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Informal investors: a categorization, with policy implications
Norwegian University of Science and Technology, Trondheim, Norway.
Halmstad University, School of Business and Engineering (SET).
2001 (English)In: Entrepreneurship and Regional Development, ISSN 0898-5626, E-ISSN 1464-5114, Vol. 13, no 4, p. 351-370Article in journal (Refereed) Published
Abstract [en]

A number of studies concerning informal investors have been carried out over the last two decades. One main conclusion from previous research has been that the informal venture capital market is very heterogeneous, and that classifications for informal investors are needed in order to more accurately depict the informal venture capital market. In this paper we propose that the market could be divided in accordance with the informal investors' investment activity and competence. The study is based on a sample of 425 active informal investors, divided into four different categories: (1) Lotto investors; (2) Traders; (3) Analytical investors; and (4) Business angels. The empirical findings show that there are considerable differences between the four categories of informal investors; differences regarding the information sources used, the level of firm involvement, co-investing, investment horizons, and geographic preferences, to name some examples. As a consequence, each of the various informal investor types responds differently to private and public prospects or motivators. It is suggested, therefore, that the informal venture capital market could be more effectively analysed and depicted by using the proposed classifications and applying differing measures to each informal investor category.

Place, publisher, year, edition, pages
London: Taylor & Francis , 2001. Vol. 13, no 4, p. 351-370
Keywords [en]
Market imperfections, Informal investors, Categorization, Policy, Implications, Matchmaking services
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hh:diva-3497DOI: 10.1080/08985620110067511ISI: 000172379100004Scopus ID: 2-s2.0-17944374931OAI: oai:DiVA.org:hh-3497DiVA, id: diva2:291049
Available from: 2010-01-29 Created: 2009-12-01 Last updated: 2017-12-12Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf