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Dissertations / Theses on the topic 'Angel investors'
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1
Rodriguez, Emily M. "Angel Financing: Matching Start-Up Firms with Angel Investors." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/136.
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The hardest time to receive financing for a venture is at its earliest stage. These ventures are among the riskiest investments for an investor, which creates a gap in financing that is often bridged through a source of funding called Angel Financing. Angel investors are one of the best providers of early stage funding. This thesis will explain what angel investing is, how they work, and what angels look for. This information will help entrepreneurs be better equipped to find an angel investor for their venture.
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Elfsberg, Fredrik, and Sofia Jonsson. "How to fly with business angels : - A qualitative study on business angel investment criteria’s." Thesis, Umeå University, Umeå School of Business, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1760.
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This study is concerned with business angels’ investments process and which aspects in their choice of target firms are considered important in that process. The problem statement of this thesis is; what aspects play a role in Business angels’ investment decision, and in what way? How do these aspects affect business angels when making investment decisions, and why? The aim subsequently is concerned with discerning what is most important for business angels when choosing their target firms and how business angels make their investment decisions. We also aim to be able to create a deeper understanding of business angels, and contribute to small entrepreneurial firms in their search for financiers. Our research can provide information on how entrepreneurs can attract business angels.
The study is created with previous studies as a framework, and a wide selection of studies have been used. These have been examined and issues which in those studies have been found to be important for business angels have been reviewed and accounted for in the theory chapter.
The approach we used for data collection was through qualitative interviews with the use of an interview guide. This is explained by our aspiration to understand business angels’ investment criteria rather than describe them. Due to this, the view of interpretivism along with constructionism was taken on when constructing the interviews and findings. The respondents were found through business angels networks, and the selection of business angels entailed a fair representation of the researched group. This thesis has been conducted in an academically correct manner, and the results are validated and confirmed by the respondents.
The results we came to from our interviews were that the entrepreneur was most important for business angels in their evaluations, but other aspects also played a role. We analyzed our results with the use of our theory section and hence could see that some things we had come up with were unique, whilst some findings confirmed previous studies. We found that many business angels turn down investments due to their lack of time, which was a rather new emphasize for this study. Some qualities of the entrepreneur the business angels required were that they needed to be sales oriented and not overly optimistic about the future returns and prosperity of their ventures. We have shown that if entrepreneurs are overly optimistic about the value of their own firm it is likely that they will lose the deal. This was also of interest as it has not been stated as clearly in previous studies.
We conclude the thesis by giving advice to entrepreneurs and business angels, what future business angels should keep in mind and also what entrepreneurs should know before they involve themselves with business angels.
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Cataldi, Bryan Daniel. "RISKY BUSINESS: HOW REVENUE MEASUREMENT AND RISK DISCLOSURE IMPACT EQUITY INVESTORS' VALUE JUDGMENT OF PRIVATE COMPANIES." OpenSIUC, 2014. https://opensiuc.lib.siu.edu/dissertations/804.
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The Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB) have proposed standards that could alter the judgments of users of financial statements. This study examines how certain regulations including revenue measurement choices made by management combined with risk disclosure as proposed by the PCAOB could interact with the propensity of the user to rely on financial information to affect how a class of private company financial statement users - seed equity investors - value a private company. Through experimental methods manipulating revenue measurement choice and risk disclosure, I find that seed equity investor value judgments of early stage companies are significantly influenced by accounting disclosures. Specifically, accounting disclosures regarding level of risk and revenue measurement that accompany financial models in the valuation process significantly alter a seed equity investor's value judgment of early stage companies. This segment of financial statement users tends to place the majority of their reliance on non-financial, subjective factors as predictors of future success of early stage companies. Further, their judgments are swayed by wholly different financial disclosures than their "Wall Street" investor counterparts in that conservative and low risk information creates large revisions in value judgment. The implication of this study is to suggest that "Main Street" investors consume financial information and their related disclosures differently than "Wall Street" investors - an inference important for standards setters to understand as they craft regulations that govern private companies.
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Aspegren, David, Karl Jacobsson, and Martin Bech-Jakobsson. "Attracting capital : The business plan from the investors' perspective." Thesis, Jönköping University, JIBS, Business Administration, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-316.
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For entrepreneurs it can be difficult to attract investors. The business plan is a well-known document for that purpose, and is used widely by entrepreneurs and companies. With this in mind, several questions arise. What information in a business plan is important? Do the criteria for information in a business plan differ between banks, venture capital companies, and business angels? What is the perception of a business plan to these investors? These are questions future entrepreneurs have to deal with before taking action and start searching for investors. This thesis investigates the investors’ perspective on the issue of entrepreneurship and business planning.The purpose of this thesis is to broaden the understanding of the business plan as a mean to attract capital for new ventures. It further aims to investigate the relevance of the business plan and the optimal composition of information, according to the investors. A qualitative method has been used in this thesis. Empirical findings have been captured from interviews with relevant actors in the investing market, and thereafter been analyzed with existing theories. The overall conclusion in this thesis is that there is a very broad view of the business plan as a concept. There are different aspects of the business plans roles as a formal mean to attract capital. Obvious differences between how the three different investors evaluate a business plan have been found as well as that the investors find other things than the business plan to be important in a decision. The investors do not look solely on the business plan and then make the decision whether to invest or not. The third conclusion is that all three investors enter a company with different roles, affecting the business’ activities in different ways. Finally, the business plan as a document is never as formal as the theory states. It is surprisingly different from the theory which claims that formality is an important issue in this kind of documents.
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Fox, Joseph D. "Understanding Differences in Expectations in the Anticipatory Socialization Process between Angel Investors and Entrepreneurs in Extended Due Diligence." Ohio University / OhioLINK, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1552992685172215.
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Braly, Alan R. (Alan Ryan). "The impact of angel investors on founders of new ventures in the medical technology industry." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/68464.
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Thesis (S.M.)--Harvard-MIT Division of Health Sciences and Technology, 2011.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 50-53).
Founders of new ventures in the medical technology (Medtech) industry require capital to establish, sustain, and grow their companies. Most founders must seek some form of external capital to meet these demands; in Medtech, the most well-known and prestigious of these is venture capital (VC). However, another type, angel investors, may be as important as VCs. Angels are accredited investors that invest their own money directly in new ventures. Founders of new Medtech ventures may choose to seek capital from angel investors in addition to, or instead of, venture capitalists. Unfortunately, there is little research available on outcomes for founders and their firms when angel investors are involved. Like VCs, angels seek financial returns from their investments; however, there may be additional and different motivations at play that make angels willing to grant more friendly terms to founders. As a result, it may actually be advantageous for founders to seek capital from angel investors. This paper addresses the question of whether founders of new ventures in the Medtech industry have better outcomes in terms of ownership and control of the company when one or more investment rounds involve angel investors in addition to, or in place of, VCs. Ownership is measured by the amount of equity owned just prior to an IPO, and control by the presence of founders as employees or directors at the time of the IPO. Analyzing S-is from the last 10 years of initial public offerings (IPOs), a dataset was constructed that comprised the shareholders of the 63 Medtech companies that experienced an IPO between 2001 and 2010. Of these, 18 companies had some presence of angel ownership that could be gleaned from the S-1; of those, 12 had at least a 5% stake belonging to angels. Results presented in the paper show, for the first time, those founders of Medtech firms with angel investors as shareholders at the time of IPO have significantly greater ownership of shares and significantly greater control of the firm as an employee or director than founders of firms without angels present. Angel-backed firms required less investment capital and no more time to reach the IPO, and, importantly, did not suffer with respect to the overall valuation of the firm. On the contrary, there was a trend of firms - and founders themselves - seeming to benefit from a valuation perspective, and significantly better from a multiple perspective, when angel investors were present. Even when firms received backing from venture capitalists, angel investor involvement also seemed to generally improve the performance of the firm and of the founders along the measured dimensions.
by Alan R. Braly.
S.M.
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Carson, Shawn A. "Identifying Critical Risk Factors in the Decision-making Process of Angel Investors and Venture Capitalists: A Delphi Research Study." Digital Commons @ East Tennessee State University, 2018. https://dc.etsu.edu/etd/3360.
