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Archive » July / August 2025 » Business Angels and start-ups: strategies and growth in the current environment

Business Angels and start-ups: strategies and growth in the current environment

Cristina Rovera
July - August 2025 - n. 7-8
Keywords: Private equity, Business Angel, Venture Capitalist, Start-up
Jel codes: G24, G32, M13

Business Angels (Bas) – unlike the well-known Venture Capitalists (Vcs) – are individuals with high assets who invest in promising start-ups. Their participation goes beyond the provision of funds, and extends to advising and promoting innovation and growth. But the market is changing. In 2023, funding for start-ups fell by 37%, while seed funding fell by 20%. What is the cause? The aim of the research is to represent the reality of the Bas on a global level, answering some key questions. The analysis is carried out on a double track: on one hand the discussion of market data (qualitative aspect), on the other hand the regression conducted on a sample of private equity operations (quantitative aspect, on a high quality global panel). The study is therefore useful not only to the academic world, but also to practitioners (who have to decide whether and where to invest) and to policy-makers, to direct investments to support a country’s economic growth.

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