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Why do business angels invest? Uncovering angels’ goals

dc.contributor.authorFalcão, Rui
dc.contributor.authorCarneiro, Maria João
dc.contributor.authorMoreira, Antonio
dc.date.accessioned2026-02-18T13:57:10Z
dc.date.available2026-02-18T13:57:10Z
dc.date.issued2023-07-14en_US
dc.date.updated2026-01-26T23:57:51Z
dc.description.abstractDespite the increasing importance of business angels (BAs) as crucial players in the growth of high-potential early-stage startups, their motivations are not fully understood. Many of the perceptions of BAs deviate significantly from more conventional views of conventional economic and financial models. To gain a comprehensive understanding of BAs’ goals, qualitative techniques from marketing and consumer behaviour as additional lenses (including laddering and meansends chains) were employed to allow currently active BAs to articulate their goals in ways that forced-choice, quantitative methods do not achieve. Additionally, to determine if entrepreneurs perceive BAs in the same way BAs see themselves, entrepreneurs were asked to provide their perspectives on why BAs choose to become angel investors, based on their experiences with BAs. The findings reveal that traditional financial viewpoints do not adequately capture the depth and driving force behind BAs’ goals, while entrepreneurs appear to be overly influenced by conventional assumptions about these goals. The study also provides valuable insights into the relationships and hierarchy among BAs’ goals, and on the relevance of each goal. The paper ends with reflections on the practical implications of this research for BAs, entrepreneurs and policymakers.eng
dc.description.versioninfo:eu-repo/semantics/publishedVersion
dc.identifier.doi10.1080/23311975.2023.2234134en_US
dc.identifier.slugcv-prod-3515181
dc.identifier.urihttp://hdl.handle.net/10400.2/21337
dc.language.isoeng
dc.peerreviewedyes
dc.relationResearch Unit on Governance, Competitiveness and Public Policy
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectAngel goals
dc.subjectBusiness angel identity
dc.subjectInvestor goals
dc.subjectEntrepreneur
dc.subjectSelf-development
dc.titleWhy do business angels invest? Uncovering angels’ goalseng
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleResearch Unit on Governance, Competitiveness and Public Policy
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04058%2F2020/PT
oaire.citation.issue2en_US
oaire.citation.startPage2234134
oaire.citation.titleCogent Business & Managementen_US
oaire.citation.volume10en_US
oaire.fundingStream6817 - DCRRNI ID
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameMoreira
person.givenNameAntonio
person.identifier.orcid0000-0002-6613-8796
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.cv.cienciaid541F-5442-5666 | António Carrizo Moreira
rcaap.rightsopenAccessen_US
relation.isAuthorOfPublication51ad303d-335c-4e2f-bae3-fffffef2e2f5
relation.isAuthorOfPublication.latestForDiscovery51ad303d-335c-4e2f-bae3-fffffef2e2f5
relation.isProjectOfPublication09a748c9-b3e0-47c4-aa29-625129945fd6
relation.isProjectOfPublication.latestForDiscovery09a748c9-b3e0-47c4-aa29-625129945fd6

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