The changing nature of angel investing: some research implications

Colin Mason, Tiago Botelho, Richard Harrison

Research output: Contribution to journalArticlepeer-review

44 Citations (Scopus)
29 Downloads (Pure)


The business angel market is changing. Business angels are increasingly investing as part of organised and managed angel groups alongside other angels rather than on their own. This development has significant implications for research, challenging the traditional definition of a business angel, changing the characteristics of investments made by business angels, and transforming the way in which the investment process occurs. It also challenges the ongoing relevance of the existing body of angel research that has been based on studies of individual angels investing on their own. The research community has been slow to react to this change. The paper identifies a number of methodological issues and research priorities
Original languageEnglish
Pages (from-to)177-194
Number of pages18
JournalVenture Capital
Issue number2-3
Early online date29 May 2019
Publication statusPublished - 2019


  • Entrepreneurial finance
  • Business Angels
  • angel groups
  • Investment process
  • Follow-on Investments decision
  • methodology

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