Encouraging angel capital: What the US states are doing

George Lipper and Bruce Sommer

Venture Capital, 2002, vol. 4, issue 4, 357-362

Abstract: The importance of business angels has increased in recent years as venture capital funds are investing less and less in the smaller initial funding stages. Individual states are now recognizing the significant impact of angel investors in economic development. The paper reports on a survey to discover how individual states across the US are encouraging angel activity. One-third of states responded. The Oklahoma Technology Commercialisation Corporation has a well-thought out and designed programme of tax credits, forums and other incentives. Six other states have angel incentive programmes and four states have tax credit programmes. Economic development through innovation is stimulated by the presence of angel investing which acts as a catalyst. Economic development in 'have not' states with low levels of venture capital investments is being threatened by the transfer of local entrepreneurs and angel investors to nearby 'have' states with high levels of venture capital investment activity.

Date: 2002
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DOI: 10.1080/1369106022000024996

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