Abstract

http://ssrn.com/abstract=1977970
 
 

References (29)



 


 



Co-Investment Networks of Business Angels and the Performance of Their Start-Up Investments


Jochen Christian Werth


Goethe University Frankfurt

Patrick Böert


Independent

December 31, 2011

International Journal of Entrepreneurial Venturing, V5 N3 2013

Abstract:     
The venture capital literature has established the positive impact of coinvestment networks on the performance of start-up investments. In early stages, however, often angel financing is the primary source of external equity. Using a novel in-depth data set of U.S. high technology start-ups we investigate the effects of business angel networks. Start-ups of better connected angel investors are more likely to receive subsequent funding by venture capitalists and business angels more often exit successfully. Thereby, angel investors seem to rely on their direct contacts, whereas their network position and possibility to act as information brokers plays a far lesser role.

Number of Pages in PDF File: 25

Keywords: business angel, start-up, venture capital, networks, social capital, entrepreneurship

JEL Classification: A14, C23, G24, M13

Accepted Paper Series





Download This Paper

Date posted: January 1, 2012 ; Last revised: September 27, 2014

Suggested Citation

Werth, Jochen Christian and Böert, Patrick, Co-Investment Networks of Business Angels and the Performance of Their Start-Up Investments (December 31, 2011). International Journal of Entrepreneurial Venturing, V5 N3 2013. Available at SSRN: http://ssrn.com/abstract=1977970 or http://dx.doi.org/10.2139/ssrn.1977970

Contact Information

Jochen Christian Werth (Contact Author)
Goethe University Frankfurt ( email )
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
Patrick Böert
Independent ( email )
No Address Available
Feedback to SSRN


Paper statistics
Abstract Views: 986
Downloads: 299
Download Rank: 58,115
References:  29
People who downloaded this paper also downloaded:
1. Financing High-Growth Firms: The Role of Angel Investors
By Karen Wilson

Paper comments
No comments have been made on this paper

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo5 in 0.344 seconds