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The business angel is a non institutional investor that invests in a firm that has certain potential for growth, using own funds or managing external ones, becoming a majority shareholder and a manager. Since the business angel is an inteupreneur himself, he is able to deliver value to the firm by means of contacts, experience, personal capital and is able to push further the development of the businesses. High net worth private investors who invest directly after an autonomous investigation indoi:10.14612/ceccarelli_2_2012 fatcat:ljdajxzphbfitpbumpocu5loou