The changing nature of the angel market

Handbook of Research on Venture Capital: Volume 2: A Globalizing Industry

Volumn , Issue , 2012, Pages 17-41

  Sohl, Jeffrey ^a  

^a UNIVERSITY OF NEW HAMPSHIRE   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84880046232     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.4337/9781781009116.00008     Document Type: Chapter

References (59)

1. Aernoudt, R. and T. Erikson (2003), 'Business angels networks: a European perspective', Journal of Enterprising Culture, 10(3), 177-87.
2. Avdeitchikova, S. (2008), 'On the structure of the informal venture capital market in Sweden: developing investment roles', Venture Capital: An International Journal of Entrepreneurial Finance, 10(1), 55-85.
3. Avdeitchikova, S. (2009), 'False expectations: reconsidering the role of informal venture capital in closing the regional equity gap', Entrepreneurship and Regional Development, 21(2), 99-130.
4. Becker-Blease, J.R. and J.E. Sohl (2007), 'Do women-owned businesses have equal access to angel capital?', Journal of Business Venturing, 22, 503-21.
5. Becker-Blease, J.R. and J.E. Sohl (2011), 'The effect of gender diversity on angel group investment', Entrepreneurship Theory and Practice, 35(4), 709-33.
6. Brush, C., N. Carter, E. Gatewood, P. Greene and M. Hart (2004), Clearing the Hurdles: Women Building High Growth Businesses, Upper Saddle River, NJ: FT/Prentice Hall.
7. Bruton, G.D., S. Chahine and I. Filatotchev (2009), 'Founders, private equity investors, and underpricing in entrepreneurial IPOs', Entrepreneurship Theory and Practice, 33(4), 909-28.
8. Center for Women's Business Research (2004), 'Worth the risk: women business owners and growth capital', McLean, VA: Center for Women's Business Research.
9. Center for Women's Business Research (2009), 'The economic impact of women-owned businesses in the United States', McLean, VA: Center for Women's Business Research.
10. Dal Cin, P., L. Duxbury, G. Haines, A. Riding and R. Safrata (1993), 'Informal investors in Canada: the identification of salient characteristics', report submitted to the Federal Department of Industry, Science and Technology Canada and the Ministry of Economic Development and Trade of the Province of Ontario, 23 May.
11. EBAN (2007), 'White paper: stimulating the European informal venture capital market', available at: www.eban.org.
12. EBAN (2009), 'Statistics compendium 2009 executive summary', 30 October, Brussels: European Business Angels Networks, available at: www.eban.org.
13. EBAN (2010), 'White paper: early stage investing: an asset class in support of the EU strategy for growth and jobs', European Business Angel Network, available at: http://www.eban.org/resource-center/policy.
14. France Angels (2007), 'Les Réseaux investisseurs membres de France Angels en quelques chiffres', available at: http://en.franceangels.org/Business-Angels/Figures.
15. Freear, J., J. Sohl and W.E. Wetzel (1994a), 'Angels and non-angels: are there differences?', Journal of Business Venturing, 9, 109-23.
16. Freear, J., J.E. Sohl and W.E. Wetzel, Jr (1994b), 'The private investor market for venture capital', The Financier, 1(2), 7-15.
17. Freear, J., J.E. Sohl and W.E. Wetzel, Jr (1995), 'Who bankrolls software entrepreneurs', in W.D. Bygrave, B.J. Bird, S. Birley, N.C. Churchill, M.G. Ray, R.H. Keeley and W.E. Wetzel, Jr (eds), Frontiers of Entrepreneurship Research, Wellesley, MA: Babson College, Center for Entrepreneurial Studies, pp. 172-86.
18. Gaston, R.J. (ed.) (1989), Finding Private Venture Capital for your Firm: A Complete Guide, New York: John Wiley and Sons.
19. Gettler, L. (2010), 'Return of the angel investors', SmartCompany, 15 April, available at: http://www.smartcompany.com.au/start-up/20100415-return-of-the-angel-investor.html.
20. Harrison, R. and C. Mason (1993), 'Financing for the growing business: the role of informal investment', National Westminster Quarterly Review, May, pp. 17-29.
21. Harrison, R. and C. Mason (2007), 'Does gender matter? Women business angels and the supply of entrepreneurial finance', Entrepreneurship Theory and Practice, 31(3), 445-72.
22. Harrison, R.T., G. Don, K.G. Johnston and M. Greig (2010), 'The early-stage risk capital market in Scotland since 2000: issues of scale, characteristics and market efficiency', Venture Capital: An International Journal of Entrepreneurial Finance, 12(3), 211-39.
23. IBAN (2010), 'Italy angel investment industry', available at: http://www.iban.it/wp-content/themes/iban/risorse/englishguide.pdf.
24. Johnson, W. and J. Sohl (2010), 'Initial Public Offerings and pre-IPO shareholders: angels versus venture capitalists', working paper, University of New Hampshire, USA.
25. Kelly, P. (2007), 'Business angel research: the road traveled and the journey ahead', in H. Landström (ed.), Handbook of Research on Venture Capital, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, pp. 315-31.
26. Kjærgaard, R., G. Napier and J. Nordstrøm Borup (2002), 'Business angels in Denmark', Copenhagen: The Danish Growth Fund.
27. Knyphausen-Aufseb, D.Z. and R. Westphal (2008), 'Do business angel networks deliver value to business angels', Venture Capital: An International Journal of Entrepreneurial Finance, 10(2), 149-69.
28. Landström, H. (1993), 'Informal risk capital in Sweden and some international comparisons', Journal of Business Venturing, 8, 525-40.
