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Candida G. Brush, Linda F. Edelman and Tatiana S. Manolova

Angel investment plays a crucial role in financing growth-oriented ventures by filling the gap between informal infusions by family and friends and more formal institutional (venture capital) investment. In this chapter we are interested in women’s ability to obtain critical early-stage, angel funding. Using a ‘readiness for funding’ framework and drawing from a proprietary database of 668 firms that over a four-year period sought angel investment from the members of a prominent angel investment group located outside of Boston, MA we compare men-only top management teams to teams which are more diverse. Our findings indicate that despite being more ‘ready’ on many of our readiness indicators, diverse top management teams are not more likely to receive funding compared to their all male counterparts. This suggests that when it comes to angel financing, the effect of top management team diversity is more nuanced and intermediated. Implications are discussed.