Business angel investing -a key source of finance for entrepreneurial businesses -is rapidly evolving from a fragmented and largely anonymous activity dominated by individuals investing on their own to one that is increasingly characterised by groups of investors investing together through managed angel groups. The implications of this change have been largely ignored by scholars. The paper examines the investment activity and operation of angel groups in Scotland to highlight the implications of this change for the nature of angel investing. It goes on to argue that this transformation challenges both the ongoing relevance of prior research on business angels and current methodological practices, and raises a set of new research questions.

Business angel investinga key source of finance for entrepreneurial businessesis evolving from a fragmented and largely anonymous activity dominated by individuals investing on their own to one that is increasingly characterised by groups of investors investing together through managed angel syndicates. The implications of this change have been largely ignored by scholars. Based on research in Scotland, which has experienced a particularly rapid growth in angel groups, the paper examines the following issues: the drivers of this change, the characteristics of the groups; their investment activity and outcomes; the investment process of angel groups; and the characteristics and role of group 'gatekeepers'. The paper concludes with an assessment of the impact of this growth of angel groups on the economy and considers the implications for other regions and countries.

Konstantinos (2021) Analyzing blockchain adoption barriers in manufacturing supply chains by the neutrosophic analytic hierarchy process. Annals of Operations Research.

A major focus of research on business angels has examined their decision-making processes and investment criteria. As business angels reject most of the opportunities that they receive, this article explores the reasons informing such decisions. In view of angel heterogeneity, investment opportunities might be expected to be rejected for differing reasons. Two sources of data are used to examine this issue. Face-to-face interviews with 30 business angels in Scotland and Northern Ireland provided information on typical 'deal killers' This was complemented by an internet survey of UK that attracted responses from 238 UK business angels. The findings confirm that the main reason for rejection relates to the entrepreneur/management team. However, angel characteristics do not explain the number of reasons given for opportunity rejection nor do they predict the reasons for rejecting investment opportunities. This could be related to the increasing trend for business angels to join organized groups which, in turn, leads to the development of a shared repertoire of investment approaches. We suggest the concept of 'communities-of-practice' as an explanation for this finding.

The debate on patient capital, particularly in the varieties of capitalism literature, concentrates on institutions and public markets. In this paper we take an entrepreneurial finance perspective to examine the investment attitudes and behaviours of business angels. These represent the biggest source of external risk capital for new and young growing companies and therefore play a critical role in entrepreneurial ecosystems. Drawing on both a detailed review of previous research on business angel investment time horizons, investor engagement and exit behaviour and new survey evidence we conclude that only a minority of angels could be defined as being exit-centric investors. It can be concluded that the vast majority of angels are patient investors in terms of investment intentions, engagement and exit behaviour, largely by default rather than intent. Most do not consider the exit at the investment appraisal stage nor the need for patience.