Business angel investment as an informal learning process: does experience matter?

Botelho, T., Harrison, R. and Mason, C. (2023) Business angel investment as an informal learning process: does experience matter? British Journal of Management, 34(1), pp. 321-342. (doi: 10.1111/1467-8551.12583)

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Abstract

This paper addresses the question of how the informal learning processes of angel investors shape the way in which they assess new investment opportunities. Previous research has suggested that angels learn from their previous investment activity. However, the measurement of investment experience as a function of years of investing and number of investments made does not take into account how, and to what extent, learning occurs and how it impacts investors’ decision-making. To address this deficiency, we suggest a dynamic model of informal learning which incorporates the informal learning typology developed by Schugurensky and extended by Bennett, as a conceptual framework to understand how learning experiences impact angel investment decisions. Based on interviews and verbal protocol analysis with 30 investors, we demonstrate how learning impacts learning processes and outcomes as angels assess an investment opportunity. The findings highlight the importance of supporting angel learning with support for angel groups and angel training programmes.

Item Type:Articles
Keywords:Management of Technology and Innovation, Strategy and Management, General Business, Management and Accounting
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Mason, Professor Colin
Authors: Botelho, T., Harrison, R., and Mason, C.
College/School:College of Social Sciences > Adam Smith Business School > Management
Journal Name:British Journal of Management
Publisher:Wiley
ISSN:1045-3172
ISSN (Online):1467-8551
Published Online:27 December 2021
Copyright Holders:Copyright © 2021 British Academy of Management and Wiley Periodicals LLC
First Published:First published in British Journal of Management 34(1): 321-342
Publisher Policy:Reproduced in accordance with the publisher copyright policy

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