrepreneurs who used angel investments. In general, the women indicated that they wished that they had sought funding sooner and had raised more money.…”

Section: Equity Financingmentioning

confidence: 99%

A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data

2009

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“…Second, much of this research, as discussed previously, is predicated on the notion of "difference" and assumes that male entrepreneurship is the benchmark against which to judge women's entrepreneurship (Carter & Brush, 2004, p. 13). Third, most previous studies of the financing of women-led ventures have focused on the supply of finance, and relatively few have examined either the gendered supply of finance (Read, 1998) or the demand-side of transactions from a female perspective (Amatucci & Sohl, 2004). Fourth, a high proportion of the research that has been conducted has been based on North American experience, which may not readily transfer to other contexts (Ahl, 2004).…”

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confidence: 99%

“…Third, are women business angels more likely to invest in women-led ventures? Answers to these questions will be valuable both in guiding intervention to support women entrepreneurs and in supporting women entrepreneurs in their search for finance.To date, there has been very little consideration of women's access to angel financing (Amatucci & Sohl, 2004;Becker-Blease & Sohl, 2005) despite this being quantitatively more important as a source of venture capital (Mason & Harrison, 2000a;Sohl, 1999 Sohl, , 2003 and as a stepping stone to build businesses to the point where they become attractive to venture capital investors (Freear & Wetzel, 1990;Harrison & Mason, 2000). For example, there is only very limited reference in the DIANA project Greene et al, 2003) to angels, and recent policy papers on women entrepreneurs' access to finance have made no reference to angel finance (e.g., Canada, 2003).…”

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confidence: 99%

Does Gender Matter? Women Business Angels and the Supply of Entrepreneurial Finance

Harrison

Mason

2007

Entrepreneurship Theory and Practice

256

168

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There is a substantial literature on the relationship between gender and access to finance. However, most studies have been concerned with access to debt finance. More recently, the focus of this research has broadened to examine women and venture capital. This article extends the focus further by examining the role of women in the business angel market, which is more important than the formal venture capital market in terms of both the number of ventures supported and total capital flows. Based on a detailed analysis of business angels in the U.K., the study concludes that women investors who are active in the market differ from their male counterparts in only limited respects. Future research into women business angels, and the possible existence of gender differences, needs to be based on more fully elaborated standpoint epistemologies that focus on the experience of the woman angel investor per se, and center on the examination of the role of homophily, social capital, networking, and competition in investment behavior. IntroductionThe role of gender in access to business finance has been the subject of extensive research, debate, and policy concern in recent years as part of a wider interest in issues of women's entrepreneurship and business ownership (Ahl, 2004;Carter, Anderson, & Shaw, 2003;Duchenaut, 1997;. Reflecting the nature of the funding environment and the characteristics of the ventures established by women entrepreneurs, much of the debate on gender and finance has been concerned with access to loan finance and with the role of the banks in creating or perpetuating gender-based differences in access to finance (Buttner & Rosen, 1988Carter & Rosa, 1998;Coleman, 2000;Fay & Williams, 1993;McKechnie, Ennew, & Read, 1998;Read, 1998;Riding & Swift, 1990; Verhuel & Thurik, 2001). Despite the volume of research, there is no unequivocal support for the idea that there are genderbased differences in access to finance: While several studies "report discrimination . . . it seems to be related to structural factors rather than gender per se" (Ahl, 2004, p. 99). From a policy perspective, two fundamental questions remain unanswered in unequivocal terms: Is there a real shortage of capital for women entrepreneurs (the funding gap), and to what Please send correspondence to: Richard T. Harrison at r.harrison@qub.ac.uk. 2007 extent are the constraints faced by women entrepreneurs due to the "general business environment, a lack of information, firm characteristics, gender-based discrimination or other factors?" (Koreen, 2000, p. 4). P T E &1042-2587 © 2007 by Baylor University 445 May,More recently, attention has shifted to the examination of a number of gender-related features of the venture capital market Greene, Brush, Hart, & Saparito, 1999). Based on an assessment of the empirical evidence, on the demand-side, only a very small proportion of women-owned businesses raise venture capital. On the supply-side, there very few women involved in making investments, either as venture capital fund managers or as ...

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Women entrepreneurs securing business angel financing: tales from the field

Cited by 71 publications

References 28 publications

Business angel post-investment activities: a multi-level review

Business angel post-investment activities: a multi-level review

A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data

Does Gender Matter? Women Business Angels and the Supply of Entrepreneurial Finance

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