One of ARI's main goals is to gather robust data on angel groups, so that the foundation and academic research community can analyze the data and produce research that informs policy makers, entrepreneurs, investors and academia. ARI's founder, the Kauffman Foundation, assists the goals of ARI by sponsoring and compiling the growing information and research on angel groups:
ANGEL RESOURCE INSTITUTE
Angel Investing: Catalyst for Innovation - Richard Sudek, Allan May and Robert Wiltbank take a look at the angel investing topography and particularly summarize their interviews with several "super angels". (October, 2011)
EWING MARION KAUFFMAN FOUNDATION
Ewing Marion Kauffman Foundation: The Foundation of Entrepreneurship - The Kauffman Foundation founded ARI in 2005 (then as the Angel Capital Education Foundation) and, since ARI became an independent organization in 2007, continues to provide valuable resources to ARI, entrepreneurs, researchers, investors, and policy makers. The Kauffman Foundation provides a research portal to the public as a clearinghouse of entrepreneurship research. Please click the following links to view important research on angel groups and angel investing completed in partnership between ARI and the Kauffman Foundation..
Angel Investor Performance Project
Robert Wiltbank, Willamette University, and Warren Boeker, University of Washington, 2007. Survey of over 500 angel investors in 86 groups and reports on actual returns on 1,137 exits.
Entrepreneurship and Urban Success Toward a Policy Concensus, Zoltan J. Acs, Edward L. Glaeser, Robert E Litan, Lee Fleming, Stephan J Goetz, William R. Kerr, Steven Klepper, Stuart S. Rosenthal, Olav Sorenson, and William C Strange, Ewing Marion Kauffman Foundation, 2008.
The Kauffman Firm Study - Results from the Baseline and First Follow-Up Surveys, Janice Ballou, Tom Barton, David DesRoches, Frank Petter, E.J. Reedy, Alicia Robb, Scott Shane, and Shanyun Zhao, Ewing Marion Kauffman Foundation, 2008.
Statistics and Trends of Angel Groups, A 2008 presentation of trends in angel group activities as demonstrated through members of the Angel Capital Association.
What Entrepreneurs Should Know About Angels, Marianne Hudson, Angel Capital Education Foundation (now ARI)
Women and Angel Investing: An Untapped Pool of Equity for Entrepreneurs, Marianne Hudson, Maggie Kenefake, and Mary Jane Grinstead, Ewing Marion Kauffman Foundation, 2006.
OTHER ARTICLES / REPORTS OF INTEREST
ARI has assembled a collection of research studies on angel groups, angel investing and capital market trends:
After the Bubble: Analyzing the Landscape
SVB Financial Group, SVB Analytics, 2007.
Angel Finance: The Other Venture Capital
Andrew Wong, University of Chicago, January 2002.
Angel Groups: An Examination of the Angel Capital Association Survey, Scott Shane and A. Malachi Mixon III, Case Western Reserve University, 2007.
Angel Investing: Changing Strategies During Volatile Times
Jeffrey E. Sohl and William Wetzel, Center for Venture Research, University of New Hampshire, 2002.
Angel Investment Criteria
Richard Sudek, Journal of Small Business Strategy, 2006.
Angels on Angels: Financing Technology-Based Ventures A Historical Perspective, John Freear, Jeffrey E. Sohl and William Wetzel, Accepted August 2002 in Venture Capital (Vol. 4, No. 4, 275-287)
Angels vs. Venture Capitalists The Effect of Value-Adding Abilities, Fairness, Trust, and the Legal System
Richard John Fairchild, University of Bath, 2007.
Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses, Steven Kaplan and Per Stromberg, University of Chicago, 2002.
The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis, William R. Kerr (Harvard), Josh Lerner (Harvard), and Antoinette Schoar (MIT) and all National Bureau of Economic Research, Entrepreneurship & Finance eJournal, March, 2010.
Does Angel Investing Matter? An Analysis of Early Venture Financing, Brent Goldfarb, Gerard Hoberg, David Kirsch, and Alexander Triantis, University of Maryland, April 2008.
