47:
593:. Angel investors often provide support to startups at a very early stage (when the risk of their failure is relatively high), once or in a consecutive manner, and when most investors are not prepared to back them. In a survey of 150 founders conducted by Wilbur Labs, about 70% of entrepreneurs will face potential business failure, and nearly 66% will face this potential failure within 25 months of launching their company. A small but increasing number of angel investors invest online through
678:, investment fund, or other vehicle. A Harvard report by William R. Kerr, Josh Lerner, and Antoinette Schoar provides evidence that angel-funded startups are more likely to succeed than companies reliant on other forms of initial financing. The paper found "that angel funding is positively correlated with higher survival, additional fundraising outside the angel group, and faster growth measured through growth in website traffic".
721:. Additionally, angel investors often mitigate the risk of an angel investment by allocating less than 10% of their portfolio to these types of investments. Because a large percentage of angel investments are lost completely when early-stage companies fail, professional angel investors seek investments that have the potential to return at least ten or more times their original investment within 5 years through a defined
2553:
2543:
2523:
2503:
2493:
2533:
2513:
686:
small investments under US$ 1–2 million. On an annual basis, the combined value of all angel investments in the US almost reaches the combined value of all US venture capital funds, while angel investors invest in more than 60 times as many companies as venture capital firms (US$ 20.1 billion vs. $ 23.26 billion in the US in 2010, into 61,900 companies vs. 1,012 companies).
690:
2007), biotech (15% vs. 8% in 2009), industrial/energy (8% vs. 17% in 2009), retail (5% vs. 8% in 2009) and IT services (5%). While more readily available than venture financing, angel investment is still extremely difficult to raise. However, some new models are developing that are trying to make this easier.
633:
Angel investors are often retired entrepreneurs or executives who may be interested in angel investing for reasons that go beyond pure monetary return. These reasons include: wanting to keep abreast of current developments in a particular business arena, mentoring another generation of entrepreneurs,
870:
loosened those requirements starting in
January 2013. Reaching nearly $ 23 billion in 2012 in the US, angel investors are not only responsible for funding over 67,000 start-up ventures annually, but their capital also contributed to job growth by helping to finance 274,800 new jobs in 2012. In 2013,
857:
dominates United States angel investing, receiving 39% of the $ 7.5 billion invested in US-based companies throughout Q2 2011, 3–4 times as much as the total amount invested within New
England. Total angel investments in the United States in 2021 were $ 29.1 billion, an increase of 15.2 percent over
836:
In terms of returns, 35 percent of investments produced returns of between one and five times the initial investment, while 9 percent produced returns of multiples of ten times or more. The mean return, however, was 2.2 times the investment in 3.6 years and an approximate internal rate of return of
685:
between "friends and family" funding rounds and more robust start-up financing through formal venture capital. Although it is usually difficult to raise more than a few hundred thousand dollars from friends and family, most traditional venture capital funds are usually not able to make or evaluate
840:
The UK Business Angel market grew in 2009 through 2010 and, despite recessionary concerns, continues to show signs of growth. In 2013, this dynamic kept going on in the UK as angel investors were named by two-thirds of technology entrepreneurs as a means of funding. By 2015, angel investments had
689:
There is no set amount for angel investors. Investments can range from a few thousand to a few million dollars. The healthcare/medical industry accounted for the largest share of angel investments in 2010, with 30% of total angel investments (vs. 17% in 2009), followed by software (16% vs. 19% in
750:
In recent years, a new trend has emerged in the business world known as "founding angels". These are angel investors who get involved with a startup even before it is officially established. Unlike a traditional business angel, because founding angels invest so early, they are typically seen as
638:
in startups, rather than existing organizations, angel investors provide (in addition to funds) feedback, advice, and contacts. Because there are no public exchanges listing their securities, private companies meet angel investors in several ways, including referrals from the investors' trusted
754:
Founding angels most often co-found startups with scientists, developers, or engineers in the technology space who bring in the technology upon which the start-up is based. After they are founded, they are actively engaged in the management of startups, typically in a non-executive position,
621:, where it was used to describe wealthy individuals who provided money for theatrical productions that would otherwise have had to shut down. This term, however, was not used in the context of investing in companies until 1978, when William Wetzel, a then-professor at the
737:
for a typical successful portfolio of angel investments is typically as 'low' as 20–30%. While the investor's need for high rates of return on any given investment can make angel financing an expensive source of funds, cheaper sources of capital, such as
1886:
832:
with an average investment size of £42,000 per investment. Furthermore, each angel investor on average acquired 8 percent of the venture in the deal, with 10 percent of investments accounting for more than 20 percent of the venture.
887:
The Indian
Government introduced Atal Incubation centers and Technology Incubation and Development of Entrepreneurs, a program to solely support ICT startups in building emerging technologies including AI, IoT, and blockchain.
625:
and founder of its Center for
Venture Research, completed a pioneering study on how entrepreneurs raised seed capital in the US. He began using the term "angel" to describe the investors who supported them. A similar term,
2423:
642:
According to the Center for
Venture Research, there were 363,460 active angel investors in the US in 2021. In the late 1980s, angels started to coalesce into informal groups with the goal of sharing
2001:
1893:
639:
sources and other business contacts, at investor conferences and symposia, and at face-to-face meetings organized by groups of angels where companies pitch directly to investors.
