Abstract
The Japanese economy, which produced continued strong results through the 1980s on the basis of the competitiveness of Japanese big business, has stagnated since the early 1990s and has recently headed into recession. It is widely felt that Japan should encourage the development of new venture businesses as a new motor of economic growth and both government policy-makers and the Japanese private sector are making efforts to encourage the emergence of entrepreneurial businesses. In this context, the role of 'business angels'persons who provide initial start-up capital to entrepreneurial businesses- has attracted attention but, thus far, no research has been undertaken on this topic in Japan. This paper, which is the first detailed study of this subject, profiles potential and active Japanese business angels, examines their characteristics and evaluates their potential to spark the development of new venture businesses. The paper concludes by comparing Japanese business angels with their counterparts in North America and Western Europe.
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