Characterizing business angels and investigating the impact of their human capital on startup success

The present study aims to comprehensively describe angel investment and its possible effects in determining a startup’s success by analyzing 2114 business angels by taking into account their professional and entrepreneurial experience, academic formation and their demographic characteristics. This study demonstrates that both the academic background and the industry sector in which the business angels work directly correlate with the industry sector in which the start-up operates. Additionally, this study shows that the angel investors had invested more than once before and had a history as founders or cofounders of start-ups themselves. We extend these findings by providing insights on how angel investors shape the success of new entrepreneurs.

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