Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/237387 
Year of Publication: 
2019
Series/Report no.: 
ETLA Report No. 97
Publisher: 
The Research Institute of the Finnish Economy (ETLA), Helsinki
Abstract: 
In recent years, business angels have invested in a few hundred Finnish firms annually. The target firms are mainly young and small: 75% of them employ fewer than 10 workers and are less than 8 years old. These firms are most likely to be found in the ICT and professional service industries and manufacturing. Although many angel-funded firms have faster employment growth compared to matched nonfunded firms, the average growth rates do not significantly differ when we control for receiving public innovation funding and other firm characteristics. As many as 75% of the firms funded by business angels have also received public innovation funding in some phase, and 57% have received it before angel funding. However, no robust indication was found that combining these two sources of funds would give an extra boost to growth.
Subjects: 
Business angels
Innovation subsidies
R&D
Firm growth
JEL: 
D22
G24
G30
L53
O31
Document Type: 
Research Report

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