The changing nature of angel investing: Some research implications

The business angel market is changing. Business angels are increasingly investing as part of organised and managed angel groups alongside other angels rather than on their own. This development has significant implications for research, challenging the traditional definition of a business angel, changing the characteristics of investments made by business angels, and transforming the way in which the investment process occurs. It also challenges the ongoing relevance of the existing body of angel research that has been based on studies of individual angels investing on their own. The research community has been slow to react to this change. The paper identifies a number of methodological issues and research priorities.