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Where do angels come from?
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DOI：10.1016/j.jcorpfin.2025.102815.png)
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Abstract
En 中文
Angel investing offers experienced entrepreneurs an opportunity to contribute to entrepreneurial ecosystems, with prior entrepreneurial experience believed to enhance an individual's ability to evaluate and nurture startups. This has led to expectations that angel investors with entrepreneurial backgrounds possess superior selection and treatment capabilities. However, our research challenges this assumption, documenting that angels with entrepreneurial backgrounds underperform relative to those with other upper echelon backgrounds, such as former venture capitalists. We explain these results through two key channels: the entrepreneurial learning channel, which suggests that former entrepreneurs may struggle to generalize their past experiences across different investment contexts, and the professional networks channel, which highlights the importance of syndication in venture capital.
Keywords:
Angel investors
Business angels
Venture capital
VC
Startups
Entrepreneurial finance
Background
Serial entrepreneurship
Human capital
G24
G30
L26
O16
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