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Why Don’t You Like Me? Exploring the Social Venture Funding Gap in Angel Investing

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dc.contributor.authorWesemann, Henrik
dc.contributor.authorAntretter, Torben
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2024-11-26T17:40:27Z
dc.date.available2024-11-26T17:40:27Z
dc.date.issued2023-10-17
dc.description.abstractWhile many studies on the social venture funding gap have focused on venture-level factors to explain why social ventures receive less funding, the role of investors and their characteristics has received less attention. In this study, we propose that the reason for much of the funding gap is that many angel investors lack the analytical capabilities required to assess double bottom lines. Drawing on the literature on human capital in angel investing, we use data on 19,757 investment decisions by 1,428 angel investors from a large angel investment network to investigate the relationship between venture type, angel investor analytical capability, and investment likelihood. We find that the reluctance to invest into social ventures disappears for analytically capable angel investors (those who are relatively educated, experienced, and connected). These findings demonstrate the importance of investor human capital in social venture funding and closing the funding gap.
dc.description.peerreviewedyes
dc.description.statusPublished
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dc.identifier.citationWesemann, H., & Antretter, T. (2023). Why don’t you like me? Exploring the social venture funding gap in angel investing. Journal of Business Venturing Insights, 20, e00433.https://doi.org/10.1016/j.jbvi.2023.e00433.
dc.identifier.doihttps://doi.org/10.1016/j.jbvi.2023.e00433
dc.identifier.issn2352-6734
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3375
dc.journal.titleJournal of Business Venturing Insights
dc.language.isoen
dc.page.total20
dc.publisherElsevier
dc.relation.departmentEntrepreneurship
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subject.keywordAngel investments
dc.subject.keywordSocial ventures
dc.subject.keywordImpact investing
dc.subject.keywordFundraising
dc.subject.keywordHuman capital
dc.titleWhy Don’t You Like Me? Exploring the Social Venture Funding Gap in Angel Investing
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/acceptedVersion
dc.volume.number20
dspace.entity.typePublication
relation.isAuthorOfPublication18a15c8b-2e40-4647-90ff-57999f3a21af
relation.isAuthorOfPublication.latestForDiscovery18a15c8b-2e40-4647-90ff-57999f3a21af
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