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...

The nature of angel investing has changed over the past decade with the emergence of angel groups and a new actor – the angel group manager, or gatekeeper, whose primary role is to undertake the initial screening of investment opportunities. Each of the individual members of the groups then...