29. Mason, C.M. (2009), 'Public policy support for the informal venture capital market: a critical review', International Small Business Journal, 27(5), 536-56.
30. Mason, C.M. and R.T. Harrison (1992), 'The supply of equity finance in the UK: a strategy for closing the equity gap', Entrepreneurship and Regional Development, 4, 357-80.
31. Mason, C. and R. Harrison (1994), 'The informal venture capital market in the UK', in A. Hughes and D.J. Storey (eds), Financing Small Firms, London: Routledge, pp. 64-111.
32. Mason, C.M. and R.T. Harrison (1995), 'Closing the regional equity capital gap: the role of informal venture capital', Small Business Economics, 7, 153-72.
33. Mason, C.M. and R.T. Harrison (1996), 'Informal venture capital: a study of the investment process and postinvestment experience', Entrepreneurship and Regional Development, 8, 105-26.
34. Mason, C.M. and R.T. Harrison (2000), 'Informal venture capital and the financing of emergent growth businesses', in D. Sexton and H. Landstörm (eds), Handbook of Entrepreneurship, Oxford: Blackwell, pp. 221-39.
35. Mason, C.M. and R.T. Harrison (2002), 'Is it worth it? The rates of return from informal venture capital investments', Journal of Business Venturing, 17(3), 211-36.
36. Mason, C.M. and R.T. Harrison (2007), 'Informal venture capital and the financing of emergent growth businesses', in D. Sexton and H. Landström (eds), Handbook of Entrepreneurship, Oxford: Blackwell, pp. 221-9.
37. Mason, C.M. and R.T. Harrison (2010), 'Annual report on the business angel market in the United Kingdom: 2008/09', London: Department of Business Innovation and Skills.
38. Munck, C. (2010), 'An overview of the current European business angel market', available at: http://www.eurekanetwork.org.
39. Murray, G.C. and W. Liu (2009), 'Summary report on hybrid venture capital schemes for the National Audit Office', London: NAO.
40. Paul, S. and G. Whittam (2010), 'Business angel syndicates: an exploratory study of gatekeepers', Venture Capital: An International Journal of Entrepreneurial Finance, 12(3), 241-56.
41. Paul, S., G. Whittam and J.B. Johnston (2003), 'The operation of the informal venture capital market in Scotland', Venture Capital: An International Journal of Entrepreneurial Finance, 5(4), 313-35.
42. Reitan, B. and R. Sörheim (2000), 'The informal venture capital market in Norway - investor characteristics, behavior and investment preferences', Venture Capital: An International Journal of Entrepreneurial Finance, 2(2), 129-41.
43. Riding, A. (2005), 'On the size and structure of the informal market', working paper, School of Business, Carleton University, Canada.
44. Riding, A. and D. Short (1987), 'Some investor and entrepreneur perspectives on the informal market for risk capital', Journal of Small Business and Entrepreneurship, 5, 19-30.
45. Short, D.M. and A.L. Riding (1988), 'On the estimation of the investment potential of informal investors: a capture-recapture approach', Journal of Small Business and Entrepreneurship, 5, 26-40.
46. Sohl, J.E. (1999), 'The early stage equity market in the United States', Venture Capital: An International Journal of Entrepreneurial Finance, 1(2), 101-20.
47. Sohl, J.E. (2003a), 'The private equity market in the USA: lessons from volatility', Venture Capital: An International Journal of Entrepreneurial Finance, 5(1), 29-46.
48. Sohl, J.E. (2003b), 'Angel investing: a market perspective', in J. May and E. O'Halloran (eds), State of the Art: An Executive Briefing on Cutting Edge Practices in American Angel Investing, Charlottesville, VA: Darden Business Publishing: pp. 2-14.
49. Sohl, J.E. (2007), 'The organization of the informal venture capital market', in H. Landström (ed.), Handbook of Research on Venture Capital, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, pp. 347-68.
50. Sohl, J.E. (2008), 'The angel market in 2007: mixed signs of growth', Center for Venture Research, available at: http://wsbe.unh.edu/files/2007_Analysis_Report_0.pdf.
51. Sohl, J.E. (2009), 'The angel investor market in 2008: a down year in investment dollars but not in deals', Center for Venture Research, available at: http://wsbe.unh.edu/files/2008_Analysis_Report_2.pdf.
52. Sohl, J.E. (2010), 'The angel investor market in 2009: holding steady but changes in seed and startup investments', Center for Venture Research, available at: http://wsbe.unh.edu/files/2009_Analysis_Report.pdf.
53. Sohl, J.E. and L. Hill (2007), 'Women business angels: insights from angel groups', Venture Capital: An International Journal of Entrepreneurial Finance, 9(3), 207-22.
54. Stedler, H.R. and H.H. Peters (2003), 'Business angels in Germany: an empirical study', Venture Capital: An International Journal of Entrepreneurial Finance, 5(3), 269-76.
55. VækstFonden (2010), 'Business angels Investeringsbarometer Q1/2010', Hellerup, Denmark: VækstFonden.
56. Wetzel, Jr, W.E. (1983), 'Angels and informal risk capital', Sloan Management Review, 24 (Summer), 23-34.
57. Wiltbank, R. (2009), 'Siding with angels: business angel investing - promising outcomes and effective strategies', research report for National Endowment of Science, Technology and the Arts (NESTA).
58. Wiltbank, R. and W. Boeker (2007), 'Returns to angel investors in groups', Ewing Marion Kauffman Foundation and the Angel Capital Education Foundation.
59. Winborg, J. and H. Landström (2001), 'Financial bootstrapping in small businesses: examining small business managers' resource acquisition behaviors', Journal of Business Venturing, 16(3), 235-54.