Journal of
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Forum | Papers » Business Angels in the startup ecosystem: investment dynamics and interactions with other funding sources

Business Angels in the startup ecosystem: investment dynamics and interactions with other funding sources

Vincenzo Capizzi, Nicola Carta, Elisa Cavezzali, Ugo Rigoni
May 2024 - n. 5
Keywords: Entrepreneurial finance, startup, angel investors, venture capital, crowdfunding, business accelerators
Jel codes: G24, G32, M13

In recent years, the part of the financial system dedicated to startups has gone through significant changes. This transformation has been driven by the rise of new sources of funding and shifts in the strategies of existing investors. These factors have given rise to the current «startup ecosystem». In this evolving landscape, Business Angels have become pivotal investors, playing a crucial role in fostering innovation and local economic growth. This study aims to provide a systemic overview of the literature investigating the dynamics between Bas and other key investors. The narrative is complemented with an empirical analysis of the complex financing paths undertaken by Ba-backed Italian companies, providing researchers and practitioners with insight into the emerging trends in startup financing, thus identifying promising avenues for future research.

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