2496:
841:
increased throughout the UK, with angels making an average number of five investments, compared to 2.5 in 2009. The same report also found an increase in angel investors making
1738:
792:
and many others, needed to raise funds from
Softbank, Goldman Sachs, Fidelity, and other institutions. However, by 2015, several Chinese Angel groups had been in operation.
879:
Saudi Vision 2030 was launched in 2016, and since then, the entrepreneurship ecosystem is being built from scratch. The number of angel investor groups reached 8 in 2022.
755:
supporting the day-to-day running of the business. They less often have a predefined exit strategy, and more often hold onto equity long into the company's development.
1844:
1994:
1470:
1773:
2070:
733:. After taking into account the need to cover failed investments and the multi-year holding time for even the successful ones, however, the actual effective
1385:
Angels are also extremely discerning in the projects that they will invest in (rejecting, on average, approximately 97% of the proposals submitted to them).
2556:
1987:
1758:
544:
2468:
1278:
1633:
1819:
772:(NACO) pioneered the angel investing movement and supported the formation of regional angel networks in Canada. According to both NACO and the
1312:
1963:
1612:
1556:
1228:
1092:
1067:
1042:
898:
411:
1342:
977:
634:
and making use of their experience and networks on a less than full-time basis. Because innovations tend to be produced by outsiders and
2290:
2285:
867:
773:
769:
1577:
Festel, Gunter; De Cleyn, Sven (2013). "Founding angels as an emerging subtype of the angel investment model in high-tech businesses".
2193:
863:
1509:
1252:
768:
Canada is reportedly home to the most sophisticated and advanced network of angel investors in the world. Incorporated in 2002, the
1112:
609:
and provide advice to their portfolio companies. The number of angel investors has greatly increased since the mid-20th century.
2078:
2055:
995:
537:
1944:
David, Dharish; Gopalan, Sasidaran; Ramachandran, Suma (2020-12-30). "The
Startup Environment and Funding Activity in India".
2526:
2268:
1244:
Handbook of
Entrepreneurship Research: An Interdisciplinary Survey and ... – Zoltán J. Ács, David B. Audretsch – Google Books
776:, there are 20,000–50,000 active angel investors in Canada. Over 4,000 are members of 45 angel groups that are NACO members.
650:
work and pooling their funds to make larger investments. Angel groups are generally local organizations made up of 10 to 150
386:
2536:
2506:
513:
335:
2516:
2273:
667:
654:
interested in early-stage investing. In 1996, there were about 10 angel groups in the US; by 2006, there were over 200.
2103:
2098:
2093:
2088:
2083:
1862:
1777:
622:
61:
670:). Although typically reflecting the investment judgment of an individual, the entity providing the funding may be a
2150:
812:
is one of the country's top community angel investors, and was named "The Most Active
Business Angel in Russia" by
530:
287:
2360:
2310:
2248:
2208:
2155:
1798:
943:
675:
396:
2577:
2546:
2463:
2458:
730:
1285:
1163:
2443:
2438:
2393:
928:
813:
734:
726:
216:
2145:
2453:
2418:
2315:
1697:
1204:"The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis – HBS Working Knowledge"
784:
Before 2000, it was difficult for startups in China to find local angel investors. Entrepreneurs, such as
361:
1141:
2370:
2278:
693:
Much like other forms of private equity, angel investment decision-making has been shown to suffer from
493:
406:
1613:"Claudio Rojas, NACO's new CEO, wants to "see some magic happen" for Canadian entrepreneurs | BetaKit"
1177:
2398:
2183:
2060:
1945:
718:
651:
340:
243:
1676:
1471:"Why Angel Investors Don't Make Money … And Advice For People Who Are Going To Become Angels Anyway"
2473:
2335:
2243:
2238:
2234:
2188:
1525:
Tenca, Francesca; Croce, Annalisa; Ughetto, Elisa (2019-03-01), Claus, Iris; Krippner, Leo (eds.),
1320:
918:
859:
698:
594:
518:
1223:
Loewen, Jacoline (2008). Money Magnet: Attract
Investors to Your Business: John Wiley & Sons.
978:"An Introduction to Angel Investing: A guide to investing in early stage entrepreneurial ventures"
2448:
2408:
2345:
2340:
2178:
1594:
1451:
809:
801:
606:
508:
466:
451:
421:
345:
273:
190:
68:
56:
1774:"Siding with the angels: Business angel investing – promising outcomes and effective strategies"
1527:"Business Angels Research in Entrepreneurial Finance: A Literature Review and a Research Agenda"
1526:
1349:
46:
2413:
2140:
2135:
2130:
2045:
1959:
1552:
1505:
1443:
1248:
1242:
1224:
1088:
1063:
1038:
441:
436:
426:
371:
197:
165:
1373:
2253:
2122:
2033:
1951:
1586:
1542:
1534:
1497:
1435:
913:
842:
751:"founders" and typically have much greater involvement in the early stages of the business.
