ne of ACEF'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. Two of ACEF’s partners, the Kauffman Foundation and VentureSource, assist the
goals of ACEF by sponsoring and compiling the growing information and research on angel groups:
|
| EWING MARION KAUFFMAN FOUNDATION |
| |
| Ewing Marion Kauffman Foundation: The Foundation of Entrepreneurship
- The Kauffman Foundation founded ACEF in 2005 and, since ACEF became an independent organization in 2007, continues to provide valuable resources to ACEF, 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 ACEF 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 |
| |
| Women and Angel Investing: An Untapped Pool of Equity for Entrepreneurs,
Marianne Hudson, Maggie Kenefake, and Mary Jane Grinstead, Ewing Marion Kauffman Foundation, 2006. |
| |
| VentureSource - The Angel Capital Education Foundation has partnered with VentureSource to launch the first ever angel group investment database. |
| |
| OTHER ARTICLES / REPORTS OF INTEREST |
| |
| ACEF 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. |
| |
| 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. |
| |
| 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. |
