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.
Candida G. Brush, Linda F. Edelman and Tatiana S. Manolova
Tatiana S. Manolova, Linda F. Edelman, Candida G. Brush and Beate Rotefoss
A Comparative Analysis
Edited by Tatiana S. Manolova, Candida G. Brush, Linda F. Edelman, Alicia Robb and Friederike Welter
Tatiana S. Manolova, Candida G. Brush, Linda F. Edelman, Alicia Robb and Friederike Welter
In the introductory chapter to the book we discuss the biological roots of ecosystems and recent work on the entrepreneurship ecosystem concept with a focus on gender. This is followed by a presentation of the chapters in the book and how they collectively elucidate the gendered aspects of entrepreneurial ecosystems and their impact on women entrepreneurs’ growth strategies in different regions around the world. We conclude by summarizing the major insights from this collection of studies and by suggesting some directions for future research.