Results&Impact
Standfirst
By month 30, BAC4SHC had transformed its research objectives into an integrated evidence base on business angels, crowd investors and the startups they finance. The project combines literature mapping, original investor surveys, European startup data and intersectoral researcher mobility.
Key figures
| 15 | 45 | 7,997 | 183 |
|---|---|---|---|
| project outputs | mobility person-months | startups | survey responses |
Building the evidence base
BAC4SHC completed two waves of literature-review and research-agenda outputs that map how human capital shapes entrepreneurial-finance decisions. The work identifies persistent research gaps concerning investor heterogeneity, gender, sustainability, networks, screening and post-investment involvement. These results guided the design of the project surveys, databases and empirical analyses.
A first research agenda on investors’ human capital is available here: [INSERT HERE A LINK TO D1.3 First Research Agenda on BAs and CIs]
Understanding business angels and crowd investors
The project developed harmonised questionnaires covering education, professional and entrepreneurial experience, investment practices, motivations, gender perceptions and sustainability orientation. The findings show measurable differences in managerial, financial, entrepreneurial and governance experience, as well as in investment-selection criteria.
Gender and inclusive entrepreneurial finance
Women accounted for approximately 32% of the comparative survey sample. One particularly relevant result is that women investors placed greater emphasis on the environmental and social impact of potential investee companies than men did: 34% compared with 15%. BAC4SHC is using this evidence to advance research on the relationship between investor characteristics, female entrepreneurship and access to early-stage finance.
Connecting finance, performance and innovation
BAC4SHC created a validated database of 7,997 startups located in 31 European countries and operating across 20 sectors. It combines information on financing events and investor type with company, financial and accounting, and innovation indicators.
Sustainability in investment decisions
The sustainability analysis draws on 183 survey responses, including 101 business angels and 82 crowd investors. It examines how environmental and social criteria, certifications, professional experience and investor profiles enter early-stage investment decisions. The evidence will feed into the final work on ESG assessment, startup disclosure and policy recommendations.
Training and knowledge transfer
By 31 May 2026, researchers from the three academic beneficiaries had completed 45 person-months of secondments across academic and non-academic hosts. These exchanges supported survey implementation, database construction, statistical and econometric analysis, sustainability research, scientific writing and stakeholder engagement. They also strengthened durable links among universities, investor networks, crowdfunding specialists, sustainability organizations and technology consultancies.
What comes next
During the next phases, BAC4SHC will deepen the economic analyses through the development of scientific papers, complete the startup sustainability and ESG disclosure template, validate operational tools and translate the research into recommendations for investors, entrepreneurs, regulators and policymakers.
HORIZON -MSCA -2022 -SE -01
BAC4SHC has received funding from the European Union’s Horizon – MARIE SKLODOWSKA- CURIE ACTIONS STAFF EXCHANGES (MSCA -SE) MSCA -SE-2022 -101129958
