The transformation of the business angel market: empirical evidence and research implications

Colin Mason, Tiago Botelho, Richard Harrison

Research output: Contribution to journalArticlepeer-review

71 Citations (Scopus)
28 Downloads (Pure)


Business angel investing – a key source of finance for entrepreneurial businesses – is rapidly evolving from a fragmented and largely anonymous activity dominated by individuals investing on their own to one that is increasingly characterised by groups of investors investing together through managed angel groups. The implications of this change have been largely ignored by scholars. The paper examines the investment activity and operation of angel groups in Scotland to highlight the implications of this change for the nature of angel investing. It goes on to argue that this transformation challenges both the ongoing relevance of prior research on business angels and current methodological practices, and raises a set of new research questions.
Original languageEnglish
Pages (from-to)321-344
Number of pages24
JournalVenture Capital
Issue number4
Early online date14 Sep 2016
Publication statusPublished - Sep 2016


  • entrepreneurial finance
  • business angels
  • angel groups
  • investment decision-making

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