Evolution of business angels’ investment criteria: from the pre-screening stage to the final investment
This study on structured business angels’ groups focuses on the evolution of the criteria for the selection of entrepreneurial projects candidates for financing, between two successive stages of the process, based on actual data and real-time evaluations. At the pre-screening stage, the coordinators responsible for studying the proposals require any project to be carried by entrepreneurs who have strong managerial skills while simultaneously proposing a business plan that seems credible. At the oral pitch presentation stage on the other hand, business angels are particularly concerned about the competitive advantage of projects. Entrepreneurs must be trusted by business angels throughout the screening process while their social capital does not seem to be considered by business angels.