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          Angel group membersโ€™ decision process and rejection criteria: A longitudinal analysis


          cecile Carpentier Jean-Marc Suret

          Abstract This paper investigates business angel group membersโ€™ decision-making from project submission to the final decision. Using a Canadian groupโ€™s archival data on 636 proposals, we provide a detailed longitudinal analysis of the decision process. The rejection reasons generally refer to market and execution risk; this finding holds for every step of the process for proposals that pass the pre-screen. Angel group members focus more on market and execution risk than agency risk, similar to venture capitalists. Inexperienced entrepreneurs are rejected for market and product reasons. Decision-making by the studied angel group members differs from that generally described for independent angels.

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