Handbook of Research on Business Angels
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Handbook of Research on Business Angels

Edited by Hans Landström and Colin Mason

This book synthesizes 30 years of research on business angels by charting the significant role they play in the financing of entrepreneurial businesses in both developed and emerging economies. The expert group of contributors examine business angels themselves, the evolution of the market and the role of public policy in influencing angel investment. Finally, the editors provide an agenda for future research on business angels.
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Chapter 6: Investment decision-making by business angels

Andrew Maxwell


From the entrepreneur’s perspective, attracting investment from a business angel (BA) is not an easy task. Of course, there are many reasons for this. The chapter argues that entrepreneurs need to understand what drives BAs and how they make investment decisions. Such understanding will improve their prospects of raising finance. Thus, the aim of the chapter is to summarize and synthesize the research on the BA’s investment decisions. In particular, the author focuses on recent research that has explored the critical stage of the investment decision process when the entrepreneur and business angel first meet.

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