Original paper
Angels and Venture Capitalists: Complements or Substitutes?
Published: Jan 1, 2019
Abstract
Understanding an entrepreneurial finance ecosystem requires an appreciation of how different investors interact with each other. Angels and venture capitalists constitute two very important investors in start-ups. We develop and empirically test hypotheses about the interactions between these two investor types. The focus is on the dynamics of the funding path of start-up companies. We ask whether angels and VCs are complements or substitutes,...
Paper Details
Title
Angels and Venture Capitalists: Complements or Substitutes?
Published Date
Jan 1, 2019
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