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12 The role of business angels in the new financial landscape

  • Sofia Avdeitchikova und Hans Landström
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De Gruyter Handbook of Entrepreneurial Finance
Ein Kapitel aus dem Buch De Gruyter Handbook of Entrepreneurial Finance

Abstract

Both access to and use of external sources of finance by entrepreneurial ventures have transformed significantly over the past 10-15 years, which may have induced an important shift in the role of business angels (BAs). In this chapter we elaborate on this changing role of BAs, and in particular on the value creation provided by BAs in the new financial landscape. We propose to reframe the discussion on the value creation of BAs to better capture their current and potential contribution to the economy and society, and distinguish between three aspects of value creation of BAs - business, that is their financial and non-financial contribution to the firms that they invest in; situational, that is, their role at critical points of economic and societal development, and system, that is, their role in strengthening regional entrepreneurial ecosystems. Further, we suggest a number of areas that we believe to be particularly fruitful over the coming years for deepening our knowledge about the role of BAs in the new financial landscape.

Abstract

Both access to and use of external sources of finance by entrepreneurial ventures have transformed significantly over the past 10-15 years, which may have induced an important shift in the role of business angels (BAs). In this chapter we elaborate on this changing role of BAs, and in particular on the value creation provided by BAs in the new financial landscape. We propose to reframe the discussion on the value creation of BAs to better capture their current and potential contribution to the economy and society, and distinguish between three aspects of value creation of BAs - business, that is their financial and non-financial contribution to the firms that they invest in; situational, that is, their role at critical points of economic and societal development, and system, that is, their role in strengthening regional entrepreneurial ecosystems. Further, we suggest a number of areas that we believe to be particularly fruitful over the coming years for deepening our knowledge about the role of BAs in the new financial landscape.

Kapitel in diesem Buch

  1. Frontmatter I
  2. Acknowledgments V
  3. Contents VII
  4. Editor and contributor biographies XI
  5. Introduction 1
  6. Part I: The individual level
  7. Introduction 13
  8. 1 The role of founders’ tangible resources in founding new ventures 15
  9. The bootstrapping-bricolage interface 37
  10. 3 Effectuation and entrepreneurial finance 55
  11. 4 Portfolio entrepreneurs: The role of risk 75
  12. Part II: The inner circle
  13. Introduction 89
  14. 5 Informal financing of entrepreneurs 91
  15. 6 Funding entrepreneurs within business groups: An emerging market view 107
  16. 7 How business incubators and accelerators finance startups 119
  17. Part III: The wider world
  18. Introduction 137
  19. 8 Formal debt as a source of entrepreneurial finance 139
  20. 9 Microfinance and entrepreneurial finance: A review and future research agenda 153
  21. 10 Venture capital as a source of entrepreneurial finance 171
  22. 11 Corporate venture capital: A literature review and research agenda 195
  23. 12 The role of business angels in the new financial landscape 223
  24. 13 Government financing of startups 245
  25. 14 Family offices as startup investors: A synergetic relationship of the old and new economy? 265
  26. Part IV: Emerging perspectives
  27. Introduction 291
  28. 15 A scoping review of most influential entrepreneurial finance studies in developing countries 293
  29. 16 Conceptualizing gender in entrepreneurial finance: Past trends, current developments and future opportunities 317
  30. 17 Indigenous entrepreneurial finance: Mapping the landscape with Canadian evidence 335
  31. 18 Financing entrepreneurs in post-conflict and disaster zones 359
  32. 19 Ethics and entrepreneurial finance 375
  33. Conclusion 391
  34. List of figures 401
  35. List of tables 403
  36. Index 405
https://doi.org/10.1515/9783110726312-016

Kapitel in diesem Buch

  1. Frontmatter I
  2. Acknowledgments V
  3. Contents VII
  4. Editor and contributor biographies XI
  5. Introduction 1
  6. Part I: The individual level
  7. Introduction 13
  8. 1 The role of founders’ tangible resources in founding new ventures 15
  9. The bootstrapping-bricolage interface 37
  10. 3 Effectuation and entrepreneurial finance 55
  11. 4 Portfolio entrepreneurs: The role of risk 75
  12. Part II: The inner circle
  13. Introduction 89
  14. 5 Informal financing of entrepreneurs 91
  15. 6 Funding entrepreneurs within business groups: An emerging market view 107
  16. 7 How business incubators and accelerators finance startups 119
  17. Part III: The wider world
  18. Introduction 137
  19. 8 Formal debt as a source of entrepreneurial finance 139
  20. 9 Microfinance and entrepreneurial finance: A review and future research agenda 153
  21. 10 Venture capital as a source of entrepreneurial finance 171
  22. 11 Corporate venture capital: A literature review and research agenda 195
  23. 12 The role of business angels in the new financial landscape 223
  24. 13 Government financing of startups 245
  25. 14 Family offices as startup investors: A synergetic relationship of the old and new economy? 265
  26. Part IV: Emerging perspectives
  27. Introduction 291
  28. 15 A scoping review of most influential entrepreneurial finance studies in developing countries 293
  29. 16 Conceptualizing gender in entrepreneurial finance: Past trends, current developments and future opportunities 317
  30. 17 Indigenous entrepreneurial finance: Mapping the landscape with Canadian evidence 335
  31. 18 Financing entrepreneurs in post-conflict and disaster zones 359
  32. 19 Ethics and entrepreneurial finance 375
  33. Conclusion 391
  34. List of figures 401
  35. List of tables 403
  36. Index 405
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Heruntergeladen am 17.10.2025 von https://www.degruyterbrill.com/document/doi/10.1515/9783110726312-016/html
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