Directorate for Science, Technology and Innovation

Financing High-Growth Firms: The Role of Angel Investors


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Pages: 156
December 2011 (pdf)
January 2012 (print)
ISBN 978-92-64-11877-5


This report covers seed and early-stage financing for high-growth companies in OECD and non-OECD countries with a primary focus on angel investment. Angel investment is the primary source of outside equity financing and support for start-ups in a number of countries, yet it is frequently overlooked as angel investors are often not visible. Following the recent financial crisis and continued difficult economic environment, angel investors have been playing an important role in filling financing gaps left by banks and venture capital firms.


The book provides an in-depth look into angel investment, including definitions, data and processes. It reviews developments around the world and identifies some of the key success factors, challenges and recent trends. It then discusses policy measures for promoting angel investment, with examples from countries which have been active in this area. As part of the background research for this project, over 100 people from 32 countries were interviewed.


Table of contents


Executive summary (download)

Chapter 1. Overview of financing for seed and early-stage companies

  • Project overview
  • Background on financing for seed and early-stage companies

Chapter 2. Angel investment: Definitions, data and processes

  • Definitions of angel investment
  • Angel investment process
  • Data on angel financing

Chapter 3. Trends and developments in the angel market around the world

  • Some of the key success factors for angel investing
  • Challenges for the angel investment market
  • Recent trends and developments
  • Evolution by region/country

Chapter 4. The role of policy in facilitating angel investment

  • Overview of public intervention in seed/early-stage financing
  • Targeted angel financing policies
  • Supply-side measures
  • Demand-side measures
  • Conclusions and further work


How to obtain this publication

Readers can access the book choosing from the following options:

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  • Order from your local distributor.
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