Rejected investment opportunities

  • Titel:
    Austrian business angels and rejected investment opportunities. A Theoretical and Empirical Study.
  • Author: Julia Inquart
  • Date: 02/2015
  • Language: English
  • Type: Master Thesis
  • Thesis Coach: Prof. Dr. Matthias Fink
  • University: Johannes Kepler University



The aim of the master thesis is to identify and figure out possible deal breakers in the screening and the due diligence phase of angel investments. Potential obstacles are analyzed in details, which make the closing of a deal not feasible from the point of view of a business angel. The objective is the comparison of the rejection reasons at different stages in the investment process.

Institutionalization of Business Angels

  • Titel:
    Die Institutionalisierung von Business Angels und dessen Auswirkungen auf Start-Ups im deutschsprachigen Raum
  • Author: Julian Furthlener, BA
  • Date: 12/2014
  • Language: German
  • Type: Master Thesis
  • Thesis Coach: Dr. Stefan Fink
  • University: FH Oberösterreich


The funding of a start-up corporation often turns out to be a challenge for founders. Business angels are a possible source of funding. Those investors provide not only equity, but also know-how and a large network for the start-up-company. This master thesis analyses the effects of the institutionalisation of business angels on start-up-companies in Austria, Germany and Switzerland.

Angel funding is already analysed in the existing literature, as well as the institutionalisation of those investors. Since the effects of that institutionalisation on start-up-corporations are not investigated, empirical studies have been also conducted in this thesis, in addition to a literature research. Those points of a transaction of a business angel – investment, where possible effects of the institutionalisation could arise, have beend found in the literature research. In the empirical studies, the differences of those points – depending on the status of the business angel (independend or institutionalised), have beend investigated.

From those differences the effects on start-ups have been derived. One effect of the institutionalisation of business angels can be found in the audit of the company, which is done before the investment. The empirical research showed, that the audit of the company is done in a more detailed and accurate way by institutionalised business angels than by independend investors. Another effect of the institutionalisation of business angels concerns the exit of the investment, which is planned more accurate by institutionalised investors. The pre-definition and communication of the exit-path towards the start-up leads to an increase of pressure for the founders. 
Start-up-corporations can use the findings of this thesis in order to get aware of the effects, the institutionalisation of business angels has on them.