“The Importance of Angel Investing in Financing the Growth of Entrepreneurial Ventures”

Investigation of the role of angel investing in financing private businesses in the United
States is important.1 Many observers consider angel investments to be one of the key
drivers behind the startup and the growth of new businesses,2 despite a paucity of
information to confirm whether or not this is true. Unlike venture capital investments,
angel investments are made by individual investors who do not make up a known
population. Therefore, much of what is reported about angel investing comes from
anecdotes and surveys of convenience samples, which are prone to biases and

Moreover, research on this topic is plagued by definitional confusion, in
which different investigators confound informal investors, friends and family who invest
in start-ups, accredited and unaccredited angel investors, and individual and group
investing; this confusion makes it difficult to compare findings across studies.

by Scott Shane

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