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Entrepreneurs perceive and manage risk differently than investors (Palich & Bagby, 1995). As a result, entrepreneurs may underestimate the extent to which their ventures are perceived to be risky by a potential investor. Consequently, the entrepreneur is left with making assumptions that could be detrimental in obtaining the necessary capital to launch and grow the business. The purpose of this study was to determine if there is a common set of perceived critical risk factors among a group of experienced investors that would cause them to reject a deal out of hand.
The research methodology chosen for this study was the Delphi Technique, which consisted of three rounds of surveys with a group of 18 experienced Angel Investors and Venture Capitalists. The process identified 82 critical risk factors across 7 categories. Over half of these factors were rated between ‘Important’ and ‘Critically Important’ at a consensus rate of greater then 70%. Each participant reported an average of 11 critical risk factors, yet they rated more than 40 as ‘Important’ or ‘Critically Important’, suggesting there are conscious and subconscious factors involved in the decision process. Subjective factors such as relationship were rated with higher importance than more objective measurable factors such as revenue or market share. Venture Capitalists, as a group, had higher rates of consensus than the Angel Investors and there were distinct differences between each group regarding which factors are most important.
The study is significant because it rated subjective based factors along with objective factors showing that investors tend to place more importance on trust and relationship building in the early stages of the investment process. The study also provided a framework for understanding the complexity of investment decision-making for the benefit of investors, entrepreneurs, and those who educate and mentor entrepreneurs. Finally, the study is significant for helping entrepreneurs understand the differences in perspective between Angel Investors and Venture Capitalists.
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Skalická, Martina. "ROLE NEINSTITUCIONALIZOVANÉHO SOUKROMÉHO KAPITÁLU V PODMÍNKÁCH NOVĚ ZAKLÁDANÝCH PODNIKŮ A JEJICH ROZVOJOVÝCH FÁZÍ." Doctoral thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-391873.
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This Ph.D. thesis examines characteristics of Business Angel investors in the Czech Republic and their attitudes to evaluation of investment projects. The research is based on primary data obtained by interviewing active Business Angel investors operating in the Czech Republic. The characteristics of Business Angel investors and their attitudes in investment decision making and subsequent monitoring of investments are analysed. Business Angel investors were also asked how they perceive external environment. The topics and questions listed in the interviews result from a systematic literature review. Based on the results of the interviews, an elimination model was developed to capture the preferences of individual Business Angel investors. The model represents a tool supporting entrepreneurs while determining the probability that their project will not be rejected without a deeper examination. Therefore, the model supports entrepreneurs to set the parameters of their projects to increase the likelihood that a Business Angel investor will undergo a detailed due diligence process.
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Sundström, Johannes, and Nikolas Dresmal. "How Early-Stage Investors Assess Investment Opportunities in the Swedish Video Game Industry." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-447617.
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Early-stage investors increasingly impact the surging video game industry. Thus, understanding their thought processes provides vital insight for entrepreneurs. This thesis explores how early-stage investors assess investment opportunities in the Swedish game industry by presenting semistructured interviews with three prominent angel investors. Thematic analysis was performed on the interview data to extract significant themes regarding investors’ thought processes. Themes were then contrasted with previous research on investor decision-making to establish emergent patterns in the game industry. Results indicate that investors regard the composition and reliability of the team and pursue long-term involvement in companies. It is particularly important for teams to inspire trust. If investors can connect to teams personally, it facilitates successful long-term collaboration. Future research should focus on interviewing investors in other flourishing game markets, such as the U.S. or Chinese. Congruent results may lay the foundation for a framework to aid developers with acquiring funds in the broader game industry.
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Sibanda, Zenzo. "Angel networks as a business start-up financing option in South Africa." Thesis, Rhodes University, 2011. http://hdl.handle.net/10962/d1002780.
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The following study is about business angels financing small business start-ups. It explores the aspect of starting up an entrepreneurial venture in which the entrepreneur seeks to secure start-up finance from lenders, raising the various issues that are known to characterise this engagement between the entrepreneur and the lender. Using the phenomenological paradigm, the study seeks to determine the awareness of small scale financing by entrepreneurs in South Africa, to determine the most commonly used source of start-up business funding in South Africa, to assess the extent to which business angel financing could be used to finance businesses in South Africa and to determine the factors impacting the use of business angel financing in South Africa. From these objectives, the study will also seek to determine the extent to which business angel networks could facilitate the financing of business start-ups. Small businesses invariably come up in different policy spheres as the main avenues to social and economic construction across national and regional lines. The importance of a successful business start up to a growing economy should not be underestimated. In line with this is the particular factor of gaining access to start up capital, which continues to emerge as a leading contributor to the success or failure of business start ups. Studies continue to verify that the most common challenge faced by most emerging entrepreneurs is start-up capital, either in the lack of this capital, the unfavourable conditions surrounding its availability, the lack of assets to serve as collateral for its use or the ambiguous flow of crucial information between lenders and providers of finance in the funding relationship (Abor and Biekpe, 2006: 69;Hernandez-Trillo, Pagan and Paxton, 2005: 435, ISPESE, 2005: 7, CDE, 2004: 5; Musengi 2003: 11). Roger Sorheim (2005: 179) refers to business angels as private individuals who offer risk capital to unlisted companies that are struggling to obtain start up capital to finance their business ideas. Business angels are further defined as high net-worth bearers of substantial private capital who predominantly invest in the early stage of high risk high potential return business ventures with a positive further growth potential. Business angel finance is typically a ‘once-off’ early stage form of small firm financing compared to the more frequent later stage venture capitalist funding. Studies show that business angels represent an underutilised wealth creation mechanism when it comes to small firm start-ups as most business angels contribute expertise in addition to finance to the start-ups they get involved in. This brings valuable business insight to the commercialisation of a good business idea. The business angel network exposes a range of potentially viable business prospects to willing investors by facilitating the flow of information about entrepreneurs and their businesses, thereby eliminating ambiguity, information asymmetry and transaction costs (Aernoudt and Erikson, 2002: 178; Van Osnabrugge and Robinson, 2000:374; Macht, 2006:1; Ehlrich, De Noble, Moore and Weaver, 1994:70; Sorheim, 2005:179). To achieve a holistic approach to a phenomenon which appears to be relatively new in South African business circles, the study will follow a qualitative approach in which two categories of populations will be used, one of small business operators and the other of business angels in South Africa. In the study, 20 small business operators and five business angels in Grahamstown will be approached using the convenience and snowballing sampling methods respectively. Face-to-face semi-structured interviews will be used as a data collection method and content analysis will be used as a data analysis tool (Collis and Hussey, 2003:156, Driver, Wood, Segal and Herrington, 2001:32, National Small Business Act ). There has been very limited research on business angels in the South African context, therefore the study would significantly contribute in entrepreneurship, government and small business development circles as it brings about attention to what the researcher predicts is an underutilised business start-up financing option.
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Cadle, Schalk Willem. "The importance of knowledge and skills transfer in the private equity, venture capital and angel investing process." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/1786.
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Thesis (MComm (Business Management))--University of Stellenbosch, 2009.ENGLISH ABSTRACT: For any country, including South Africa, new business development is critical for the sustained growth and development of the economy. In this study the impact of the transfer of knowledge and skills by the investor to the investee and the impact on the success of private equity, venture capital and angel investments, new business development in South Africa and internationally is researched. A literature study is firstly conducted to determine, from literature, the importance of the transfer of knowledge and skills by the investor to the investee of a new venture. The results from recent research conducted in the United States of America and Europe is also included to determine current global development tendencies. The research highlighted factors, other than merely having a good business idea, which determines the success of a new venture. The global research clearly demonstrates that the active involvement of the angel investors, venture capitalists and private equity investors in new ventures, through the transfer of knowledge and skills, determines the success of the investment in new business development. The survey that was done in the South African venture capital environment seems to support this outcome although the South African market sector is in the early stages of development and focuses mainly on private equity and not so much new business development.
