Abstract
Corporate financing through business angels. Spatial organisation patterns of the informal venture capital market in Germany. Business angels play an important role in the financing of high-growth ventures. As informal investors they support entrepreneurs not only with money but also bring added value to their companies. The article examines the investment behaviour of business angels and traces the spatial diffusion of informal venture capital by considering different forms of proximity (spatial, organisational, cognitive, institutional and social). The findings are based on a large set of quantitative and qualitative empirical data collected from angel investors in Germany.Analysis of the data suggests interrelations between investment industries, social networks and the spatial mobility of informal venture capital. Altogether the spatial organisation of the business angel market in Germany can be described as an interregional network with financial and technology clusters as central nodes.
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