Angels And Venture Capitalists: Substitutes Or Complements?

Angels And Venture Capitalists: Substitutes Or Complements?

Thomas F. Hellmann

Saïd Business School, University of Oxford ; University of British Columbia (UBC) - Sauder School of Business; University of Oxford - Said Business School

Paul Schure

University of Victoria - Economics

Dan Vo

Sauder School of Business, University of British Columbia

February 23, 2015

Saïd Business School WP 2015-2

Abstract:

Angel funding is often viewed as a stepping stone towards obtaining venture...

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