The ultimate purpose of investing in an entrepreneurial business is to achieve a financial return. Yet there is little discussion in the entrepreneurial finance literature on the exit process and only limited evidence on returns. This chapter focuses on business angels. It argues that the main...

Business angel investing – a key source of finance for entrepreneurial businesses – is evolving from a fragmented and largely anonymous activity dominated by individuals investing on their own to one that is increasingly characterised by groups of investors investing together through managed...