• Research

    Supporting scientific work in the field of early stage investing

The business angel institute supports all kinds of scientific progress in the field of angel investing.  We support bachelor as well as master theses and appreciate giving interviews to establish and expand the scientific context. Additionally, we can feature thesis topics offered by research institutions as well as students.

Projects supported by the Business Angel Institute:

  • Binder, Manuel. Handlungsoptionen zur Verbesserung der Rahmenbedingungen für Start-ups in Österreich. Link
  • Christopoulos, Dimitris. Study on Investment Funds for Technology Based Startups in Vienna. Link
  • Fürlinger, Georg. Academic Entrepreneurship in the US and EU: The Impact of Social Capital on University Spin-Off Performance. Link
  • Furtlehner, Julian. Die Institutionalisierung von Business Angels und dessen Auswirkungen auf Start-Ups im deutschsprachigen Raum.
  • Guth, Sebastian. Developing a competitor analysis canvas model for start-ups in the pre-seed phase: a qualitative study of approaches, models, and concepts used by innovation-oriented entrepreneurs, consultants, and investors. Link
  • Hartl, Herbert. Entrepreneurship bei kapitalintensiven IT-Innovationen und wenig oder keinem Eigenkapital.
  • Inquart, Julia. Austrian business angels and rejected investment opportunities. Link
  • Jahn, Katharina. Der Einfluss von Venture Capital auf die Internationalisierung von österreichischen Start-up-Unternehmen. Link
  • Kren, Andrea et al. Akademische Unternehmensgründungen in der Steiermark. (Studie) Link
  • Munoz, Elena Toca. Venture Failure – Basis für den zukünftigen unternehmerischen Erfolg?
  • Schmidt, Sebastian. Investitionserfolg von Business Angels.
  • Steinbauer, David. Business Angels in Österreich. Eine quantitative Analyse. Link
  • Peikoff, Leonardo. Die größten Wirtschafts- und Finanzkrisen: Vergleich ihrer Auswirkungen unter besonderer Berücksichtigung österreichischer Klein- und Mittelunternehmen sowie Start-ups.

Recognized European researchers in the areas of innovation, financing, and investing in early-stage companies:

  • Baldauf, Artur. Artur Baldauf is a Professor and Director of the Department of Management at the University of Bern. Entrepreneurship is one of his major interests
  • Bonnet, Christophe. Christophe Bonnet is associate professor in finance at Grenoble Ecole de Management. His main areas of teaching and research are corporate finance, corporate governance, entrepreneurial finance, and private equity. Details. More details
  • Capizzi, Vincenzo. Professor for Banking and Finance, Universita del Piemonte Orientale, Novara, Italy. More details
  • Fink, Matthias. Matthias Fink is head of the Institute for Innovation at the Johannes Kepler University Linz, Austria, and a Professor for Innovation and Entrepreneurship at the Institute for International Management Practice at ARU Cambridge, UK. More details
  • Grichnik, Dietmar. Dietmar Grichnik is Professor of Entrepreneurship and Director of the Institute of Technology Management at the University of St. Gallen. As a former banker, then entrepreneur, investor and coach, he supports university start-ups. More details
  • Lahti, Tom. Entrepreneurship, Management, and Organisation. More details
  • Levratto, Nadine. Université Paris Ouest Nanterre La Défense. More details
  • Licht, Georg. Georg Licht is head of the research department of Industrial Economics and International Management at the Centre for European Economic Research (ZEW), in Mannheim, Germany. Research interests comprise the economics of innovation and technical change as well as on the economics of small firms and entrepreneurship. More details
  • Mason, Colin. Mason is a Professor of Entrepreneurship at the Adam Smith Business School, University of Glasgow. His areas of expertise include entrepreneurship, entrepreneurial finance, business angels, venture capital and enterprise policy. More details
  • Wirtz, Peter. Vice President for Research at the University of Leon, France. His work focuses on corporate finance. He publishes in French and English. More details
  • Wright, Mike. Professor Mike Wright joined Imperial College Business School as a Professor of Entrepreneurship in September 2011. He is Director of the Centre for Management Buy-out Research, the first center to be established devoted to the study of private equity and buyouts. More details

Note: If you are missing a name, please contact us! We are happy to extend our list.

General Publications in the field of angel investing worldwide:

  • Bessière Véronique, Stéphany Eric, Wirtz Peter (2019). Crowdfunding, business angels, and venture capital: an exploratory study of the concept of the funding trajectory. Capital Venture, Volume 22, 2020, Issue 2, p.135-160. Link
  • Block Joern, Fisch Christian, Vismara Silvio, Rene Andres (2019). Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices. Journal of Corporate Finance, Volume 58, 2019, p.329-352. Free download
  • Bonini Stefano, Capizzi Vincenzo, Valletta Mario, Zocchi Paola (2018). Angel network affiliation and business angels’ investment practices. Journal of Corporate Finance, Volume 50, 2018, p. 592-608.
  • Botelho, T., Harrison, R. & Mason, C. (2019). Business angel exits a theory of planned behavior perspective. Small Bus Econ, Free download
  • Cipollone Angela, Giordani Paolo E. (2018). Entrepreneurs meet financiers: Evidence from the business angel market. Journal of Business Venturing, Volume 34, 2019, Issue 5. Link 
  • Colin Mason, Tiago Botelho (2021). Business angel investing during the covid-19 economic crisis: evidence from Scotland. An International Journal of Entrepreneurial Finance, Volume 23, 2021 – Issue 4. Link
  • Daniel Neukirchen, Nils Engelhardt, Miguel Krause, Peter N. Posch (2022). The value of (private) investors relations during the COVID-19 crisis. Journal of Banking & Finance. Free download
  • Edelman Linda F., Manolova Tatiana S., Brush Candida G. (2017). Angel Investing: A Literature Review, Foundation and Trends in Entrepreneurship, Volume 13, 2017, Issue 4-5, p. 265-439. Free download
  • Francesco Ferrati, Moreno Muffatto (2021). Reviewing equity investors´funding criteria: a comprehensive classification and research agenda, An International Journal of Entrepreneurial Finance, Volume 23, 2021 – Issue 2. Link
  • Gvetadze Salome, Pal Kristian, Torfs Wouter (2019). The Business Angel portfolio under the European Angels Fund: An empirical analysis. European Investment Fund, Working Paper 2020/62. Free download
  • Harrison Richard T. (2016). The internationalization of business angel investment activity: a review and research agenda. Venture Capital, Volume 19, 2016, Issue 1-2, p.119-127. Link
  • Harrison Richard T., Bock Adam J. , Gregson Geoff  (2020). Stairway to heaven? rethinking angel investment policy and practice, Journal of Business Venturing Insights, Volume 14, 2020, e00180. Link
  • Hellmann Thomas, Schure Paul, Vo Dan, (2019). Angels and Venture Capitalists: Complements or Substitutes? Saïd Business School WP 2015-2, European Corporate Governance Institute, Finance Working Paper No. 628. Free download
  • Hernan Herrera-Echeverri, Debarshi K. Nandy, Daniel Fragua (2022). The role of private equity investments on exports: Evidence from OECD countries, Journal of Multinational Financial Management. Link
  • Josh Lerner, Jason Mao, Antoinette Schoar, Nan R. Zhang (2022). Investing outside the box: Evidence from alternative vehicles in private equity, Journal of Financial Economics, Volume 143, Issue 1, January 2022, Pages 359-380. Link
  • Landström Hans, Sørheim Roger (2019). The ivory tower of business angel research, Venture Capital, 21:1, p.97-119. Free download
  • Marro Pierre, Borg Luuk, (European Commission/BAF) (2017). Business Angel Funding: Understanding the Nature and Impact of Business Angel Funding. Free download
  • Mason Colin M., Botelho Tiago, Harrison Richard (2016). The transformation of the business angel market: empirical evidence and research implications. Venture Capital, Volume 18, Issue 4, 2016, p.321-344. Free download
  • Mason, Colin M. and Harrison, Richard T. and Botelho, Tiago (2015). Business Angel Exits: Strategies and Processes, International Research Handbook on Entrepreneurial Finance, 2015. Free download
  • Mason Colin M. , Botelho Tiago , Harrison Richard (2019). The changing nature of angel investing: some research implications, Venture Capital, Volume 21, 2019, Issue 2-3, p.177-194. Link
  • Mason Colin M. , Botelho Tiago (2017). Comparing the Initial Screening of Investment Opportunities by Business Angel Group Gatekeepers and Individual Angels. Emerging Trends in Entrepreneurial Finance Conference, 17 Pages, 2017. Link
  • Mojca Svetek (2022). Signaling in the context of early-stage equity financing: review and directions, An International Journal of Entrepreneurial Finance. Link
  • Natalia Matanova, Tanja Steigner, Ninon Sutton, Linh Thompson (2022). The influence of private equity and venture capital on the post-IPO performance of newly-public acquirers, The North American Journal of Economics and Finance, Volume 59, January 2022, 101597. Link
  • Paul A. Gompers, Steven N. Kaplan, Vladimir Mukharlyamov (2022). Private Equity and Covid-19, Journal of Financial Intermediation. Free Download
  • Richard T. Harrison (2022). „Pennies from heaven?” Market failure, circuits of capital and policy support for business angels: The case of cross-border angel investment, Journal of Business Venturing Insights, Volume 17, June 2022, e00311. Link
  • Shanimon Saleem (2022). Angel Fund Investment in Early Stage Startups Ecosystem. Free download
  • Teague Bruce, Gorton M. David, Liu Yanxin (2019). Different pitches for different stages of entrepreneurial development: the practice of pitching to business angels. Entrepreneurship & Regional Development, Volume 32, 2020, Issue 3-4, p.334-352. Link
  • White Brett A., Dumay John, (2016). Business angels: a research review and new agenda. Venture Capital, Volume 19, 2017, Issue 3, p.183-216. Link


7 Key Angel Investing Lessons Gleaned from Experience