AFRIKAANSE OPSOMMING: Nuwe besigheidsontwikkeling is krities vir enige land, ingeslote Suid Afrika, om deurlopende en volhoubare groei en ontwikkeling van die land se ekonomie te verseker. Hierdie studie het die impak van die oordrag van kennis en vaardighede op die sukses van privatekapitaal- , waagkapitaal- (alternatiewelik – nuwebesigheidsbeleggings) en engelbeleggings in nuwebesigheidsbeleggings vir Suid Afrika en Internationaal, nagevors. ‘n Literatuurstudie om die belangrikeid van die oordrag van kennis en vaardighede, van die belegger na die nuwe besighede, in die gemelde belggingsprosesse vir nuwebesigheidsbeleggings te bepaal, is eerstens gedoen. Die uitkoms van navorsings wat onlangs in die Verenigde State van Amerika en Europa gedoen is, is ook ingesluit om die huidige internationale ontwikkelingstendense rakende nuwebesigheidsbeleggings te bepaal. Die navorsing het die klem geplaas op ander belangrike faktore anders as slegs ’n goeie besigheidsidee, wat die sukses van ‘n nuwe besigheid bepaal. Die internasionale navorsing het duidelik aangedui dat die aktiewe betrokkenheid van beleggers, engel-, waagkapitaal en privatebeleggers, deur die oordrag van kennis en vaardigheid aan die nuwe besigheid, die sukses van die nuwe besigheid en dus die belegging bepaal. Die opname wat in Suid Afrika gedoen is, ondersteun hierdie internasionale bevinding alhoewel die Suid Afrikaanse nuwebesigheidsbeleggings sektor in die vroeë stadium van ontwikkeling is en daar hoofsaaklik gekonsentreer word op privatekapitaalbeleggings, “private equity investments”, terwyl die werklike nuwebesigheidsbeleggings nie soveel aandag geniet nie.
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Karlsson, Gabriel, Elin Johansson, and Mathias Arwidsson. "BUSINESS ANGELS IN SWEDEN : The entrepreneur as an Investment Project and Capital Seeker." Thesis, Jönköping University, Jönköping International Business School, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-588.
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Bakgrund
Entreprenörer som startar nya företag kommer troligtvis att behöva antingen kapital, eller kompetens i hur ett företag drivs, men mest sannolikt är att de behöver både och. Affärs-änglar är individer som investerar sina privata pengar mestadels i företag som befinner sig i en utvecklingsfas eller en tidig tillväxtfas. Affärsänglar kan också bidra med icke-finansiella resurser till företag såsom kompetens, färdigheter, kunskap och erfarenhet.
Problem/Syfte
Vad kan entreprenörer som är i behov av både kapital och kompetens göra för att hitta den ”rätta” affärsängeln, hur kan entreprenören attrahera denna, samt vilka faktorer är avgö-rande för att en arbetsrelation med en affärsängel ska bli lyckad? Syftet med denna uppsats är att utifrån entreprenören som investeringsobjekt så väl som kapitalsökare, beskriva olika faktorer som entreprenörer kan beakta för att öka sina möjligheter till att inleda och genomföra ett lyckat samarbete med en affärsängel.
Slutsats
Vi fann ett antal faktorer som kan påverka utgången av en arbetsrelation med en affärsäng-el. Dessa är den personliga relationen, att entreprenörens behov stämmer överens med vad affärsängeln kan erbjuda, överensstämmande avsikter, och ett väl genomarbetat aktieägar-avtal.
Background
Entrepreneurs who start a new venture will probably need either capital, or competence in how to run a business, but most likely they need them both. Business angels are individuals who invest their private money in companies in a start-up or early growth phase. Business angels can also contribute non-financial resources to companies such as competence, skills, knowledge and experience.
Problem/Purpose
What can entrepreneurs who are in need of both capital and competence do to find the “right” business angel, how can they attract these investors, and which factors are decisive for a successful working relationship with a business angel? The purpose of this thesis is, with a starting point in the entrepreneur as an investment project and capital seeker, to de-scribe a number of factors entrepreneurs can consider in order to increase their possibilities in initiating and carrying out a successful working relationship with a business angel.
Conclusion
The authors found a number of factors affecting the outcome of a working relationship with a business angel. These are the personal relationship, a match between the entrepre-neur’s needs and the business angel’s competence, an agreed agenda, and a thoroughly worked out shareholder agreement.
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Scherrer, Miles. "Funding of Social Enterprises : A case study of high investor engagement funding practices on for-profit social enterprises." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-297872.
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This bachelor thesis evaluates how high-engagement investors contribute to the development and growth of for-profit social enterprises by providing both funding and non-financial advisory services focused on organisational capacity-building. Case studies on three social enterprises describe the structure of funding deals, what considerations affected these due to the high social character of the ventures, and inquire into the relationship between social enterprise and their investors to evaluate how the investors provide value for their investees beyond capital. The investor types involved include commercial venture capital funds, angel investors, accelerator programs and venture philanthropy funds; a sort of social impact investment fund which combines the high- engagement mentoring of venture capital funds with lower expectations on financial returns in exchange for higher demands on social impact. The findings indicate that high-engagement investors in general provide a wide range of services to the social enterprises studied, where strategic advisory services and networks introductions are identified as key enablers for development. Aligning philosophies on the combination of business and social impact is also identified as critical for a constructive relationship between investor and investee. The perceived value of venture philanthropy funding diverges between the cases; while filling an empty space in the social enterprise capital market, some findings question their capabilities and investment model. Apart from the initial research questions on how high-engagement investors add value to social enterprises, the study raises further questions on social enterprise funding in general and the issues that obstructs these organisations from introducing innovation and growth to underdeveloped markets.
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Drover, Andrew William. "THE INFLUENCE OF ANGEL INVESTOR CHARACTERISTICS ON VENTURE CAPITALIST DECISION MAKING." OpenSIUC, 2014. https://opensiuc.lib.siu.edu/dissertations/933.
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It is well established that the social relations of an organization can serve as an important signal of perceived quality (Reuber and Fischer, 2005; Suchman, 1995). Here, an organization's patterns of affiliations are often used by third parties to make inferences about intrinsic quality, which can assist in shaping the perception of that venture (Gulati and Higgins, 2003; Pollock et al., 2010). By extension, this dissertation focuses on how organizational affiliations influence the process of venture capital investment decision making. Specifically, given that angel investors often invest prior to venture capitalist involvement, I draw on signaling theory to explore whether certain characteristics of affiliated angel investors can influence the judgment of venture capitalists. Taking a multi-study approach, I explore this effect through the sequential evaluative process. In study one, I leverage conjoint analysis to investigate the influence of affiliated angel characteristics within the initial screening stage--that is, whether awareness of certain distinguishing characteristics of vested angels increases the probability that a venture reaches the formal due diligence stage. Study two focuses on the final investment decision; I utilize logistic regression on a secondary dataset of angel-backed ventures in an attempt to understand whether ventures backed by certain angels stand a higher probability of securing venture capital financing than ventures absent such affiliations. Significant effects from both studies support the idea that angels do indeed influence the evaluation and investment activity of formal venture capital investors.
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Quaderer, Sascha Robin. "Anlageverhalten von Schweizer Business Angels-empirische Untersuchung ausgewählter Investoren /." Bamberg : Difo-Druck, 2008. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=016419987&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Machado, Fabio Gimenez. "Investidor anjo: uma análise dos critérios de decisão de investimento em startups." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-17112015-114041/.
