Excerpt. The BAC4SHC sustainability analysis examines how environmental and social criteria enter the decisions of business angels and crowd investors.
The BAC4SHC sustainability dataset reached 183 responses by 18 September 2025, including 101 business angels and 82 crowd investors. The sample provides new evidence on how environmental and social information, certifications, professional experience and impact objectives are considered in early-stage investment.
The analysis also links sustainability orientation with investor profiles and gender. It extends the project’s human-capital research beyond traditional education and experience variables to include the competences and preferences needed for green and socially responsible investment.
The results will support the project’s final work on ESG assessment and a template for standardising startup sustainability disclosure, with the aim of making relevant information more accessible and comparable for investors, startups and policymakers.
