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Women entrepreneurs securing business angel financing: tales from the field

2004; Taylor & Francis; Volume: 6; Issue: 2-3 Linguagem: Inglês

10.1080/1369106042000223579

1464-5343

Frances Amatucci, Jeffrey Sohl,

Corporate Finance and Governance

Abstract While women-led businesses are the fastest growing segment of venture creation in the US economy, the amount of private equity capital investment they receive is disproportionately small. Informal venture capital, or business angel, investment is as large as venture capital activity, and business angels provide the majority of the critical seed and start-up stage capital. This research explores the investment decision process involving women entrepreneurs and business angels from the perspective of demand. Successful strategies of women entrepreneurs are investigated using in-depth interviews. In particular, pre-investment processes, trust, comprehensiveness, the post-investment relationship and gender are examined. Keywords: women entrepreneursventure capitalbusiness angelsgender Notes Frances M. Amatucci is Associate Professor in the School of Business at Montclair State University in New Jersey, USA. She received her PhD from the Katz Graduate School of Business at the University of Pittsburgh. She has served as Vice President of the Women and Minority Division of the United States Association of Small Business and Entrepreneurship (USASBE) and was the Founder and Executive Director of the Small Business Institute at Salem State College. Her research interests include women and minority-owned businesses, entrepreneurship and regional economic development, and change management at organizational and national levels. Contact details: Montclair State University, School of Business, Upper Montclair, NJ; e-mail: frances.amatucci@montclair.edu Jeffrey E. Sohl is Director of the Center for Venture Research and the William Rosenberg Professor at the Whittemore School of Business and Economics at the University of New Hampshire in the USA. His current research interests are in early-stage equity financing for high growth ventures. He has presented his angel research in academic and practitioner forums in the United States, Europe and Asia, and in briefings for several government agencies. He has appeared on CNBC, MSNBC, National Public Radio and has been quoted in Forbes, Fortune, the Wall Street Journal, Newsweek-Japan, Financial Times and the New York Times. Contact details: Center for Venture Research, Whittemore School of Business and Economics, University of New Hampshire, Durham, NH USA 03824; e-mail: jesohl@christa.unh.edu Additional informationNotes on contributorsFrances M Amatucci Frances M. Amatucci is Associate Professor in the School of Business at Montclair State University in New Jersey, USA. She received her PhD from the Katz Graduate School of Business at the University of Pittsburgh. She has served as Vice President of the Women and Minority Division of the United States Association of Small Business and Entrepreneurship (USASBE) and was the Founder and Executive Director of the Small Business Institute at Salem State College. Her research interests include women and minority-owned businesses, entrepreneurship and regional economic development, and change management at organizational and national levels. Contact details: Montclair State University, School of Business, Upper Montclair, NJ; e-mail: frances.amatucci@montclair.edu Jeffrey E. Sohl is Director of the Center for Venture Research and the William Rosenberg Professor at the Whittemore School of Business and Economics at the University of New Hampshire in the USA. His current research interests are in early-stage equity financing for high growth ventures. He has presented his angel research in academic and practitioner forums in the United States, Europe and Asia, and in briefings for several government agencies. He has appeared on CNBC, MSNBC, National Public Radio and has been quoted in Forbes, Fortune, the Wall Street Journal, Newsweek-Japan, Financial Times and the New York Times. Contact details: Center for Venture Research, Whittemore School of Business and Economics, University of New Hampshire, Durham, NH USA 03824; e-mail: jesohl@christa.unh.edu