Where do angels come from?
研究发现，有创业背景的天使投资人表现不如有风险投资背景的，原因在于他们难以将过往经验泛化到不同投资情境，且缺乏专业网络支持。
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.