Seeding new ventures – green thumbs and fertile fields: Individual and environmental drivers of informal investment

Abstract

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Business Angels Research in Entrepreneurial Finance: A Literature Review and a Research Agenda

“…However, these studies have also recognised that BAs can be heterogeneous in their characteristics and investment behaviours. Differences among BAs relate to their demographical characteristics, income and education (Szerb et al ., ,b), their motivations and willingness to invest (Freear et al ., ; Sullivan and Miller, ; Robinson and Cottrell, ; Szerb et al ., ,b), their investing experience and competences (Sørheim and Landström, ; Avdeitchikova, ) and their investment practices and post‐investment involvement (Lathi, ; Landström, ). Some recent papers also address the possibility that BAs have dynamic investment patterns, over time or in different contexts (Robinson and Cottrell, ; Avdeitchikova, ; Avdeitchikova et al ., ; Lathi, ).…”

“…demand for informal investment) generates its own supply of finance, as a result of both micro and macro factors (Burke et al ., ; De Clercq et al ., , ). This stream of literature also analyses the impact of economic cycles (Sohl and Rosenbers, ; Månsson and Landström, ) and of the changes in the national taxation systems and governmental regulations (Månsson and Landström, ; Szerb et al ., ,b; Tingchi and Chang, ) on the evolution of the BA market in several countries (Freear et al ., ; Manigart and Struyf, ; Veselovsky et al . ).…”

The ivory tower of business angel research

“…In several articles the authors elaborate on the need to improve BA networks, for example, by enhancing the quality control of the BAs registered in the networks, increasing the deal flow by becoming more proactive in searching for growthoriented ventures (Harrison and Mason 2000), facilitating the formation of BA syndicates, becoming more active in sharing their deal-making experiences and involving serial entrepreneurs who want to make informal investments (Kelly and Hay 2003), attracting managers in various positions to make informal investments (Politis and Landström 2002) and developing education and training material for BAs and entrepreneurs (Kelly and Hay 2003;Wong and Ho 2007). A second topic in early articles on BAs concerns the need for tax incentives and regulation for BA markets in general (e.g., Aernoudt 1999;Paul et al 2003;Riding 2008;Szerb et al 2007). Most of these implications were rather general and few concrete implications emerged.…”

“…One key issue is recognition of the heterogeneity of the BA market. Lahti (2011a) and Szerb et al (2007) argue that policy makers need to understand the heterogeneity of the market and design appropriate initiatives that attract each of these groups of BAs. In this respect we can find a recurring theme in the implications.…”

Informal Investors in Chile: An Exploratory Study From a Gender Perspective / Neformalių Investuotojų (Pagal Lytį) Tyrimas Čilėje

“…In the context of Latin America, Bolivia is one of the countries with the highest rate of informal investors (11.6 percent), followed by Peru, Mexico and Chile with 10.5 percent, 10.4 percent and 9.3 percent, respectively (GEM 2008). Since Wetzel's pioneering studies, many academics have analyzed diverse aspects of informal investments, such as characteristics and determinants Szerb et al 2007aSzerb et al , 2007bMaula, Autio, Arenius 2005;Moen, Sorheim, Erikson 2008;Wong, Ho 2007), the role of fiscal incentives (Carpentier, Suret 2007;Riding 2008), the barriers to investment (Mason, Harrison 2002), public policies (Mason, Harrison 1999), and the returns of investment (Bygrave, Hunt 2007;Mason, Harrison 2002). The studies concentrate on specific segments of angel investors and most of those that have employed a gender focus have looked from the perspective of the demand for informal investment (Becker-Blease, Arenius, Autio 2006;Verhuel, Thurik 2001;Marlow, Patton 2005, 2007.…”