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As startups, caracterizadas pela proposta de oferecer um produto ou serviço inovador, com alto grau de incerteza de sucesso, normalmente têm a necessidade de financiamento por capital externo para que consigam atingir seu crescimento. Em razão das incertezas que cercam uma empresa startup, normalmente, são raros os financiamentos disponíveis por bancos ou empresas financeiras. Como forma de suprir este buraco no financiamento de startups, encontram-se os investidores anjo, investidores individuais que caracterizam-se por investirem seu próprio capital em startups, em troca de percentuais na gestão da empresa. O perfil destes investidores anjo têm sido objeto de estudo em diversos países, principalmente no entendimento dos critérios que estes investidores utilizam para chegar à decisão de investimento. Entretanto, pouco se sabe sobre os critérios utilizados pelos investidores anjo brasileiros para decisão de investirem em startups. Desta forma, a presente pesquisa tem como objetivo analisar os critérios que determinam a decisão de Investidores Anjo brasileiros em investirem em startups. A fim de cumprir os objetivos desta pesquisa, a metodologia foi estruturada na natureza exploratório-descritiva com abordagem qualitativa. A coleta de dados foi realizada por meio de entrevistas junto a investidores anjo e especialistas, onde são analisadas a importância dada pelos entrevistados aos 17 critérios de decisão de investimento mais citados por investidores anjo na literatura internacional, bem como os critérios classificados como mais importantes. Observou-se que os investidores anjo brasileiros assemelham-se aos de outros países ao darem importância a grande maioria dos critérios levantados. Os critérios citados de maior importância foram de \"rentabilidade real\", \"interesse e benefícios do produto\", \"inovação e qualidade do produto\" e \"ROI/valorização\". Foi possível identificar similaridade entre investidores anjo brasileiros e investidores anjo de outros países acerca da importância dos critérios de decisão identificados na literatura. A pesquisa identificou limitações acerca do acesso aos investidores anjo brasileiros, de informações na literatura nacional e de informações sobre o perfil dos investidores anjo no Brasil. Notou-se que o investidor anjo ainda é pouco estudado pelos pesquisadores brasileiros, não sendo possível identificar muitas pesquisas sobre este tema. Esta pesquisa contribui ao ser um passo para o entendimento de um contexto ainda pouco explorado, o processo de decisão de investimento de investidores anjo em startups, bem como ao identificar os critérios de decisão de investimento considerados importantes pelos investidores anjo brasileiros.Startups, characterized by the proposal to offer an innovative product or service with a high degree of uncertainty of success, usually have the need for foreign capital financing to help them reach their growth. Given the uncertainties surrounding a startup company, seldom are there funds available from banks or financial companies. In order to meet this gap in startups financing, one can find business angels, who are individual investors characterized by investing their own capital in startups. What they ask in return is a percentage in the company\'s management. The profile of these business angels has been studied in several countries, especially in the understanding of the criteria that these investors use to reach the investment decision. However, little is known about the criteria used by brazilian angel investors as far as this decision to invest in startups is concerned. Thus, the current study aims at analyzing the criteria that determine the brazilian business angels\' decision to invest in startups. In order to meet the objectives of this research, the methodology was structured in exploratory and descriptive qualitative approach. Data collection was performed through interviews with business angels and experts, where there was an analysis of the importance given by these respondents to the seventeen investment decision criteria most frequently cited by business angels in the international literature, as well as the criteria rated as the most important ones. It was observed that brazilian business angels are similar to those from other countries as they acknowledge importance to the majority of surveyed criteria. The most important criteria cited were \"realistic profitability\", \"interest and benefits of the product\", \"innovation and product quality\" and \"ROI/valuation\". It was possible to identify similarities between brazilian business angels and angels from other countries concerning the importance of decision criteria identified in the literature. The research spotted limitations concerning the access to brazilian business angels, on the national literature and information on the profile of business angels in Brazil. It was observed that the business angel is still little studied by brazilian researchers, what makes it unable to identify a lot of research on this topic. This research contributes for being a step towards the understanding of a still little explored context, the process of investment decision by the angel investors in startups as well as to identify the investment decision criteria considered important by Brazilian angel investors.
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Mayfield, William M. "The determination of developmental process of the relationship between the informal investor and the entrepreneur : an exploratory study." Thesis, Glasgow Caledonian University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.301381.
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Fili, Andreas. "Noncontractual Governance Strategies of Business Angels in the Post-Investment Venture Relationship." Doctoral thesis, KTH, Centrum för bank och finans, Cefin, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-155318.
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Business angels fulfil an important economic role in society by getting involved in early-stage ventures. This dissertation aspires to advance our knowledge of the governance strategies used by business angels in the venture relationship, based on the idea that the choice of governance strategies depends on the individual venture but is also shaped by the strategies adopted by any business angel network (BAN) the business angel is part of. Major findings are twofold. First, the analysis suggests that governance strategies are role-contingent. The role of the business angel vis-a-vis the venture changes, typically from outsider to insider, as the relationship transitions through different stages. Business angels should only use governance strategies that are perceived as legitimate for their role. Moreover, all strategies do not mix well and some may even neutralize each other when used together. The impact of the BAN on the action of the individual business angel is not straightforward: the formalization of a BAN will certainly restrict individual action, but, on the other hand, it seems that the BAN can also be useful for managing conflicts. Second, results indicate that conceptualizing the long-term dynamic of the investor-venture relationship in terms of any single theoretical perspective, be it agency theory, procedural justice, or norm-based influence, is too simplistic. The utility of each theoretical perspective is role-contingent: a business angel in the outsider role is better understood with agency theory, whereas a business angel in the insider role is better understood with norm-based influence theory. The empirical data on individual business angels comes mainly from 30 interviews with 21 business angels, and some supplementary data. The analysis of BANs is made differently and based on a different data set consisting of approximately 150 interviews with BAN members, civil servants, politicians, banks, accountants, and entrepreneurs.QC 20141104
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Ronnerfors, Rebecka, and Emma Svensson. "Viljan att investera i en bostadsnära solcellsanläggning : Undersökning av investeringsvilja." Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-80088.
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Denna studie syftar främst till att undersöka investeringsviljan till att bygga en solcellsanläggning, på Porsön i Luleå, som lokalbefolkningen kan köpa andelar i. Enligt nyttoteori väljer individer att konsumera de varor och tjänster som ger störst nytta och är begränsade av inkomsten. Normbaserad nyttoteori visar att människor vill agera i riktning mot vad som är ett idealt beteende, dessa individer påverkas även av hur andra människor agerar och vill uppfattas som ansvarstagande. Data samlades in med hjälp av en enkät som delades ut till 1500 hushåll på Porsön för att studera vilka faktorer som bidrar till att individer är villiga att investera i ett hypotetiskt projekt med en solcellsanläggning på Porsön samt den genomsnittliga betalningsviljan. Studien undersöker även det allmänna stödet för en anläggning och om det finns en social acceptans gentemot en sådan. De variabler som blev signifikanta och således påverkar investeringsviljan var respondenternas ålder, teknikintresse, solenergisatsning och utsläppsansvar. Endast en socioekonomisk egenskap, ålder, hade betydelse för investeringsviljan, vilket skiljer sig från egenskaperna som påverkar acceptansen för fastighetsbaserad solel. Det som har betydelse för investeringsviljan är individernas intresse för miljö-, teknik- och energifrågor. Slutligen, blev den genomsnittliga betalningsviljan 3 000 kronor, vilket betyder att hushållen skulle förse en del av deras behov med elektricitet från solel.
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Vashkevich, Aliaksandra, and Dong Wei Hu. "Credit Default Swap in a financial portfolio: angel or devil? : A study of the diversification effect of CDS during 2005-2010." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-39410.
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Credit derivative market has experienced an exponential growth during the last 10 years with credit default swap (CDS) as an undoubted leader within this group. CDS contract is a bilateral agreement where the seller of the financial instrument provides the buyer the right to get reimbursed in case of the default in exchange for a continuous payment expressed as a CDS spread multiplied by the notional amount of the underlying debt. Originally invented to transfer the credit risk from the risk-averse investor to that one who is more prone to take on an additional risk, recently the instrument has been actively employed by the speculators betting on the financial health of the underlying obligation. It is believed that CDS contributed to the recent turmoil on financial markets and served as a weapon of mass destruction exaggerating the systematic risk. However, the latest attempts to curb the destructive force of the credit derivative for the market by means of enhancing the regulation over the instrument, bringing it on the stock-exchange and solving the transparency issue might approve CDS in the face of investor who seeks to diminish the risk of his financial portfolio. In our thesis we provide empirical evidence of CDS ability to fulfil the diversification function in the portfolio of such credit sensitive claims as bonds and stocks. Our data for the empirical analysis consist of 12 European companies whose debt underlies the most frequently traded single-name CDS with the maturity of 5 years. Through multivariate vector autoregressive models we have tested the intertemporal relation between stock returns, CDS and bond spreads changes as well as the magnitude of this relation depending on the stock market state. The results we have achieved for our sample are the following: 1) stock returns are mainly negatively related to the CDS and bond spread changes; 2) stock returns are the least affected by both credit spread changes, whereas changes in bond spreads are the best explained by the stock and CDS market movements; 3) the strength of the relation between three variables differs over the time: the relationship between stock returns and CDS spreads is the most dominant during the pre and post-crisis periods, while during the financial crisis time the relation between stock returns and bond spread changes as well as that of between both credit spreads comes to the foreground. The above described relations between the three markets serve as a proof of the possibility to work out diversification strategies employing CDS. During the time of turbulence on the markets the investor may exert bigger diversification gains with the help of CDS. Thus, in spite of all the recent blame of the instrument from the investor perspective it is still remains one of the sources of profit.
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Grosser, Tomáš. "Metoda budování IT start-upu." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-201684.
