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The impact of business Angels on the successfulness of start-ups
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Founding new companies, often referred to as start-ups, require a substantial amount of
money and experience in order to take the right decisions to ensure future growth. The first
source of investments (followed by the founder’s own resources) are the famous 3 Fs (Friends,
Family and Fools) followed by Business Angels (BAs). The latter source turns out to be the most
important one for start-ups to ensure their survival during their early company stages. BAs can
be defined as “an individual and wealthy investor, who aims to support young companies by
financing them as well as giving strategical recommendations based on their personal
experience”. However, how does a founder know which BA is the right investors for his or her
venture? What are the important factors a start-up owner has to look for when searching for the
right BA? This thesis investigates experience factors of BAs that tend to be important for young
ventures with regard to their successfulness. Therefore, the following research investigates what
the important value-adding experience factors a BA has to contribute are. For this purpose, the
following research question (RQ) will be answered: “What are the important value-adding
experience factors a business angel has to contribute to a start-up in order to be successful?”
The research makes use of a logistical regression while using a dataset provided by the AIPPProject
by the Kauffman foundation in the US. The results of this thesis show, that the only
relevant experience factor of BAs that has an influence on the successfulness of the young
company is years of experience within the operating industry of the start-up. All other experience
factors investigated (educational background of the BA, number of previously founded
companies and the initial amount invested (in US Dollars)) do not have significant impacts on
the successfulness of the start-up. Consequently, young founders shall primary choose their
respective BAs based on their experiences in the respective industry.