High Value-Added Business Angels at post-investment stages: Key predictors
基于293位西班牙商业天使的数据，研究发现投资前筛选更严格、与创始团队定期会面的投资者更可能成为高附加值天使，其提供“智慧资本”的能力受筛选和评估水平影响。
This article examines the differences and features displayed by business angels (BAs), depending on the extent of their involvement with, and support for, the start-ups they finance measured by expertise, experience and contacts. With a sample of 293 Spanish BAs, using data obtained from the Global Entrepreneurship Monitor (GEM) survey, our results indicate that investors who develop more rigorous screening processes in the pre-investment process and hold regular meetings with founder teams are more likely to become High Value-Added Business Angels (HVBAs). Accordingly, the ability of BAs to transfer so-called ‘smart capital’ is conditioned by the levels of screening and assessment applied at the pre-investment stage in terms of both the quality of projects and founder teams and the extent to which the expectations and profiles of the two parties match.