Publications

February 2000
Background Note

Angel Investing

By: Michael J. Roberts, Howard H. Stevenson and Kenneth B. Morse

Discusses the industry practices of angel investors, individuals who invest privately in new ventures. View Details

Keywords: Business Startups; Venture Capital; Practice

2017
Report

The American Angel: The First In-Depth Report on the Demographics and Investing Activity of Individual American Angel Investors

By: Laura Huang, Andy Wu, Min Ju Lee, Jiayi Bao, Marianne Hudson and Elaine Bolle

Early-stage financing from angel investors is critical to the success of high-growth startups. Recent estimates suggest that annual US angel investment activity may total as much as $24 billion each year, contributing to the growth and success of more than 64,000... View Details

Keywords: Angel Investors; Geography; Risk; Entrepreneurship; Venture Capital; Demographics; Geographic Location; Decision Making; Financial Services Industry; Technology Industry; United States

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17 Mar 2022
News

Venture Capital & Angel Investing - What We Know and Still Need to Learn

Keywords: Angel investing

November 2001 (Revised March 2002)
Case

Digital Angel

By: Youngme E. Moon and Kerry Herman

Digital Angel is considering the appropriate marketing plan for the launch of its new locator device. The device, a watch and pager worn in combination, provides GPS location information and monitors heart rate and body temperature via body sensors. Parents of young... View Details

Keywords: Information; Safety; Rights; Market Entry and Exit; Ethics; Product Launch; Brands and Branding; Product Development

Awards

The American Angel Project

Selected for the American Angel Project by the Angel Capital Association for 2016–2017. View Details

2016
Article

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

By: Andy Wu

We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details

Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans

Find at Harvard

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Portrait Project

Angel Gonzalez

I was seven years old when I saw my mom cry for the first time. Minutes before, we had boarded the bus home after running errands. Half a bus stop later, though, she realized she had left her purse. After getting the bus driver to make an impromptu stop, my brother and... View Details

April 2011 (Revised April 2012)
Case

Angels in British Columbia

By: Josh Lerner, Thomas Hellmann and Ilkin Ilyaszade

The case study provides an overview of the angel investment practices and describes government policies towards angel and venture capital investing in British Columbia, Canada. It focuses in particular on the Equity Capital Program (BCECP henceforth), which provides... View Details

Keywords: Venture Capital; Private Equity; Investment; Policy; Taxation; Performance Improvement; Programs; British Columbia

November 2010 (Revised August 2016)
Case

The Changing Face of Angel Investing

By: William A. Sahlman and Evan Richardson

Angel investors Ram Shriram, Mike Maples, Eric Paley, James Geshweiler, and Jim Southern discuss their investment philosophies and the changing landscape of angel investing. Questions include: • How has angel investing changed in the last few years? • How do you... View Details

Keywords: Investment; Venture Capital; Investment Funds

Fast Answer

Angel investors

How do I find angel investors that might be interested in my startup? Search for angel investors using: Preqin Search for Company & Deals. Click on Venture Capital. In "More... View Details

January 1998 (Revised September 2001)
Background Note

A Note on Angel Financing

By: Paul A. Gompers

Discusses the economics of the private equity market and recent efforts by the U.S. Small Business Administration to promote greater angel financing. View Details

Keywords: Financial Markets; Government and Politics; Financing and Loans; Financial Services Industry; United States

15 Dec 2011
News

Chasing the New Angel Investors: Entrepreneurs Find They Need More Than a 'Great Idea' When Pitching to Potential Backers.

07 Feb 2015
News

Chicago's Busiest Angel

01 Oct 2015
News

The Rise of the Angel Investor

24 Sep 2001
Research & Ideas

How To Be an Angel Investor

the big Internet wins of the late 1990s, you may not know a thing about early-stage investing. By the same token, if you had 10 failures in multiple industries, you might not know anything either. But you will if you keep paying attention. Reading business plans,... View Details

Keywords: by David Amis & Howard Stevenson

October 2011 (Revised October 2013)
Case

Gracious Eloise: What Do Angels Want? (A)

By: Lena G. Goldberg, Janet Kraus and Mary Beth Findlay

Eloise Bune successfully turned an idea into a product, but could she persuade angel investors that she had a business worth investing in? The case details her interactions with the angel investors and explores the role of angel investors in providing financial... View Details

Keywords: Entrepreneurship; Investment Return; Business Startups; Business Plan; Business and Stakeholder Relations; Business and Shareholder Relations

01 Jun 2011
News

Angels for Start-Ups

The newly formed HBS Angels Alumni Association lost no time in identifying a group of start-ups to receive its mentoring assistance — the twelve regional finalists for this year’s Alumni New Venture Contest. The View Details

Keywords: contests; awards

25 Mar 2016
Video

David Chang, Entrepreneur & Angel Investor

August 2022
Supplement

Broadway Angels (2022)

By: Jo Tango and Alys Ferragamo

In late June of 2022, Sonja Perkins, co-founder of Broadway Angels, contemplated the group’s future. She and her co-founders, Jennifer Fonstad, and Magdalena Yesil, started the group to gather together the most successful and powerful women in venture capital and... View Details

Keywords: Gender Equity; Impact; Business Startups; Venture Capital; Social and Collaborative Networks; Entrepreneurship; Gender; Mission and Purpose; Groups and Teams; Financial Services Industry