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The present thesis focuses on founding and evolution of information technology startups. Special attention is given to the personality of the founder and the options of financing a startup in the Czech Republic. A survey among the students of the University of Economics, Prague regarding the general awareness of the issues related to the founding of a startup and the main obstacles to it is an integral part of the thesis. The main contribution of the thesis is a method for building up the IT startups, which may serve as a hand-book for potential future founders. As a secondary contribution, this thesis serves as a compact overview of the issues related to startups, especially to the person of the founder and financing possibilities in the Czech Republic.
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Sequeira, Joana Isabel Teixeira Romão. "O financiamento de startups com recurso a financiamento por business angels em Portugal : estudo de caso." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7499.
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Mestrado em Ciências EmpresariaisA investigação teórica tem demonstrado que os Business Angels, são um dos principais investidores de empresas startup (Aernoudt, 2005), tendo por isso, um papel de relevo no desenvolvimento de uma economia empresarial dinâmica (Mason e Harrison, 2000). Consequentemente, considerando a importância deste tipo de investidores, o presente estudo procura responder à seguinte pergunta de investigação, O envolvimento dos BA nos negócios que financiam é uma vantagem ou uma desvantagem?. Assim, visa abordar a temática do financiamento de Startups em Portugal, com recurso a financiamento angel, de modo a entender qual o tipo, perfil e principais características destes investidores e, em que medida, o seu envolvimento nos negócios que financiam contribui para o sucesso dos mesmos ou facilita financiamento posterior. A pesquisa desenvolvida, utilizou a metodologia do estudo de caso único financiamento angel da startup portuguesa Waymedia com base em pesquisa qualitativa, baseada em recolha documental e entrevistas, que aliam a perspectiva do empreendedor, bem como dos Business Angels envolvidos no financiamento. Os resultados obtidos evidenciaram que, o envolvimento dos BA nos negócios que financiam é bastante ativo e contribui para o seu sucesso. Verificou-se ainda que estes investidores, não constituem financiadores de último recurso mas sim uma fonte alternativa de financiamento, capaz de acrescentar valor. Em suma, considera-se que o estudo em causa, representa um contributo para melhor entender o papel dos Business Angels nos negócios que financiam, bem como as implicações deste envolvimento.
Research has shown that Business Angels are one of the major investors in start-up companies (Aernoudt, 2005), therefore occupying a prominent role in the development of a dynamic entrepreneurial economy (Mason and Harrison, 2000). Consequently, considering the importance of this type of investors, this study seeks to answer the following research question, "To what extent the involvement of BA in the businesses that they finance is considered an asset?" Thus, the present study seeks to address, the topic of funding start-ups in Portugal using angel funding, in order to understand the profile and main characteristics of these investors and to understand to what extent, their involvement in the businesses that they finance, contributes to their success or facilitates subsequent funding. The research is a simple case study angel funding of the Portuguese start-up Waymedia and uses qualitative research based on documentation collection and interviews, that combine the entrepreneur`s perspective, as well as the opinion of the Business Angels involved in the referred funding. The results obtained showed that the involvement of Business Angels in the businesses that they finance, is very active and contributes to its success. Furthermore, these investors were not considered last resort financiers; in contrast they were contemplated as an alternative funding source, able to add value. In conclusion, the present study helps to understand Business Angel`s role in business financing, as well as the implications of their involvement in the businesses that they finance.
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Habrnal, Marek. "Faktory hodnoty start-up projektů pro investory v České republice a metody oceňování." Doctoral thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-204783.
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The main objective was to create a normative model of determining the value of early stage for companies in the seed and start up stage. The model should be applicable to entrepreneurs and investors, taking into account the assessment of the value of qualitative factors. Another aim was to identify the significant factors affecting the value of early stage companies in the seed and start up stage, i.e. at a time when there are no or very little revenues. Based on a research among investors and other experts on the valuation of early stage companies and venture capital, the most significant factors were not only identified, but also determined by their weight. The quality of evaluating investment opportunities has a major impact on the profitability of the investor´s capital. Current knowledge of the key value drivers and the mechanisms of valuation can help businesses to set realistic expectations when trying to raise capital to finance the startup of the project. It is therefore necessary to provide a clear methodological framework applicable to both parties of investing. The actual research was divided into two phases - individual interviews with investors and questionnaires. It was confirmed that the most crucial factors are those associated with quality management and company founders.
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Cruz, Alexandre Jorge Barros da. "Business angels: a forma como o empresário, o investidor e a empresa influenciam o montante investido." Master's thesis, Universidade de Évora, 2016. http://hdl.handle.net/10174/18718.
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Este estudo pretende determinar a influência das características do empresário, das características do investidor e das características da empresa sobre o montante inicialmente investido pelos BA. Para esse efeito, recorreu-se a uma amostra extraída da base de dados da Kauffman Foundation, cujos dados dizem respeito a BA dos E.U.A.. Analisaram-se as estatísticas descritivas e as hipóteses foram testadas através de seis modelos de regressão linear múltipla. Os resultados obtidos mostram que seis dos nove fatores identificados dizem respeito ao empresário e à equipa de gestão; ABSTRACT: This study aims to determine the influence of entrepreneur characteristics, investor characteristics and the characteristics of the company on the amount initially invested by BA. For this purpose, we used a sample extracted from Kauffman Foundation database, whose data refer to BA from the United States of America. We performed descriptive statistics and hypotheses were tested through six models of multiple linear regression. The results show that six of the nine factors identified are related to the entrepreneur and management team.
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Amorim, Ronaldo Alves de. "Os critérios de investimento utilizados pelos investidores anjo no Brasil: uma análise sobre suas priorizações." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17736.
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Startups, young firms generally developing an innovative proposal and under extreme uncertainty conditions, generally need external funds to grow and these new enterprises frequently turn to angel investors as an option of venture capital. It happens because startups are young companies with no financial record and most of the times without real asset to be given as collateral, therefore, with not enough credentials to apply for a conventional bank financing. Angel investors are wealthy individuals who invest not just own money, but also their expertise and knowledge in startups, also known as ventures. The objective of this research is to better comprehend the angel investment decision making process, identifying and analyzing the most important criteria that Brazilian angel investors use to decide on funding new ventures. The main research environment is Gávea Angels, the first angel association in Brazil, and on a secondary basis, investors from this researcher and his professor networking. This research is quantitative and based on a questionnaire with attributes previously defined in research performed in the USA with answers varying from 1 (not important) up to 5 (very important). The result of criteria prioritization was based on simple average followed by their standard deviation. It also compared and analyzed empirical results of this research with the findings of another relevant search conducted in the USA by Sudek (2006). Answers were based in past experiences lived by each investor and results were analyzed not just in an aggregate way but also segregated by investors seniority (given by number of investments done). This research also analyzed the most important behavioral criteria of management team. Confirming findings of other international studies, the results of this research showed that irrespective of the market, product or financial criteria, the criterion prioritized were those regarding entrepreneur and his/her management team, as it follows: (1) trustworthiness/honesty of the entrepreneur; (2) enthusiasm/commitment of the entrepreneur; (3) management team; (4) domain expertise of the entrepreneur. The criterion ‘how persistence they will be without giving up’ and ‘passion of the team’ were the most important attributes on the particular analysis of ‘management team’. The contribution of this work is to stimulate more studies of a very incipient issue in the world and mainly in Brazil, and also increase the understanding about investing in startups, bringing more insights to entrepreneurs of what matters most to investors when searching for venture capital, and also shedding light to the positive impact of this market on Brazilian economy development.
