There must be an angel? Local financial markets, business angels and the financing of innovative start-ups

Luca Grilli

Regional Studies, 2019, vol. 53, issue 5, 620-629

Abstract: This study addresses the question of whether business angels can fill the gap left by venture capitalists and banks in the financing of innovative start-ups in regions where there is a relatively thin financial supply of bank loans and venture capital investments. The empirical analysis, based on approximately 2000 Italian ventures, highlights the fact that innovative start-ups located in weak local financial ecosystems show a relatively low probability of getting business angel financing. In these areas, angel investing is unlikely to represent a viable and effective informal solution to alleviate regional financing gaps towards innovative start-ups left by more institutionalized financial intermediaries.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:taf:regstd:v:53:y:2019:i:5:p:620-629

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DOI: 10.1080/00343404.2018.1479524

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