11
Preface: Seeding Innovation
25
Executive Summary
54
1. Introduction
55 57 64
1.1
The Role of Angel Investors in the Entrepreneurial Ecosystem
1.2 1.3 1.4
Angel Investment Data Sources
Investment Activity of Angel Organizations in 2022 – An Overview
71
Summary
75
2. Angel Organization Characteristics
76 77 82 87 90
2.1 2.2 2.3 2.4 2.5 2.6 2.7
Introduction
Organizational Structure
Fee Structures
Age of Organizations
Size of Organizations – Membership Numbers
Table of Contents
91
Gender of Organization Membership Investment Activity by Organization
98
104
3. Investment Activity in 2022
105 106 109 115 119 126 132 135 150
3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9
Demand for Angel Investment
The Financing Funnel
Investments
Deal Structures
Valuations
Investment Characteristics – Industry Sector Investment Characteristics – Firm Size Investment Characteristics – Regional Distribution
Exits
151
4. The Investment Environment
152 155 159 165
4.1 4.2 4.3 4.4
The Investment Climate for Angel Investing in 2022
COVID-19 Legacy Effects Market Changes in 2022
Angel Organizations in the Entrepreneurial Ecosystem
168
5. Government Support for Angel Investing
176
6. Policy Recommendations
186
7. Conclusion
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