As startups, empresas nascentes geralmente atuando em uma proposta inovadora e em condições de grande incerteza, geralmente precisam de financiamento para crescer e estes novos empreendimentos frequentemente se voltam a investidores anjos como opção de capital. Isso ocorre porque as startups são jovens empresas sem maturidade de caixa e muitas vezes sem ativos reais para serem dados em garantia, logo, sem credenciais necessárias para levantar financiamentos bancários convencionais. Investidores anjo são indivíduos com grande disponibilidade de recursos financeiros que decidem investir nestes negócios de risco trazendo frequentemente não somente capital, mas também conhecimento e experiência. O objetivo deste estudo é compreender melhor o processo decisório de investimento anjo em startups, identificando e analisando quais são os critérios de investimento priorizados pelos investidores anjo brasileiros em seus investimentos em startups. O ambiente principal de pesquisa deste trabalho foi a Gávea Angels, a mais antiga associação de anjos do Brasil, e de forma secundária, os investidores da rede de contatos do pesquisador e seu orientador. Esta pesquisa foi quantitativa e baseada em resposta de questionário (survey) com o universo de atributos já levantados em pesquisa de mesmo gênero feita nos EUA com respostas variando de 1 (sem importância) até 5 (mais importante). O resultado da priorização dos critérios ocorreu mediante média simples das respostas com inclusão do seu desvio padrão. Também se comparou e analisou os dados empíricos desta pesquisa com outra de grande relevância feita nos EUA por Sudek (2006). As respostas se basearam em experiências de investimentos vividas por cada investidor anjo e os resultados foram analisados não somente de forma consolidada, mas também de forma segregada pela senioridade dos investidores (dado pelo número de investimentos feitos). Também se analisou os critérios comportamentais mais importantes do time de gestão. Em linha com grande parte dos estudos internacionais sobre o assunto, os resultados demonstraram que a despeito da importância dos critérios ligados ao mercado, produto e dados financeiro, os critérios priorizados foram aqueles ligados ao empreendedor e seu time de gestão, conforme segue: (1) confiabilidade/honestidade do empreendedor; (2) entusiasmo/comprometimento do empreendedor; (3) time de gestão; (4) expertise de domínio do empreendedor. Os critérios ‘resiliência’ e ‘paixão do time’ foram os atributos mais importantes na análise particular do ‘time de gestão’. A contribuição deste estudo está em fomentar mais pesquisas de um assunto bastante incipiente no mundo e principalmente no Brasil, e também aumentar o entendimento sobre os investimentos em startups, dando mais clareza ao empreendedor do que o investidor busca em cada venture, e também dar mais luz à importância da ‘cultura’ do investimento anjo para o financiamento de inovações que impactem positivamente o desenvolvimento do Brasil.
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Schade, Yvonne [Verfasser], Hartmut [Akademischer Betreuer] Schröder, and Stephan [Akademischer Betreuer] Breidenbach. "Social Business Angels – Vision oder Realität? Qualitative Untersuchung zum Investitionsverhalten von privaten Investoren im sozialen Bereich / Yvonne Schade. Gutachter: Prof. Dr. Hartmut Schröder ; Prof. Dr. Stephan Breidenbach. Betreuer: Hartmut Schröder." Frankfurt (Oder) : Europa-Universität Viadrina Frankfurt, 2015. http://d-nb.info/1071060775/34.
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Koppitz, David. "Využití rizikového a rozvojového kapitálu pro podporu začínajících inovativních podniků v ČR." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223659.
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Innovation entrepreneurship is built not only on a quality idea, but also on the availability of start-up capital and management skills of the idea owner. The insufficient finance often limits the success and growth potential of start-ups. When seeking support to individual business plans, allowing for entry of a business angel could be an option. Business angels are private, mostly experienced investors who invest in SMEs with high growth potential not only financial capital, but also business know-how, contacts and management experience. Thesis evaluates possibilities to use venture capital offered by business angels to support innovative start-ups and on several case studies assesses readiness of innovation and business environment from the investors’ point of view.
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Wang, Yung-Hsuan, and 王詠萱. "A Study on Qualifications of Angel Investors." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/63240516932297278023.
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碩士國立臺灣科技大學
管理學院MBA
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Taiwan has been under serious economy for the past decade. The traditional OEM/ODM industries are overall declining and the threat of China competitors have made the island suffered even more. Industry upgrading has become the main focus of the government. Angel Investment has always plays an influential role in seed and early-stage investment. While many early-stage companies in Taiwan still find it difficult to secure in funding because of the lack of the angel investment policy and related programs. The study founds that the majority of U.S. states and the U.K. government have put in place tax incentive programs to encourage high-risk investment in new companies. These incentives have been shown to encourage early-stage investments, keep investment capital in the state (country) and support creation of new jobs each year. By comparing the two countries, the study proposed the qualification and package for Taiwan to effectively encourage angel investing in Taiwan.
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Piazza, Alessandro. "Essays on Angel Investing in the Entrepreneurial Ecosystem." Thesis, 2018. https://doi.org/10.7916/D8CJ9WWS.
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Throughout its three chapters, this dissertation examines a phenomenon that, although underappreciated and underinvestigated in the existing literature, should be of great interest to entrepreneurship scholars: angel investing in the United States. While most of the existing studies of venture financing have predominantly focused on venture capital (VC) funding, angel investing—that is, wealthy individuals investing their own money in new ventures—represents almost as large of a market as venture capital, and recent empirical evidence suggests that ventures financed by angel investors tend to be more successful than comparable ventures that are not angel-financed. More interestingly, perhaps, angel investing tends to focus on ventures at the earliest stage, which leads to investor making decisions based on very little hard evidence. This results in the attempt, on the investors’ part, to reduce uncertainty by leveraging one’s connections and community-level patterns of social relations. In this regard, this dissertation’s main objective is perhaps to tackle the existing literature’s “undersocialized” take on venture financing, and to show the sociological mechanisms that might underpin the decision by entrepreneurs to enter the angel investing market by becoming suppliers of capital, as well as their capital allocation choices, i.e. their investment decisions. Additionally, this work also examines the drivers of success for angel investors, with a view to explaining—at least in part—why certain individuals are wildly more successful than others at angel investing. Empirically, my work relies on a combination of archival data—primarily data gathered from online data source CrunchBase, but also U.S. Census data and hand-collected information from LinkedIn—and fieldwork in the form of interviews with entrepreneurs and angel investors, as well as participant observation at the Angel Capital Association Annual Meeting in San Francisco, the largest yearly gathering of angel investors. The resulting empirical patterns, both qualitative and quantitative, when taken in their entirety suggests that angel investing is a social process, and particularly that entrepreneurs are socialized into becoming angel investors by interacting with the angels who finance their ventures. Further, this work offers evidence that community-level patterns of socialization—i.e. what is generally known in sociology as community social capital—also plays a role in determining whether entrepreneurs will become angel investors and, once they choose to take this step, whether they will show a preference for financing local ventures vis-à-vis pursuing investment opportunities elsewhere. Finally, this work also addresses the question of angel investing outcomes—that is, why some angel investors are more successful than others, as measured by the number of exits in their investment portfolio. In this regard, empirical results suggest that generalists do better than specialists, and that angel investors with broad entrepreneurial experience are found to do especially well. Success is also a function of effective knowledge translation: on average, successful entrepreneurs tend to become more successful angels, and especially so the greater the overlap between the entrepreneurial experience of the founder and their angel investment portfolio.
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Escorrega, Rui Manuel Falcão Guerreiro. "The goals and the value business angels perceive from their investment activity." Doctoral thesis, 2021. http://hdl.handle.net/10773/31510.