Does Gender Matter? Women Business Angels and the Supply of Entrepreneurial Finance, Richard T. Harrison and Colin M. Mason, Entrepreneurial Theory Pract 31 no3, May 2007.
The Effect of Capital Market Characteristics on the Value of Start-Up Firms, Roman Inderst and Holger M. Muller, EFA 2002 Berlin Meetings Presented Paper, 2002.
Expected Returns to Stock Investments by Angel Investors in Groups, Ramon DeGennaro and Gerald Dwyer, CenFIS Working Paper 10-03, Center for Financial Innovation and Stability, Federal Reserve Bank of Atlanta, August 2010.
Financial Contracting Theory Meets the Real World An Empirical Analysis of Venture Capital Contracts, Steven Kaplan and Per Stromberg, University of Chicago, 2000.
Financing a Portfolio of Projects, Roman Inderst, Holger M. Mueller, and Felix C. Munnich, CEPR Discussion Paper Abstract, 2007.
How Does Venture Capital Financing Improve Efficiency in Private Firms A Look Beneath the Surface, Thomas Chemmanur, Karthik Krishman, and Debarshi Nandy, Boston College and York University, Ontario, 2008.
How to Legal Differences and Learning Affect Financial Contracts?, Steven Kaplan, Frederick Martel, and Per Stromberg, National Bureau of Economic Research, 2003.
The Importance of Angel Investing in Financing the Growth of Entrepreneurial Ventures, Scott Shane, Small Business Association Office of Advocacy, Working Paper, 2008.
Informal Sources of Venture Finance, Colin M Mason, Hunter Centre for Entrepreneurship, University of Strathclyde, 2005.
InvestorPulse UK Angel Attitude Survey: A qualitative survey in UK Business Angel attitudes, preferences and views in 2002 and 2003, Paul Gardner, c2Ventures, Ltd (www.c2ventures.com), 2003.
The Not so Puzzling Behavior of Angel Investors, Darian M. Ibrahim, The University of Arizona James E. Rogers College of Law, 2008.
Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs, Darian M. Ibrahim, Paul Gompers, Anna Kovner, Josh Lerner, and David Scharfstein, Harvard Business School, 2006.
The Private Equity Market in the USA: Lessons from Volatility, Jeffrey E. Sohl, Center for Venture Research, University of New Hampshire, October 2002.
Public Policy Support for the Informal Venture Capital Market in Europe: A Critical Review, Colin M. Mason, Hunter Centre for Entrepreneurship, September 2008.
Should Investors bet on the Jockey or the Horse?, Steven Kaplan, Berk A. Sensoy, and Per Stromberg, University of Chicago, 2007.
Startup Presentations to Angel / Seed Investors and Partners, John Gale, Taligo, LLC, 2007.
Success Factors in Technology-Based Entrepreneurship, John T. Preston, MIT Entrepreneurship Center, Updated August 2001.
The US Angel and Venture Capital Market: Recent Trends and Developments, Jeffrey E. Sohl, Center for Venture Research, Published in Journal of Private Equity, Vol. 6, No. 2, 2003, pgs 7-17.
Venture Capitalists as Principles, Steven N. Kaplan, Per Stromberg, National Bureau of Economic Research Working Paper, Abstract, 2001.
Venture Support Systems Project: Angel Investors, Lucinda Linde (Marlin Capital) and Alok Prasad (Pittiglio, Rabin, Todd & McGrath) under the direction of Kenneth P. Morse and Matthew Utterback of the MIT Sloan School and Howard Stevenson and Michael Roberts of the Harvard Business School, February, 2000.
What are Firms? - Evolution from Early Business Plans to Public Companies, Steven N. Kaplan, Berk a. Sensoy, and Per Stromberg, National Bureau of Economic Review, 2005.
Why are Buyouts Leveraged? The financial structure of private equity funds, Ulf Axelson, Per Stromberg, and Michael S. Weisbach, December 14, 2007.
For access to additional research, we recommend these Web sites:
Center for Venture Research, University of New Hampshire
Internal Revenue Service Personal Wealth Statistics, Personal wealth statistics and research papers are available based on federal tax information up through 2004
Please also visit our For Entrepreneurs page to view additional resources
