TY - JOUR
T1 - Entrepreneurs’ human capital and the performance of angel-backed companies
AU - CAPIZZI, Vincenzo
AU - Scarlata, Mariarosa
AU - Tenca, Francesca
AU - ZOCCHI, PAOLA
PY - 2025
Y1 - 2025
N2 - This paper investigates the effect on startups' performance played by the joint interaction between entrepreneurs' human capital and business angels' contributions. Relying on data from the Italian Business Angels Network for 77 business angels backed companies and a counterfactual sample of non-business angel backed companies, we find that the entrepreneur's general and specific human capital is a major driver of the probability of being funded by business angels, which positively affects the venture's growth, but not its long-term financial performance. In brief, entrepreneurs' human capital is a major determinant of raising business angel funding, but it is the business angel contribution that constitutes a key driver for the startup's survival and profitability.
AB - This paper investigates the effect on startups' performance played by the joint interaction between entrepreneurs' human capital and business angels' contributions. Relying on data from the Italian Business Angels Network for 77 business angels backed companies and a counterfactual sample of non-business angel backed companies, we find that the entrepreneur's general and specific human capital is a major driver of the probability of being funded by business angels, which positively affects the venture's growth, but not its long-term financial performance. In brief, entrepreneurs' human capital is a major determinant of raising business angel funding, but it is the business angel contribution that constitutes a key driver for the startup's survival and profitability.
KW - Entrepreneurs' human capital
KW - business angels
KW - generic and specific human capital
KW - non monetary contribution
KW - startups performance
KW - Entrepreneurs' human capital
KW - business angels
KW - generic and specific human capital
KW - non monetary contribution
KW - startups performance
UR - https://iris.uniupo.it/handle/11579/201742
U2 - 10.1080/13691066.2024.2444952
DO - 10.1080/13691066.2024.2444952
M3 - Article
SN - 1369-1066
SP - 1
EP - 29
JO - Venture Capital
JF - Venture Capital
ER -