694:
618:
590:
586:
488:
483:
456:
326:
302:
297:
258:
238:
202:
150:
38:
858:
2020, with 69,060 companies receiving funding. In the United States, angels are generally
2433:
2355:
2203:
2165:
2040:
2014:
1651:
1492:
Sørheim, Roger; Botelho, Tiago (2016). "Categorisations of business angels: An overview".
948:
663:
446:
431:
391:
207:
145:
106:
101:
2258:
2050:
2010:
923:
854:
805:
804:. This was an exclusive event devoted to private investing into innovative projects in
714:
702:
461:
316:
278:
170:
117:
111:
91:
86:
2571:
2365:
2350:
2330:
2218:
1979:
1598:
1455:
789:
722:
647:
401:
376:
228:
175:
1203:
2478:
2403:
2375:
2320:
2213:
953:
903:
682:
503:
478:
248:
140:
135:
126:
96:
1918:
1590:
17:
2263:
1501:
938:
635:
498:
311:
268:
263:
253:
160:
77:
1955:
581:) is an individual who provides capital to a business or businesses, including
2428:
2198:
1538:
933:
1447:
2325:
1019:
908:
828:
in 2009 estimated there were between 4,000 and 6,000 angel investors in the
671:
643:
1820:"Annual Report on the Business Angel Market in the United Kingdom: 2009/10"
871:
41% of tech sector executives named angel investors as a means of funding.
1398:
1547:
582:
223:
1845:"Angel investors and government grants dominate British tech investment"
845:, with 25% of angels saying they had made an impact investment in 2014.
1439:
996:"The Top 10 Entrepreneurial Mistakes that Startup Studios Help Address"
785:
713:
Angel investments bear extremely high risks and are usually subject to
473:
416:
800:
In 2012, the International Business Angels Assembly took place in the
2028:
627:
742:
financing, are usually not available for most early-stage ventures.
666:, who manage the pooled money of others in a professionally managed
1887:"What Angel Investors Know About Startup Investing That You Don't"
825:
155:
717:
from future investment rounds. As such, they require a very high
739:
381:
1983:
1202:
William R. Kerr; Josh Lerner; Antoinette Scholar (2010-04-15).
1423:
1181:
829:
1113:"The Angel Market in 2021: Metrics Indicate Strong Market"
1718:
1307:
1305:
1698:"With stocks' stellar growth over, startups gain favor"
971:
969:
1313:"Historical Trend Data, Select Financing Sequence – 1"
1759:"Top 20 B2B Startup Investors in Russian Federation"
1272:
1270:
1085:
Fundamentals of Internet of Things for Non-Engineers
2384:
2303:
2227:
2164:
2121:
2112:
2069:
2021:
1947:
Investment in Startups and Small Business Financing
1838:
1836:
617:The application of the term "angel" originates in
662:Angels typically invest their own funds (unlike
1422:Zhang, Stephen X.; Cueto, Javier (2015-11-09).
1083:Hammons, Rebecca Lee; Kovac, Ronald J. (2019).
1995:
1035:Your First Startup- Sparking Entrepreneurship
538:
8:
2497:Private equity and venture capital investors
1241:Ács, Zoltán J.; Audretsch, David B. (2003).
1142:"How to fund other startups (and get rich)"
2532:
2512:
2469:Taxation of private equity and hedge funds
2286:Private investment in public equity (PIPE)
2118:
2002:
1988:
1980:
1799:"The UK Business Angel market for 2009/10"
1399:"Cash-strapped entrepreneurs get creative"
1087:. Boca Raton, FL: CRC Press. p. 390.
1060:Angel Investing: The Untold Story of India
545:
531:
29:
1546:
1719:"International Business Angels Assembly"
1319:. Pwcmoneytree.com. 2011. Archived from
1494:Handbook of Research on Business Angels
1424:"The Study of Bias in Entrepreneurship"
965:
353:
325:
286:
183:
125:
76:
37:
1950:. World Scientific. pp. 193–232.
1180:. Nvca.org. 2012-11-20. Archived from
1178:"National Venture Capital Association"
1164:"All Financing Sources Are Not Equal"
899:Comparison of business angel networks
7:
1469:Rachleff, Andy (30 September 2012).
1428:Entrepreneurship Theory and Practice
1343:"Full Year 2009 Angel Market Trends"
1279:"Full Year 2010 Angel Market Trends"
1106:
1104:
1062:. Singapore: Macmillan. p. 12.
1919:"Angel Group in Saudi Arabia (KSA)"
1634:"Angel investors: How to find them"
774:Business Development Bank of Canada
770:National Angel Capital Organization
994:Kronenberger, Craig (2021-08-20).
25:
1863:"UKBAA Report 2015 Main Findings"
1037:. BFC Publications. p. 155.
2552:
2551:
2542:
2541:
2531:
2522:
2521:
2511:
2502:
2501:
2492:
2491:
862:in order to comply with current
45:
1397:Prentice, Claire (2010-05-12).
