An exploratory investigation of informal venture capitalists in Singapore

<title/> This paper presents an exploratory profile of Singapore's informal venture capitalists (business angels). It examines three issues: (1) investor characteristics--comparing descriptive data on Singapore angels; (2) the 'investee attractiveness' issue--classifying the characteristics of an opportunity most likely to result in an actual investment; and (3) relationship issues--describing key behaviours essential to the investor/investee relationship. The research questions were informed by previous international studies. However, in deference to the cultural mores of Singapore society, the research design and methodology were extensively modified. The results of this study have two implications. First, they can underpin structured hypotheses for future research. Second, they offer a challenge to traditional ways of thinking about capital provision to new ventures in the Singapore environment.