Swinburne University of Technology
Victoria 3122, Australia
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?
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.
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.
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.