Business Angels in Germany

Abstract

Empirical examination of business angels in Germany reveals a thriving market for investment opportunities and investor satisfaction. Although angels accept less than 10% of the opportunities offered, Germany's informal equity investors provide an important resource to bridge the financing gap for entrepreneurial startups having capital requirements under 1 million DM. The majority of angels interviewed bring a wealth of business acumen, as well as personal networks and industry knowledge, to assist their management teams.