Business Angel Exits: Strategies and Processes

Mason, Colin, Harrison, Richard and Botelho, Tiago (2015) Business Angel Exits: Strategies and Processes. In: Research Handbook on Entrepreneurial Finance. Edward Elgar Publishing, United Kingdom, pp. 102-124. ISBN 9781783478781

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The ultimate purpose of investing in an entrepreneurial business is to achieve a financial return. Yet there is little discussion in the entrepreneurial finance literature on the exit process and only limited evidence on returns. This chapter focuses on business angels. It argues that the main challenge for business angels is in achieving an exit. Previous research indicates that returns from those exits that do occur are skewed: around half of all investments fail and only a small minority generate significant returns. We suggest that the difficulties in achieving profitable exits reflects, in part, the fact that most angels do not adopt an exit-centric approach to their investing. This involves considering the exit at all stages in the investment process, including the initial investment decision. The main features of an exit-centric investment strategy are discussed.

Item Type: Book Section
Faculty \ School: Faculty of Social Sciences > Norwich Business School
UEA Research Groups: Faculty of Social Sciences > Research Groups > Strategy and Entrepreneurship
Depositing User: Pure Connector
Date Deposited: 01 Apr 2016 10:24
Last Modified: 21 Oct 2022 23:53
DOI: 10.4337/9781783478798

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