Research Report

A Nation of Angels. Assessing the impact of angel investment across the UK

ERC Research Report



Associated Themes
  • Finance

The Enterprise Research Centre were commisioned by the UKBAA  in association with the Centre for Entrepreneurs (CfE) and with the support of the BVCA, Deloitte, Barclays and the ESRC, to produce a Research Study Report in order to  better understand the impact of angel investing on the growth of their investee businesses and the influence of these new developments in the marketplace and to identify what action UKBAA and other key players can take to further support the growth and effectiveness of angel investing.

The results of this study demonstrate the important role that angel investing is playing in the economy in bringing risk capital and business experience and skills to support the growth of small businesses, but also through creating social impact through their investments. Ultimately it is hoped this will reinforce the need for Governments , key stake holders and opinion formers to give continuing support to this “Nation of Angels” to enable the angel community to continue to grow and fulfil their important contribution to the UK economy.

Conducted by Prof Mark Hart, Deputy Director , ERC, Aston Business School , Prof Mike Wright, ERC, Imperial Business School and Dr Kun Fu, ERC , Imperial Business School  this report presents the results of the largest study of the investment behaviour and impact of business angels in the UK to date. The study comprised responses from 403 individual angels who responded to the online ‘Nation of Angels’ survey detailed follow-up telephone interviews with 42 individual angels who shared more details of their investment behaviour, and an online survey of 28 angel syndicate and network leads across the UK  representing ~8,000 angels.