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 11: Business angels in sub-Saharan Africa

David Lingelbach


Definitional concerns are an issue when researching business angels in sub-Saharan Africa. In the chapter the author focuses on this subject in his review of our knowledge of business angels in sub-Saharan Africa. He emphasizes the need to consider the institutional context and the heterogeneity between countries as well as the differences from Western countries. He argues that the recent increase in gross domestic product growth in several African economies, combined with a slow reduction in the level of violence, has contributed to an increase in entrepreneurial activity and, as a consequence, we can expect an increase in business angel investments. However, these activities will not mimic the behavior of BAs in developed economies, but will evolve a practice that is suited to local conditions. National levels of business angel investing activity are likely to continue to vary, influenced by formal and informal institutions.

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