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IESE Research Papers,
IESE Business School

No D/655: Do business angels alter the risk-return equation in early stage investments? Business angels as seen by venture capitalists in the German speaking countries

Franz Heukamp (), Heinrich Liechtenstein and Nick Wakeling
Additional contact information
Franz Heukamp: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Heinrich Liechtenstein: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Nick Wakeling: Citigroup Corporate and Investment Bank

Abstract: Venture capitalists in German-speaking countries do not value the contribution of business angels in co-invested deals. Business angels do not reduce the risk perceived by venture capitalists in early-stage deals, even if the business angels have what venture capitalists regard as an ideal profile. Venture capitalists also refute that deals with business angels typically generate higher internal rates of return than deals without business angels.

Keywords: Venture capital; Business Angels

33 pages, October 12, 2006

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