Research report   05/2009   NESTA & British Business Angels Association

Data in this study is drawn from a survey of 158 UK-based Angel Investors, in late 2008, having invested £134 million into 1,080 investments and having exited 406 of those.

There are three central implications from the study, as follows:

• Business angel investing is risky, but overall appears to generate attractive outcomes.

• Key strategic choices are significantly related to better investment outcomes.

• Tax incentives appear to have a material effect on encouraging business angel investing, and some details may help refine existing policy.