How business angel groups work: Rejection criteria in investment evaluation

In this article, we study the decision-making criteria that business angels (BAs) adopt when screening business opportunities in the different assessment phases (pre-screening, screening and due diligence). We exploit an original dataset of 1942 ventures that sought angel investment from 2008 to 2014 from the members of Italian Angels for Growth (IAG). Results have shown that the emphasis that BAs place on rejection criteria and contact channels...