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Business angels in Germany: An empirical study

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  • Heinrich Stedler
  • Hans Peters

Abstract

Since the mid-1980s in the USA and since the start of the 1990s in Great Britain, the investment activities of business angels and their motives have been the subject of careful examination through empirical survey and analysis. These evaluations have not been undertaken in Germany. It was assumed that the results from the USA and Great Britain could be applied to the behaviour of German business angels. However, this ignores social and cultural differences between countries. The aim of this study is to close this information gap by providing some basic information on German business angels, notably their motivations and reasons for investing, with the practical objective of highlighting to students how to attract business angels to their own start-ups. The research is based on interviews with more than 230 business angels.

Suggested Citation

  • Heinrich Stedler & Hans Peters, 2003. "Business angels in Germany: An empirical study," Venture Capital, Taylor & Francis Journals, vol. 5(3), pages 269-276.
    • Handle: RePEc:taf:veecee:v:5:y:2003:i:3:p:269-276
    DOI: 10.1080/1369106032000126596
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    Cited by:

    1. Carpentier, Cécile & Suret, Jean-Marc, 2015. "Angel group members' decision process and rejection criteria: A longitudinal analysis," Journal of Business Venturing, Elsevier, vol. 30(6), pages 808-821.
    2. Wales William & Cox Kevin C. & Lortie Jason & Sproul Curtis R., 2019. "Blowing Smoke? How Early-Stage Investors Interpret Hopeful Discourse within Entrepreneurially Oriented Business Plans," Entrepreneurship Research Journal, De Gruyter, vol. 9(3), pages 1-16, July.
    3. Rafał Morawczyński, 2020. "Venture Capitalists’ Investment Criteria in Poland: Entrepreneurial Opportunities, Entrepreneurs, and Founding Teams," Administrative Sciences, MDPI, vol. 10(4), pages 1-30, October.
    4. Fei Qin & Tomasz Mickiewicz & Saul Estrin, 2022. "Homophily and peer influence in early-stage new venture informal investment," Small Business Economics, Springer, vol. 59(1), pages 93-116, June.
    5. Joël Ludvigsen, 2009. "Decision time in Belgium: an experiment as to how business angels evaluate investment opportunities," Working Papers CEB 09-037.RS, ULB -- Universite Libre de Bruxelles.
    6. Marek Zinecker & Martina Skalicka & Adam P. Balcerzak & Michał Bernard Pietrzak, 2022. "Identifying the impact of external environment on business angel activity," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 83-105, December.
    7. Esho, Ebes & Verhoef, Grietjie, 2018. "The Funding Gap and the Financing of Small and Medium Businesses: An Integrated Literature Review and an Agenda," MPRA Paper 90153, University Library of Munich, Germany, revised 21 Nov 2018.
    8. Albert Irawan, 2014. "Factors that Determines the Success of Business Demon Value Added Management," Business and Economic Research, Macrothink Institute, vol. 4(1), pages 319-350, June.
    9. Brett Anthony White & John Dumay, 2020. "The angel investment decision: insights from Australian business angels," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(3), pages 3133-3162, September.
    10. Egeln, Jürgen & Gottschalk, Sandra, 2014. "Finanzierung von jungen Unternehmen in Deutschland durch Privatinvestoren: Auswertungen aus dem KfW/ZEW Gründungspanel. Projektbericht," ZEW Expertises, ZEW - Leibniz Centre for European Economic Research, number 110576.
    11. Maxwell, Andrew L. & Jeffrey, Scott A. & Lévesque, Moren, 2011. "Business angel early stage decision making," Journal of Business Venturing, Elsevier, vol. 26(2), pages 212-225, March.
    12. Colin Mason & Jennifer Kwok, 2010. "Investment Readiness Programmes and Access to Finance: A Critical Review of Design Issues," Local Economy, London South Bank University, vol. 25(4), pages 269-292, June.
    13. Berger, Marius & Gottschalk, Sandra, 2021. "Financing and advising early stage startups: The effect of angel investor subsidies," ZEW Discussion Papers 21-069, ZEW - Leibniz Centre for European Economic Research.
    14. Lefebvre, Vincent & Certhoux, Gilles & Radu-Lefebvre, Miruna, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Technovation, Elsevier, vol. 109(C).
    15. Vincent Lefebvre & Gilles Certhoux & Miruna Radu-Lefebvre, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Post-Print hal-03545529, HAL.
    16. Hor, Shoon Chan (Timothy) & Chang, Artemis & Torres de Oliveira, Rui & Davidsson, Per, 2021. "From the theories of financial resource acquisition to a theory for acquiring financial resources - how should digital ventures raise equity capital beyond seed funding," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    17. Richard T. Harrison & Colin M. Mason, 2007. "Does Gender Matter? Women Business Angels and the Supply of Entrepreneurial Finance," Entrepreneurship Theory and Practice, , vol. 31(3), pages 445-472, May.

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