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 in
more » ... one or more private companies or start ups with strong growth potential in return for a shareholding in the investee company and possibly a position on the board of managers. Notably, thanks to their entrepreneurial character, their management experience, their networks of contacts and connections as well as their personal capital, they are able to facilitate the start up and the development of new business initiatives. Business angels can be defined as value adders, able to assume high risks and provide the right interpretation to business potential. Strictly speaking, business angels support entrepreneurs by following an approach which can adopt diverse forms within two macro reference models:financial business angels: they invest risk capital in the company without being involved in management activities, or only marginally involved, by covering primarily supervising and controlling roles acting as business facilitators -industrial business angels: apart from contributing with financial resources, they participate actively in management activities thanks to their know-how and their professional and
doi:10.14612/ceccarelli_2_2012 fatcat:ljdajxzphbfitpbumpocu5loou