1376:. California Investment Network
681:Angel capital fills the gap in
288:Over-the-counter (off-exchange)
2269:Publicly traded private equity
1739:"Marchmont Innovantional News"
1640:. BDC/NACO. 12 September 2020.
1531:Contemporary Topics in Finance
1348:. Wsbe.unh.edu. Archived from
1284:. Wsbe.unh.edu. Archived from
1111:Sohl, Jeffrey (May 20, 2022).
1:
2537:List of venture capital firms
1892:. RockThePost. Archived from
630:", is commonly used in arts.
514:Sustainable development goals
2517:List of private equity firms
2274:Business Development Company
1652:"Angel Activity Report 2016"
1591:10.1080/13691066.2013.807059
1341:Sohl, Jeffrey (2010-03-31).
1277:Sohl, Jeffrey (2011-04-12).
1140:Lee, Jeanne (May 31, 2006).
1020:"A Guide to Angel Investors"
658:Source and extent of funding
597:or organize themselves into
1533:, Wiley, pp. 183–214,
1502:10.4337/9781783471720.00009
1120:Center for Venture Research
1022:. Entrepreneur. 2010-08-17.
623:University of New Hampshire
2594:
2361:High-net-worth individuals
2151:Leveraged recapitalization
1956:10.1142/9789811235825_0007
1166:. Boston Business Journal.
1058:Mustafa, Mohammad (2021).
866:regulations, although the
585:, usually in exchange for
2487:
2249:Limited liability company
2209:Venture capital financing
2156:Dividend recapitalization
1539:10.1002/9781119565178.ch7
944:Venture capital financing
676:limited liability company
397:Diversification (finance)
1843:Alex Hern (2014-07-23).
759:Geographical differences
2316:Institutional investors
976:McKaskill, Tom (2009).
929:Revenue-based financing
814:Russian Venture Company
735:internal rate of return
727:initial public offering
725:, such as plans for an
2454:Liquidation preference
2419:Distribution waterfall
2371:Sovereign wealth funds
1033:Bansal, Raman (2021).
1000:Startup Studio Insider
362:Alternative investment
2527:Venture capital firms
2279:Venture capital trust
1317:The Money Tree Report
494:Investment management
407:Environmental finance
2507:Private equity firms
2235:Private equity firms
2184:Post-money valuation
2061:Equity co-investment
860:accredited investors
719:return on investment
652:accredited investors
613:Etymology and origin
2557:Portfolio companies
2474:Undercapitalization
2326:Insurance companies
2244:Limited partnership
2189:Pre-money valuation
919:Pre-money valuation
699:illusion of control
664:venture capitalists
595:equity crowdfunding
519:Sustainable finance
33:Part of a series on
2409:Capital commitment
2179:Business incubator
2146:Buy–sell agreement
1917:Magnitt, Magnitt.
1867:UK Business Angels
1700:. cnbc. 2015-11-09
1677:"Company Overview"
1656:www.nacocanada.com
1440:10.1111/etap.12212
1374:"Entrepreneur FAQ"
843:impact investments
837:22 percent gross.
810:Alexander Borodich
802:Russian Federation
709:Investment profile
607:investment capital
509:Speculative attack
274:Structured product
27:Venture capitalist
2565:
2564:
2414:Capital structure
2299:
2298:
2141:Divisional buyout
2136:Management buyout
2131:Financial sponsor
1965:978-981-12-3581-8
1558:978-1-119-56517-8
1229:978-0-470-15575-2
1094:978-1-000-00034-4
1069:978-981-16-0921-3
1044:978-93-91455-26-2
567:informal investor
561:(also known as a
555:
554:
382:Banks and banking
372:Asset (economics)
198:Credit derivative
166:Stock certificate
39:Financial markets
18:Private investors
16:(Redirected from
2585:
2555:
2554:
2545:
2544:
2535:
2534:
2525:
2524:
2515:
2514:
2505:
2504:
2495:
2494:
2356:Commercial banks
2346:Investment banks
2254:Carried interest
2119:
2022:Investment types
2004:
1997:
1990:
1981:
1970:
1969:
1941:
1935:
1934:
1932:
1930:
1914:
1908:
1907:
1905:
1904:
1898:
1891:
1883:
1877:
1876:
1874:
1873:
1859:
1853:
1852:
1840:
1831:
1830:
1828:
1827:
1816:
1810:
1809:
1807:
1806:
1795:
1789:
1788:
1786:
1785:
1776:. Archived from
1769:
1763:
1762:
1755:
1749:
1748:
1746:
1745:
1735:
1729:
1728:
1726:
1725:
1715:
1709:
1708:
1706:
1705:
1694:
1688:
1687:
1685:
1683:
1673:
1667:
1666:
1664:
1662:
1648:
1642:
1641:
1630:
1624:
1623:
1621:
1620:
1609:
1603:
1602:
1574:
1568:
1567:
1566:
1565:
1550:
1522:
1516:
1515:
1489:
1483:
1482:
1480:
1478:
1466:
1460:
1459:
1419:
1413:
1412:
1410:
1409:
1394:
1388:
1387:
1382:
1381:
1370:
1364:
1363:
1361:
1360:
1354:
1347:
1338:
1332:
1331:
1329:
1328:
1309:
1300:
1299:
1297:
1296:
1290:
1283:
1274:
1265:
1264:
1262:
1261:
1238:
1232:
1221:
1215:
1214:
1212:
1211:
1199:
1193:
1192:
1190:
1189:
1174:
1168:
1167:
1159:
1153:
1152:
1150:
1149:
1137:
1131:
1130:
1128:
1126:
1117:
1108:
1099:
1098:
1080:
1074:
1073:
1055:
1049:
1048:
1030:
1024:
1023:
1016:
1010:
1009:
1007:
1006:
991:
985:
984:
982:
973:
914:Entrepreneurship
868:JOBS Act of 2012
853:Geographically,
695:cognitive biases
619:Broadway theater
591:ownership equity
587:convertible debt
575:private investor
547:
540:
533:
489:Impact investing
484:Growth investing
217:Foreign exchange
203:Futures exchange
151:Registered share
49:
30:
21:
2593:
2592:
2588:
2587:
2586:
2584:
2583:
2582:
2578:Angel investing
2568:
2567:
2566:
2561:
2547:Angel investors
2483:
2434:High-yield debt
2387:financial terms
2386:
2380:
2295:
2223:
2204:Startup company
2160:
2114:
2108:
2065:
2017:
2015:venture capital
2008:
1978:
1973:
1966:
1943:
1942:
1938:
1928:
1926:
1916:
1915:
1911:
1902:
1900:
1896:
1889:
1885:
1884:
1880:
1871:
1869:
1861:
1860:
1856:
1842:
1841:
1834:
1825:
1823:
1818:
1817:
1813:
1804:
1802:
1801:. Venture Giant
1797:
1796:
1792:
1783:
1781:
1772:R.E. Wiltbank.
1771:
1770:
1766:
1757:
1756:
1752:
1743:
1741:
1737:
1736:
1732:
1723:
1721:
1717:
1716:
1712:
1703:
1701:
1696:
1695:
1691:
1681:
1679:
1675:
1674:
1670:
1660:
1658:
1650:
1649:
1645:
1632:
1631:
1627:
1618:
1616:
1611:
1610:
1606:
1579:Venture Capital
1576:
1575:
1571:
1563:
1561:
1559:
1524:
1523:
1519:
1512:
1491:
1490:
1486:
1476:
1474:
1468:
1467:
1463:
1421:
1420:
1416:
1407:
1405:
1396:
1395:
1391:
1379:
1377:
1372:
1371:
1367:
1358:
1356:
1352:
1345:
1340:
1339:
1335:
1326:
1324:
1311:
1310:
1303:
1294:
1292:
1288:
1281:
1276:
1275:
1268:
1259:
1257:
1255:
1240:
1239:
1235:
1222:
1218:
1209:
1207:
1206:. Hbswk.hbs.edu
1201:
1200:
1196:
1187:
1185:
1176:
1175:
1171:
1161:
1160:
1156:
1147:
1145:
1139:
1138:
1134:
1124:
1122:
1115:
1110:
1109:
1102:
1095:
1082:
1081:
1077:
1070:
1057:
1056:
1052:
1045:
1032:
1031:
1027:
1018:
1017:
1013:
1004:
1002:
993:
992:
988:
983:. pp. 2–3.
980:
975:
974:
967:
963:
958:
949:Venture funding
894:
885:
877:
851:
822:
798:
782:
766:
761:
748:
746:Founding angels
711:
660:
615:
551:
392:Climate finance
321:
307:
235:
234:
214:
213:
208:Hybrid security
146:Preferred stock
116:
107:High-yield debt
102:Government bond
28:
23:
22:
15:
12:
11:
5:
2591:
2589:
2581:
2580:
2570:
2569:
2563:
2562:
2560:
2559:
2549:
2539:
2529:
2519:
2509:
2499:
2488:
2485:
2484:
2482:
2481:
2476:
2471:
2466:
2461:
2456:
2451:
2446:
2441:
2436:
2431:
2426:
2421:
2416:
2411:
2406:
2401:
2396:
2390:
2388:
2382:
2381:
2379:
2378:
2373:
2368:
2366:Family offices
2363:
2358:
2353:
2351:Merchant banks
2348:
2343:
2338:
2333:
2328:
2323:
2318:
2313:
2307:
2305:
2301:
2300:
2297:
2296:
2294:
2293:
2288:
2283:
2282:
2281:
2276:
2266:
2261:
2259:Management fee
2256:
2251:
2246:
2241:
2231:
2229:
2225:
2224:
2222:
2221:
2216:
2211:
2206:
2201:
2196:
2191:
2186:
2181:
2176:
2174:Angel investor
2170:
2168:
2162:
2161:
2159:
2158:
2153:
2148:
2143:
2138:
2133:
2127:
2125:
2116:
2110:
2109:
2107:
2106:
2101:
2096:
2091:
2086:
2081:
2075:
2073:
2067:
2066:
2064:
2063:
2058:
2053:
2048:
2043:
2038:
2037:
2036:
2025:
2023:
2019:
2018:
2011:Private equity
2009:
2007:
2006:
1999:
1992:
1984:
1977:
1976:External links
1974:
1972:
1971:
1964:
1936:
1909:
1878:
1854:
1832:
1811:
1790:
1764:
1750:
1730:
1710:
1689:
1668:
1643:
1625:
1604:
1585:(3): 261–282.
