Angles on angels: financing technology-based ventures – a historical perspective

This paper reviews 20 years of research on the angel segment of the venture capital market. A lot has been learnt from one-shot studies of the attitudes, behaviour and characteristics of business angels. Taxonomies have been developed. However, we now need systematic insights into the dynamics of the angel market. The paper calls for longitudinal studies of angel and entrepreneurial behaviour, information flows, links to other market segments, information quality, formal and informal networks and the latent angel problem. The research base needs to be put on a solid theoretical and conceptual foundation. This research will provide the guidance required by public policy to unlock the capital and know-how of the millions of latent angels.