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Business angels (BAs), also designated as angels, play a vital role in the process of emergence and nurturing entrepreneurial startups at their early stages and keep growing in number and relevance. However, today, they face dramatic challenges from the increasing organisation of their activity through professionalised angel groups. New players (e.g. crowdfunding, venture capital) are also entering their natural arena of early-stage investments. Therefore, this is a critical moment, in which the scientific community and the BAs may reflect and create knowledge about the new way of acting and investing of these investors. The overall purpose of this doctoral thesis is to develop a deeper understanding of the goals and the value angels currently perceive from their investing activity. First, angel goals were analysed under an approach proposing consumer behaviour and perceived value as a new lens of an integrative analysis with the conventional economic and financial views, to obtain a more holistic, richer, and precise view of the angel behaviour. Second, the perceived investment value, already applied to stock market investors, was extended to the angel scope to measure the type of values angels perceive from their activity and their impact on job satisfaction and reinvestment. Third, the angel activity was analysed through the career development theory perspective to uncover the internal motives that drive individuals to invest their money and effort following an angel career. Fourth, since calling became, in recent years, a fundamental topic in work and career development, part of the research was conducted to measure the impact of calling on the angels’ involvement in their activity, and on the value they perceive from it. Both qualitative and quantitative methodologies are adopted: the former is based on interviews with BAs and on the laddering technique; and the latter on structural equation modelling techniques, with which responses of angels worldwide to questionnaires were analysed. This thesis highlights that becoming a BA enhances the opportunity for achieving a high diversity of interrelated goals such as self-development, co-creating value with the entrepreneurs, earning money, having fun and experiencing emotional excitement from investing in startups. The importance of addressing angel activity as a career development process is reinforced. The perception of getting value with the investing activity, including career development, also makes BAs more satisfied and more likely to reinvest. Moreover, those BAs who see their work as a calling are more likely to perceive value from angel investing and more likely to be involved in angel activity. For many individuals, being a BA is not exclusively a financial game; the journey of being an angel is more important than the financial outcome. The “journey” is itself the destination. Finally, crucial implications were identified for angel groups, entrepreneurs and the entire BAs’ ecosystem. The angel experience is personal and non-delegable. Therefore, angels should not be prevented from reaching their deepest personal goals aligned with their lives. Professionalised groups and entrepreneurs should create conditions to let the angels live the angel experience they intend to live, being encouraged to achieve their most important goals. If this happens, BAs will feel more satisfied, increasing their reinvestment opportunities and remaining for a long term in the BAs’ career.Os business angels (BA), também designados como investidores anjo, desempenham um papel vital no processo de criação e financiamento de startups e continuam a crescer em número e relevância. No entanto, enfrentam atualmente enormes desafios de posicionamento, decorrentes da crescente organização da sua atividade através de grupos de BA profissionalizados e pela entrada de novos atores (ex. crowdfunding, capital de risco) no mercado. Este é um momento crítico, em que a comunidade científica e os BA poderem refletir e criar conhecimento sobre a nova forma de atuar e investir destes investidores. O objetivo principal desta tese é desenvolver uma análise mais profunda dos objetivos e do valor que os BA percebem da sua atividade. Primeiramente, os objetivos dos BA foram analisados sob uma abordagem que propõe o comportamento do consumidor e o valor percebido como uma nova lente de análise integrada com as visões económico-financeiras convencionais, de modo a obter uma visão mais holística, rica e precisa do BA. Em segundo lugar, o valor do investimento percebido, já aplicado aos investidores em bolsa, foi estendido à área dos BAs para medir o valor que os anjos percebem como resultado da sua atividade e o impacto deste na satisfação com o trabalho e na intenção de reinvestimento. Em terceiro, a atividade dos BAs foi analisada à luz das teorias de desenvolvimento de carreira para descobrir os motivos internos que levam os indivíduos a investir o seu dinheiro e esforço numa carreira de BA. Em quarto lugar, uma vez que a calling (vocação) se tornou, nos últimos anos, um tópico fundamental na análise do desenvolvimento da carreira, parte deste estudo foi conduzido para medir o impacto da vocação no envolvimento dos BA na sua atividade e na perceção do valor que dela resulta. Foram adotadas metodologias tanto qualitativas como quantitativas: as primeiras são baseadas em entrevistas com BA e na técnica de laddering, e as últimas na modelagem de equações estruturais com a qual se analisaram respostas a questionários de BA de todo o mundo. Esta tese realça que ser BA aumenta a oportunidade de atingir uma grande diversidade de objetivos pessoais interrelacionados tais como autodesenvolvimento, contribuir para a sociedade, cocriar valor com os empreendedores, ganhar dinheiro, divertir-se e experimentar a excitação emocional de investir em startups. A importância de abordar a atividade de BA como um processo de desenvolvimento de carreira sai reforçada. A perceção de valor com a atividade de investimento, incluindo o desenvolvimento de carreira, torna os BA mais satisfeitos e mais propensos a reinvestir. Além disso, os BA que veem o seu trabalho como uma vocação têm mais probabilidade de perceber o valor do investimento e de se envolverem na sua atividade de anjos. Para muitos indivíduos, ser BA não é apenas um jogo financeiro; pelo contrário, o caminho de ser investidor aparenta ser mais importante que o resultado financeiro. A própria “viagem” é o destino. Finalmente, foram identificadas implicações cruciais para grupos de BA, empreendedores e todo o ecossistema dos BA. A experiência de BA é pessoal e não delegável. Portanto, os BA não devem ser impedidos pelos grupos organizados de alcançar os seus objetivos pessoais mais profundos alinhados com as suas vidas. Grupos profissionalizados e empreendedores devem criar condições para permitir que os BA vivam a experiência que pretendem viver, sendo encorajados a atingir os seus objetivos mais importantes. Se assim for, os BA sentir-se-ão mais satisfeitos e aumentarão as suas oportunidades de reinvestir e permanecer a longo prazo na carreira de BA.
Programa Doutoral em Marketing e Estratégia
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Kuther, Sophia Katharina. "A proven formula to attract investors? : an empirical analysis on how the entrepreneurial pitch influences the decision-making of Angel Investors." Master's thesis, 2018. http://hdl.handle.net/10400.14/25543.
Full textAbstract:
This research analyzes how the entrepreneurial pitch influences the likelihood of securing funds for a new business. To do so, data on actual negotiations between angel investors and entrepreneurs are collected from 24 episodes of the television show “Shark Tank” aired in 2017. Results suggest that the delivery of the pitch substantially influences funding decisions of investors. The pitch emerges consequently as a crucial element for reducing information asymmetries between investors and investees. In particular, the completeness of a pitch and the provision of reasons for additional capital have a decisive impact on the investment outcome. By preparing a structured presentation and giving a concise explanation of the business model, the entrepreneur can signal his investment readiness to the financier and thereby increase the chances for receiving funding. Overall, these findings offer new insights on how investors evaluate early-stage ventures and emphasize the importance of an effective pitch delivery in influencing the decision-making of investors.Este trabalho analisa a influência de um “pitch” empreendedor na probabilidade de obter fundos para uma oportunidade de negócio. Para isso foram recolhidos dados sobre negociações reais entre investidores-anjo e empreendedores provenientes de 24 episódios do programa de televisão “Shark Tank” exibido em 2017. Os resultados sugerem que a apresentação influencia substancialmente a tomada de decisão dos investidores. O pitch surge, consequentemente, como um elemento crucial para reduzir as assimetrias de informação entre investidores e investidos. Em especial, a forma exaustiva como a apresentação é feita, bem como o correto suporte para as razões de entrada de capital adicional, têm um impacto decisivo no resultado da decisão de investimento. Ao ser preparada uma apresentação estruturada e ser dada uma explicação concisa do modelo de negócios, o empreendedor pode demonstrar ao financiador a sua prontidão no processo de investimento e assim, aumentar as hipóteses de receber o financiamento solicitado. No geral, estas descobertas oferecem novas perspetivas sobre como os investidores avaliam os empreendimentos em fase inicial e enfatizam a importância do pitch ser exposto de forma eficaz de modo a conseguir influenciar a tomada de decisão dos investidores.
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Vo, Dan H. "Essays on Entrepreneurial Finance." Thesis, 2013. http://hdl.handle.net/1828/5021.
Full textAbstract:
In many developed countries angel capital investment is the main source of external financing for high growth early-stage entrepreneurial companies. In spite of its importance, research in the angel capital market is still very limited. This is partly due the fact that data on angel capital investment is rare and unsystematic. This dissertation attempts to learn more about this important but not well-understood angel capital market. In particular, the first essay looks at the relationship between angels and venture capitalists in financing start-up ventures. This essay juxtaposes a complements hypothesis – angel financing is a springboard for venture capital, against a substitutes hypothesis – angels and venture capital are distinct financing methods that ought not to be combined. The result shows that companies that obtain angel financing subsequently obtain less venture capital, and vice versa. On average venture capitalist make larger investments, but this alone cannot explain the substitutes pattern. In addition, this essay reports that companies funded by venture capital perform better than angel backed companies, as measured by successful exits or revenues. Mixing angel and venture capital funding tends to be associated with worse performance. The second essay studies the role of geographic distance between the angel investors and the investee companies on the angel investment performance. This essay conjectures four possible channels that can explain the relationship between distance and the return to angel investment. It shows that distance has a positive relationship with the return to angel investment. Examining the effect of distance across different categories of angel investors, across angel investor’s locations, and across company’s location, this essay finds evidence that this positive relationship is mainly driven by the “objectivity effect”, which suggests that distant investors can evaluate the prospect of a company more objectively than close-by investors, who tend to be more biased in their judgments. The third essay examines why entrepreneurs find it generally hard to find angel investors. This essay modifies the standard search model introduced by Pissarides to explain this phenomenon. In this model, angels hide to force entrepreneurs to engage in a costly search. The result shows that angel investors adopt the hiding strategy to screen out low-productivity entrepreneurs who would otherwise inundate angels. Interestingly, social surplus is often increased when angels hide, though in some circumstances surplus may fall.Graduate
0505
danvo@uvic.ca
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Essalama, Ben. "The attractiveness of the on-demand economy for investors." Master's thesis, 2017. http://hdl.handle.net/10362/28420.
