Drawing on literature from organizational behavior, strategic change and technology, we examine the new ventures’ readiness for funding by angel investors, using a unique dataset of 334 firms that sought investment from a prominent angel group located outside of Boston, MA during 2007-2008. Findings suggest that tangible, objective characteristics are important during the first decision-making stage, but that intangible, subjective new venture characteristics may be critical during subsequent decision stages. Interestingly, location remains significant throughout the angel investment decision-making process. Implications are discussed.
Brush, Candida G.; Edelman, Linda F.; and Manolova, Tatiana S.
"READY TO LAUNCH? GROWTH-ORIENTED VENTURES AND THE PURSUIT OF ANGEL FINANCING,"
Frontiers of Entrepreneurship Research: Vol. 30
, Article 2.
Available at: http://digitalknowledge.babson.edu/fer/vol30/iss12/2