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Business angel post-investment activities: a multi-level review

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Abstract

In this article, empirical research on post-investment activities of business angels is reviewed and conceptualized as five distinct governance processes: boundary spanning, structuring, leadership, doing, and monitoring. These processes have the potential to reduce the exposure of business angels to relational risk and market risk. The identification of these governance processes also contributes towards understanding the social aspect of business angels’ post investment involvement. In particular, it is shown how the recognition of the cognitive/institutional dimension opens up for new questions about post-investment involvement. Finally, it is proposed that venture performance can be enhanced in practice if business angels and venture members develop skills that are connected to the governance processes.

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  1. Centre for Banking and Finance, KTH Royal Institute of Technology, 10044, Stockholm, Sweden

    Andreas Fili

  2. Department of Business Studies, Uppsala University, Box 513, 75120, Uppsala, Sweden

    Jaan Grünberg

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Fili, A., Grünberg, J. Business angel post-investment activities: a multi-level review. J Manag Gov 20, 89–114 (2016). https://doi.org/10.1007/s10997-014-9296-7

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