Full textAbstract:
This research studied the attractiveness of the on-demand economy for investors. The literature review revealed a disruptive characteristic and uncovered uncertainties within this new phenomenon. The practical part highlighted the great growth potential offered by the disruptive aspect thanks to a further development within new sectors and consumers. However, the uncertainties mainly related to the development of the regulatory framework decreased the attractiveness and affected the investment decision. Indeed, this study revealed that the attractiveness of the on-demand economy will depend on the personal belief of the investors regarding the future changes that will be operated by the legislator.
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Marçal, Bernardo Miguel Camilo. "Business angels and accelerators : do they look for the same criteria when investing in early stage ventures?" Master's thesis, 2019. http://hdl.handle.net/10400.14/29261.
Full textAbstract:
Entrepreneurship has been a crucial field for the advancement of the worldwide economy as the entrepreneurial ecosystem is responsible for a large part of the innovation produced globally.
However, for ventures in their infant stages, access to capital is a limitation. At the very initial stage, the ventures really on bootstrapping but these funds are often limited. Therefore, in order to make ventures grow, firms need to raise external capital since, as these firms are just starting, recurring to debt and specially banks is very difficult.
Two of the most commonly used financing sources at this stage are Business Angels and Accelerators. Thus, it is very important to understand what are the criteria these two investment vehicles consider more relevant when investing, as the majority of the ventures fail at this stage of development.
After reviewing the existent literature, a survey was conducted in order to understand the criteria Business Angels and Accelerators consider more important. The survey had a total of 39 participants. The results of the study indicate that the entrepreneur and the team are very important factor however, it was not possible to prove that it is the most important for early stage investors. Nonetheless, it was proved the financial information related to the venture is highly value for Business Angels and Accelerators.O empreendedorismo tem sido uma área crucial para o desenvolvimento da economia mundial pois o ecossistema empreendedor é responsável por grande parte da inovação produzida globalmente. No entanto, para empresas em fase embrionária, o acesso ao capital é limitado. Aquando da criação da empresa, os empreendedores recorrem a capital pessoal no entanto, esses recursos são, muitas vezes, finitos. Posto isto, para que a empresa consiga crescer, é necessário obter capital externo. Nesta fase inicial da empresa, recorrer a dívida ou a bancos, é extremamente difícil. Duas das fontes de financiamento mais utilizadas nesta fase são os Business Angels e Accelerators. Neste sentido, é muito importante entender quais são os critérios que estes dois tipos de investidores consideram mais relevantes quando investem em empresas na sua early stage dado que a maioria das empresas fecham quando se encontram nesta fase de desenvolvimento. Depois de analisar a literatura existente, foi realizado um questionário para entender os critérios que os Business Angels and Accelerators consideram mais importantes. A pesquisa teve um total de 39 participantes. Os resultados deste estudo indicam que o empreendedor e a equipa revelou ser um fator muito importante, no entanto, não foi possível provar que é o mais importante para investidores em empresas em early stage. Ainda, foi possível verificar que a informação financeira relacionada com a empresa é muito valorizada pelos dois tipos de investidores.
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Chen, Ying-Chun, and 陳映君. "Analyze the General Residence Value by Investor Angle." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/54448573270662933999.
Full textAbstract:
碩士國立高雄第一科技大學
金融研究所
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Recently, the price of real estate rises rapidly in the five major capitals in Taiwan. Although it presents our thriving economic, there is a concern that if the price can truly reflect the value of real properties or not. In other words, people wonder whether if the housing bubbles exist. Owing to the aforementioned concern, from the viewpoint of general investors who are willing to purchase their residential houses, this research uses real options model to calculate the theoretical value of real estate in these five capitals, based on the impact factors of real properties. According to this research, the price of real estate is underestimated by the investors while it is overestimated by the housing demanders. As a result, the real estate market shrinks because of the cognitive differences between the investors and the demanders.
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Maxwell, Andrew Lewis. "Failing Fast: How And Why Business Angels Rapidly Reject Most Investment Opportunities." Thesis, 2009. http://hdl.handle.net/10012/4253.
Full textAbstract:
Seed technology ventures require external sources of debt and equity funding, once they have exhausted founders personal resources, to achieve their potential economic impact. The primary source of equity finance for seed ventures is from Business Angels who invest their own money in the company and frequently provide additional sources of assistance to the entrepreneur. Once seed ventures have completed their business plans, however informally, they pitch their opportunity to potential investors, However, less than three per cent of these pitches to Business Angels are successful. It is suggested that a major reason for this low success rates is a lack of understanding by pitching entrepreneurs of how Business Angels make their investment decisions. Investigating how Business Angels make their investment decisions will identify some of the causes of this high failure rate. In turn this will help to suggest ways for entrepreneurs to increase their likelihood of successful interactions with investors.
Real-time techniques that involve observing successive interactions between five Business Angels and 150 pitching entrepreneurs are used to gather data on the investment decision-making process. The technique of observational interaction has been used in psychological research to observe interpersonal relationships and their development within the context of a complex process. This complex process can best be understood by breaking down the process into stages. In this research the initial interaction between entrepreneur and Business Angel is investigated. It is found that initially the Business Angels use a filtering technique to expeditiously reject most opportunities. This allows, allow them to concentrate their limited resources on further investigation of a few promising opportunities that appear to offer the highest potential return.
The unique data set used in this research is taken from a reality TV show – CBC Dragons’ Den – where entrepreneurs participate in order to receive real investment from five wealthy individuals known as “Dragons”. Using the video material gathered during the recording of the show it is possible to observe how the five Dragons initially filter out most opportunities, before looking at more positive factors when determining their interest in investing in the few opportunities remaining. This filtering process involves a non-compensatory technique - Elimination-By-Aspects, where the presence of a single one of eight potential fatal flaws is sufficient reason for rejection. While this may not be the most accurate technique, it is the most cost effective approach to decision-making for the investors. To increase accuracy at later stages, the investors adopt a more compensatory decision-making approaches.
Improved understanding of the staged nature of the process, and how Business Angels identify fatal flaws at the initial stage of the interaction, provides valuable insights to both investors and entrepreneurs. Armed with this knowledge they can take steps to eliminate such flaws and improve the overall efficiency of the decision making process. This in turn will lead to an increase in successful outcomes of such interactions and consequently the number of seed ventures that are successful in raising third-party funding from Business Angels.
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Carneiro, Miguel Soares da Silva Soares. "Investors along the company life-cycle : evidence for Portugal." Master's thesis, 2016. http://hdl.handle.net/10400.14/21721.
Full textAbstract:
Este trabalho de pesquisa examina a presença dos investidores ao longo do ciclo-de-vida das empresas portuguesas, juntamente com a estrutura de capital e acionista. Recorrendo a exemplos estilizados do ciclo financeiro das empresas, existentes nas obras de Berger e Udell (1998) e Caselli (2009), foi possível criar um exemplo alternativo que estabelece previsões para o sequenciamento dos investidores ao longo do desenvolvimento das empresas. Variáveis de tamanho e idade das sociedades financiadas são comparadas e usadas para situar cada tipo de investidor.
A análise empírica realizada mostra que, à medida que as empresas crescem e envelhecem, a estrutura acionista e de capital altera-se. De modo geral, a presença dos investidores externos cresce. Tal faz-se notar pelo aumento do nível de dívida, em percentagem da totalidade do capital investido, enquanto a participação de investidores externos no capital próprio também aumenta. Por último, os investidores identificados no ciclo-de-vida, tendem a financiar empresas nas fases de desenvolvimento esperadas segundo a literatura.This research work examines the presence of several investor types along the life-cycle of Portuguese firms, alongside the shareholder and capital structure. By using stylized financial growth cycles found in Berger and Udell (1998) and Caselli (2009), it was possible to build an alternative example that sets predictions for the sequencing of investors in the development of firms. Size and age variables of financed Portuguese companies are compared and used to situate each investor type. The empirical analysis shows that, as firms become larger and older, the shareholder and capital structure change. Overall, outside investors increase their presence over the life-cycle. The level of debt tends to grow in the global structure, while, at the same time, the participation of outside investors in the equity also rises. Finally, investors tend to finance companies in the stages of development as expected by literature.