THE INVESTMENT ENVIRONMENT The Impact of COVID-19 on the Investment Process
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activities in response to the restric- tions on face-to-face meetings and travel introduced in March 2020 in an attempt to stop the spread of COVID-19. Conversations with en- trepreneurs occurred online and pitching events moved to Zoom and other virtual platforms, with inves- tors able to access these both live and, in some cases, as a record- ing. Investor training sessions also moved online. Some organizations also developed tools to share infor- mation digitally with investors. An- gel organizations continued to oper- ate virtually during 2021, with some introducing hybrid events when possible. Several organizations re- ported high participation amongst
their investors in these online ac- tivities on account of the ease of access of virtual formats, attracting investors from a wider geograph- ical area. But some organizations reported difficulties in maintaining engagement via virtual meetings and digital communications com- pared with live, in-person options. Angel organizations noted that “our founders miss having the network- ing” at virtual and hybrid events. In- vestors also miss the opportunity to network with other investors. By the fall of 2021, some angel or- ganizations reinstated in-person meetings as pandemic restrictions were lifted, with one organization
reporting that investors “were ex- cited to get back to face-to-face meetings once again.” However, the resumption of in-person events was halted by the Omicron wave of cases late in the year, albeit tempo- rarily. Some organizations are now operating a combination of in-per- son and online events, while others will continue with online meetings because of the excellent feedback they have received from their stake- holders and the increase in invest- ment activity that has occurred.
BY PROFESSOR COLIN MASON
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