1569:
1557:
1517:
1510:
1484:
1461:
1434:(3): 419–454.
1414:
1389:
1365:
1333:
1301:
1266:
1253:
1233:
1216:
1194:
1169:
1154:
1132:
1100:
1093:
1075:
1068:
1050:
1043:
1025:
1011:
986:
964:
962:
959:
957:
956:
951:
946:
941:
936:
931:
926:
924:Private equity
921:
916:
911:
906:
901:
895:
893:
890:
884:
881:
876:
873:
855:Silicon Valley
850:
847:
821:
820:United Kingdom
818:
806:Eastern Europe
797:
794:
781:
778:
765:
762:
760:
757:
747:
744:
710:
707:
703:overconfidence
659:
656:
614:
611:
603:angel networks
563:business angel
559:angel investor
553:
552:
550:
549:
542:
535:
527:
524:
523:
522:
521:
516:
511:
506:
501:
496:
491:
486:
481:
476:
471:
470:
469:
464:
459:
454:
449:
444:
439:
434:
429:
424:
414:
409:
404:
399:
394:
389:
384:
379:
374:
369:
367:Angel investor
364:
356:
355:
351:
350:
349:
348:
343:
338:
330:
329:
323:
322:
320:
319:
314:
308:
306:
305:
300:
294:
291:
290:
284:
283:
282:
281:
279:Swap (finance)
276:
271:
266:
261:
256:
251:
246:
241:
233:
232:
226:
219:
215:
212:
211:
205:
200:
193:
189:
186:
185:
181:
180:
179:
178:
173:
171:Stock exchange
168:
163:
158:
153:
148:
143:
138:
130:
129:
123:
122:
121:
120:
118:Securitization
114:
112:Municipal bond
109:
104:
99:
94:
92:Corporate bond
89:
87:Bond valuation
81:
80:
74:
73:
72:
71:
59:
51:
50:
42:
41:
35:
34:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2590:
2579:
2576:
2575:
2573:
2558:
2550:
2548:
2540:
2538:
2530:
2528:
2520:
2518:
2510:
2508:
2500:
2498:
2490:
2489:
2486:
2480:
2477:
2475:
2472:
2470:
2467:
2465:
2462:
2460:
2457:
2455:
2452:
2450:
2447:
2445:
2442:
2440:
2437:
2435:
2432:
2430:
2427:
2425:
2422:
2420:
2417:
2415:
2412:
2410:
2407:
2405:
2402:
2400:
2397:
2395:
2392:
2391:
2389:
2383:
2377:
2374:
2372:
2369:
2367:
2364:
2362:
2359:
2357:
2354:
2352:
2349:
2347:
2344:
2342:
2339:
2337:
2334:
2332:
2331:Fund of funds
2329:
2327:
2324:
2322:
2321:Pension funds
2319:
2317:
2314:
2312:
2309:
2308:
2306:
2302:
2292:
2289:
2287:
2284:
2280:
2277:
2275:
2272:
2271:
2270:
2267:
2265:
2262:
2260:
2257:
2255:
2252:
2250:
2247:
2245:
2242:
2240:
2236:
2233:
2232:
2230:
2226:
2220:
2219:Venture round
2217:
2215:
2212:
2210:
2207:
2205:
2202:
2200:
2197:
2195:
2192:
2190:
2187:
2185:
2182:
2180:
2177:
2175:
2172:
2171:
2169:
2167:
2163:
2157:
2154:
2152:
2149:
2147:
2144:
2142:
2139:
2137:
2134:
2132:
2129:
2128:
2126:
2124:
2120:
2117:
2111:
2105:
2102:
2100:
2097:
2095:
2092:
2090:
2087:
2085:
2082:
2080:
2079:Early history
2077:
2076:
2074:
2072:
2068:
2062:
2059:
2057:
2054:
2052:
2049:
2047:
2044:
2042:
2039:
2035:
2032:
2031:
2030:
2027:
2026:
2024:
2020:
2016:
2012:
2005:
2000:
1998:
1993:
1991:
1986:
1985:
1982:
1975:
1967:
1961:
1957:
1953:
1949:
1948:
1940:
1937:
1924:
1920:
1913:
1910:
1899:on 2013-10-05
1895:
1888:
1882:
1879:
1868:
1864:
1858:
1855:
1850:
1846:
1839:
1837:
1833:
1821:
1815:
1812:
1800:
1794:
1791:
1780:on 2013-01-13
1779:
1775:
1768:
1765:
1760:
1754:
1751:
1740:
1734:
1731:
1720:
1714:
1711:
1699:
1693:
1690:
1678:
1672:
1669:
1657:
1653:
1647:
1644:
1639:
1635:
1629:
1626:
1614:
1608:
1605:
1600:
1596:
1592:
1588:
1584:
1580:
1573:
1570:
1560:
1554:
1549:
1548:11311/1031294
1544:
1540:
1536:
1532:
1528:
1521:
1518:
1513:
1511:9781783471720
1507:
1503:
1499:
1495:
1488:
1485:
1472:
1465:
1462:
1457:
1453:
1449:
1445:
1441:
1437:
1433:
1429:
1425:
1418:
1415:
1404:
1400:
1393:
1390:
1386:
1375:
1369:
1366:
1355:on 2013-01-20
1351:
1344:
1337:
1334:
1323:on 2011-10-24
1322:
1318:
1314:
1308:
1306:
1302:
1291:on 2011-12-16
1287:
1280:
1273:
1271:
1267:
1256:
1254:9781402073588
1250:
1246:
1245:
1237:
1234:
1230:
1226:
1220:
1217:
1205:
1198:
1195:
1184:on 2012-07-29
1183:
1179:
1173:
1170:
1165:
1162:Joe Hadzima.
