Frontiers of Entrepreneurship Research
1997 Edition

SUMMARIES

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AN EXPLORATORY SURVEY OF AUSTRALIA'S INFORMAL VENTURE CAPITALISTS:  A PREDICATE TO THEORY BUILDING IN THE CONTEXT OF INTERNATIONAL ANGEL RESEARCH. 

Kevin Hindle
Robert Wenban

Swinburne University of Technology
Victoria 3122, Australia
 
Telephone: 61-3-9214-8732
Fax: 61-3-9214-5245

Principal Topics

The study generated and evaluated data resulting from an investigation of Australian business Angels which focused upon three primary research questions:

1. Who are Australia's Informal Venture Capitalists (Business Angels)?
2. How do they behave?
3. What are their investment criteria?

Method

The researchers used the convenience sampling approach adopted by  Harrison et al. 1992a; Landström 1993 and Mason et al. 1994.  After careful screening, 36 respondents were classified as high net worth non-institutional private equity investors; true Angels and submitted to a structured questionnaire focused upon the three primary research questions.

Major Findings

Depicted in twelve key graphs, the pattern of responses to the questionnaire form a tentative descriptive construct which articulates Australian business Angels' identifying characteristics, patterns of investment behaviour and investment criteria.

Implications

The study initiates Australian Angel research into the developing international continuum of formal Angel research and can serve as the generator of empirically sensible hypotheses for future research and theory development.
 

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