Abstract

It is widely acknowledged that Business Angels (BAs) conduct post-investment involvement in their investee companies. However, the role that the Managing Directors (MDs) of investee companies play in such involvement has not been explored in the BA discipline and has only been touched upon by very few Venture Capital (VC) researchers (e.g. Sapienza et al., 1996). Most BA research assumes that investee managers simply accept all involvement (Wickham, 2006) and that BAs expect their contributions to be accepted (Busenitz et al., 1997). However, one small strand of research in the VC discipline referred to the degree of investee managers’ responsiveness, or receptivity, to investor involvement as an important determinant for investor-investee interactions (Barney et al., 1994; 1996). The fact that VC researchers have identified the issue of responsiveness, and thus the possibility of non-responsiveness, gave rise to the underlying research which set out to explore the role that investee managers play in BAs’ involvement.

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