![]() Conditional on receiving VC financing, I show that ventures backed by SAI with capital market experience are particularly popular among VC that lack successful exit experience. Data from 1) Field Research from 2018-2019 with nine Business Angel Investors and eight start-up founders found that SAIs provide materially more value and benefits than AIs in all four areas of our framework, specifically SAIs help overcome funding gaps, fill knowledge/experience gaps through providing own human, social and organizational capital during post-investment involvement and provide more resources to gather further funding and 2) Empirical evidencefrom the largest databaseon all angel and VC investments in China from 1995 to 2016 shows that start-up ventures invested by SAIs have 50%-to-100% higher probability of receiving subsequent VC financing than those invested by AIs, the effects are stronger when SAI had capital market (IPO and M&A) experience in their own entrepreneurial firms. This article asks whether the SAIs (SAIs), who are serial investors with past entrepreneurship experience, add more value to their investees than normal Angel Investors (AIs). Prior research highlights the role of seed-funders such as Business Angels (BAs) in bringing start-ups to success but often neglects heterogeneous attributes within the Angel Investors. Hong Kong Polytechnic University - Dissertations ![]() ![]() Do super angel investors have the Midas Touch? Evidence from China ![]()
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