1158:
1155:
1143:
1136:
1133:
1121:
1114:
1107:
1105:
1101:
1096:
1090:
1086:
1079:
1076:
1071:
1065:
1061:
1054:
1051:
1046:
1040:
1036:
1029:
1026:
1021:
1015:
1012:
1001:
997:
990:
987:
979:
972:
970:
966:
960:
955:
952:
950:
947:
945:
942:
940:
937:
935:
932:
930:
927:
925:
922:
920:
917:
915:
912:
910:
907:
905:
902:
900:
897:
896:
891:
889:
882:
880:
874:
872:
869:
865:
861:
856:
849:United States
848:
846:
844:
838:
834:
831:
827:
819:
817:
815:
811:
807:
803:
795:
793:
791:
790:Alibaba Group
787:
779:
777:
775:
771:
763:
758:
756:
752:
745:
743:
741:
736:
732:
728:
724:
723:exit strategy
720:
716:
708:
706:
704:
700:
696:
691:
687:
684:
679:
677:
673:
669:
665:
657:
655:
653:
649:
648:due diligence
645:
640:
637:
631:
629:
624:
620:
612:
610:
608:
604:
600:
596:
592:
588:
584:
580:
579:seed investor
576:
572:
568:
564:
560:
548:
543:
541:
536:
534:
529:
528:
526:
525:
520:
517:
515:
512:
510:
507:
505:
502:
500:
497:
495:
492:
490:
487:
485:
482:
480:
477:
475:
472:
468:
465:
463:
460:
458:
455:
453:
450:
448:
445:
443:
440:
438:
435:
433:
430:
428:
425:
423:
420:
419:
418:
415:
413:
410:
408:
405:
403:
402:Eco-investing
400:
398:
395:
393:
390:
388:
385:
383:
380:
378:
377:Asset pricing
375:
373:
370:
368:
365:
363:
360:
359:
358:
357:
354:Related areas
352:
347:
344:
342:
339:
337:
334:
333:
332:
331:
328:
324:
318:
315:
313:
310:
309:
304:
301:
299:
296:
295:
293:
292:
289:
285:
280:
277:
275:
272:
270:
267:
265:
262:
260:
257:
255:
252:
250:
247:
245:
242:
240:
237:
236:
230:
229:Exchange rate
227:
225:
221:
220:
218:
209:
206:
204:
201:
199:
195:
194:
192:
188:
187:
184:Other markets
182:
177:
176:Watered stock
174:
172:
169:
167:
164:
162:
159:
157:
154:
152:
149:
147:
144:
142:
139:
137:
134:
133:
132:
131:
128:
124:
119:
115:
113:
110:
108:
105:
103:
100:
98:
95:
93:
90:
88:
85:
84:
83:
82:
79:
75:
70:
67:
63:
60:
58:
57:Public market
55:
54:
53:
52:
48:
44:
43:
40:
36:
32:
31:
19:
2479:Vintage year
2404:Capital call
2376:Crowdfunding
2311:Corporations
2214:Venture debt
2173:
1946:
1939:
1927:. Retrieved
1922:
1912:
1901:. Retrieved
1894:the original
1881:
1870:. Retrieved
1866:
1857:
1849:the Guardian
1848:
1824:. Retrieved
1822:. Bis.gov.uk
1814:
1803:. Retrieved
1793:
1782:. Retrieved
1778:the original
1767:
1753:
1742:. Retrieved
1733:
1722:. Retrieved
1713:
1702:. Retrieved
1692:
1680:. Retrieved
1671:
1659:. Retrieved
1655:
1646:
1637:
1628:
1617:. Retrieved
1615:. 2019-04-26
1607:
1582:
1578:
1572:
1562:, retrieved
1530:
1520:
1493:
1487:
1477:30 September
1475:. Retrieved
1473:. Techcrunch
1464:
1431:
1427:
1417:
1406:. Retrieved
1402:
1392:
1384:
1378:. Retrieved
1368:
1357:. Retrieved
1350:the original
1336:
1325:. Retrieved
1321:the original
1316:
1293:. Retrieved
1286:the original
1258:. Retrieved
1243:
1236:
1219:
1208:. Retrieved
1197:
1186:. Retrieved
1182:the original
1172:
1157:
1146:. Retrieved
1135:
1125:February 10,
1123:. Retrieved
1119:
1084:
1078:
1059:
1053:
1034:
1028:
1014:
1003:. Retrieved
999:
989:
954:Vulture fund
904:Crowdfunding
886:
878:
875:Saudi Arabia
852:
839:
835:
823:
799:
783:
767:
753:
749:
