Angel group members' decision process and rejection criteria: A longitudinal analysis |
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| Institution: | 1. Technische Universität München, TUM School of Management, Arcisstr. 21, 80333 Munich, Germany;2. IE Business School, Maria de Molina 11, 13, 15, 28006 Madrid, Spain;3. Hankamer Business School, Baylor University, One Bear Place #98006, Waco, TX 76798-8006, United States;1. Department of Management, Università degli Studi di Bologna, Via U. Terracini 28, 40131 Bologna, Italy;2. Department of Management, Università degli Studi di Bologna, Via Capo di Lucca 34, 40126 Bologna, Italy;1. Hang Seng Management College, Hong Kong;2. Chinese University of Hong Kong, Hong Kong;3. Baptist University of Hong Kong, Hong Kong;1. Georgia Gwinnett College, Lawrenceville, GA 30043, USA;2. Wake Forest University; Winston-Salem, NC 27109, USA |
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| Abstract: | This paper investigates business angel group members' decision-making from project submission to the final decision. Using a Canadian group's archival data on 636 proposals, we provide a detailed longitudinal analysis of the decision process. The rejection reasons generally refer to market and execution risk; this finding holds for every step of the process for proposals that pass the pre-screen. Angel group members focus more on market and execution risk than agency risk, similar to venture capitalists. Inexperienced entrepreneurs are rejected for market and product reasons. Decision-making by the studied angel group members differs from that generally described for independent angels. |
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