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 8: Angel–entrepreneur relationships: demystifying their conflicts

Veroniek Collewaert


Business angels are active investors who create long-term relationships with the entrepreneurs in the ventures in which they invest. However, in-depth knowledge on how business angels and entrepreneurs work together to create an effective investment relationship is lacking. Nevertheless, we know that the business angel–entrepreneur relationship is not always ‘rosy’ – there is also a dark side of the relationship in which various kinds of conflicts can arise. The chapter elaborates on this issue by providing a review on our knowledge about the conditions, triggers, contingencies and outcomes of conflicts in the business angel–entrepreneur relationship. The author shows that both extremes – the absence of conflict and extremely high levels of conflict – are rare in the business angel–entrepreneur relationship. When conflicts do occur, the causes have many roots, from scarce resources, personal differences, to goal incompatibilities. The impact of a conflict could have performance-related outcomes as well as individual affect- and attitude-related outcomes. The author recognizes that not all conflicts are equally good or bad – rather, it depends on the type of conflicts that occur and various moderating influences such as team and task characteristics.

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