712:
697:such as the
692:
688:
683:seed funding
680:
674:, business,
661:
641:
632:
616:
602:
599:angel groups
598:
578:
574:
571:angel funder
570:
566:
562:
558:
556:
504:Market trend
479:Greenwashing
366:
336:Participants
141:Growth stock
136:Common stock
127:Stock market
97:Fixed income
65:
2341:Foundations
2264:Pledge fund
2056:Secondaries
1144:. CNN Money
939:Super angel
824:A study by
731:acquisition
499:Market risk
312:Spot market
269:Reinsurance
264:Real estate
254:Mutual fund
191:Derivatives
161:Stockbroker
78:Bond market
2429:Envy ratio
2336:Endowments
2199:Seed money
2113:Terms and
1903:2013-09-01
1872:2015-07-07
1826:2012-12-01
1805:2012-12-01
1784:2013-04-02
1744:2012-12-01
1724:2012-12-01
1704:2016-08-29
1682:24 January
1638:www.bdc.ca
1619:2022-03-13
1564:2023-06-23
1408:2012-12-01
1380:2011-09-27
1359:2011-09-27
1327:2011-09-27
1295:2011-09-27
1260:2012-12-01
1210:2012-12-01
1188:2012-12-01
1148:2012-12-01
1005:2022-03-09
961:References
934:Seed money
341:Regulation
69:Securities
2399:Cap table
2304:Investors
2228:Structure
2046:Mezzanine
2034:Leveraged
1925:. Magnitt
1599:154613196
1496:: 76–91.
1456:146617323
1448:1042-2587
909:Deep tech
644:deal flow
605:to share
442:corporate
417:Financial
239:Commodity
2572:Category
2449:Leverage
2385:Related
2115:concepts
1661:25 March
1403:BBC News
892:See also
715:dilution
636:founders
583:startups
467:services
457:personal
452:forecast
422:analysis
346:Clearing
298:Forwards
224:Currency
62:Exchange
2459:M&A
2166:Venture
2071:History
2041:Venture
1929:18 July
1923:Magnitt
786:Jack Ma
474:Fintech
437:betting
427:analyst
327:Trading
303:Options
2424:EBITDA
2123:Buyout
2051:Growth
2029:Buyout
1962:
1597:
1555:
1508:
1454:
1446:
1251:
1227:
1091:
1066:
1041:
796:Russia
764:Canada
729:or an
628:patron
462:public
259:Option
64:
2239:funds
2104:2020s
2099:2010s
2094:2000s
2089:1990s
2084:1980s
1897:(PDF)
1890:(PDF)
1595:S2CID
1452:S2CID
1353:(PDF)
1346:(PDF)
1289:(PDF)
1282:(PDF)
1116:(PDF)
981:(PDF)
883:India
826:NESTA
780:China
672:trust
577:, or
447:crime
432:asset
317:Swaps
249:Money
156:Stock
2291:SPAC
2237:and
2194:SAFE
2013:and
1960:ISBN
1931:2022
1684:2014
1663:2018
1553:ISBN
1506:ISBN
1479:2012
1444:ISSN
1249:ISBN
1225:ISBN
1127:2023
1089:ISBN
1064:ISBN
1039:ISBN
740:bank
701:and
668:fund
646:and
387:Bull
2464:PME
2444:IRR
2439:IPO
2394:AUM
1952:doi
1587:doi
1543:hdl
1535:doi
1498:doi
1436:doi
864:SEC
788:of
601:or
589:or
557:An
412:ESG
244:ETF
2574::
1958:.
1921:.
1865:.
1847:.
1835:^
1654:.
1636:.
1593:.
1583:15
1581:.
1551:,
1541:,
1529:,
1504:.
1450:.
1442:.
1432:41
1430:.
1426:.
1401:.
1383:.
1315:.
1304:^
1269:^
1247:.
1118:.
1103:^
998:.
968:^
830:UK
816:.
808:.
705:.
573:,
569:,
565:,
2003:e
1996:t
1989:v
1968:.
1954::
1933:.
1906:.
1875:.
1851:.
1829:.
1808:.
1787:.
1761:.
1747:.
1727:.
1707:.
1686:.
1665:.
1622:.
1601:.
1589::
1545::
1537::
1514:.
1500::
1481:.
1458:.
1438::
1411:.
1362:.
1330:.
1298:.
1263:.
1231:.
1213:.
1191:.
1151:.
1129:.
1097:.
1072:.
1047:.
1008:.
626:"
546:e
539:t
532:v
231:)
222:(
210:)
196:(
66:·
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
