Excerpt. BAC4SHC survey results reveal differences in experience, professional profiles and investment criteria between business angels and crowd investors.
BAC4SHC developed harmonised surveys to compare the human capital and investment practices of business angels and crowd investors. The expanded survey dataset reached 183 responses: 101 from business angels and 82 from crowd investors. This broader evidence base supports comparative analysis of investor profiles, experience and investment practices.
The evidence shows that business angels are more likely to report general-management and financial-management experience and are more frequently involved in executive, board and entrepreneurial roles. The two investor groups also differ in the factors they emphasise when evaluating opportunities. Across the sample, the entrepreneurial team was the most frequently identified decision criterion.
These results help explain how education, professional experience, investment experience and personal motivations shape early-stage finance. They also provide the empirical basis for further analysis of investor characteristics, startup outcomes and policy implications.
