Analysis of Italian Business Angels operating within a Business Angel Group or Network

Nowadays, increasing attention is dedicated to entrepreneurship as a driver of economic and social development. The number of start-ups is growing strongly, and the startup world is the leading player in the entrepreneurial system. This growth is correlated to the growth of Business Angels, who are playing a key role in the process of financing a startup. As well as providing financial support through the capital invested, BAs support the development of innovation, they are active members in the management of the companies and bring significant added value to them. In this context, Business Angels can be considered an important field of research in economics, finance, and business management. The way of investing and the angel market have changed a lot over the years, from purely individual investments to co-financing group investments. This has allowed the emergence of Business Angel Groups, Business Angel Networks, and Business Angel Platforms, all organizations to bring together or connect business angels with similar interests and willingness to invest jointly in innovative enterprises. This thesis aims to carry out an up-to-date mapping at the national level of Business Angels and the organisations that bring them together. The analysis will highlight the profile, the peculiarities, the services offered, and the different types of Business Angel. In addition to general analyses on Business Angels, the focus of the analysis will be on Business Angel Groups or Business Angel Networks, analysing the differences in general and in terms of investment between registered members and Business Angels who invest individually.