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The economic significance of business angels: toward comparable indicators

PublikationBokkapitel
Affärsänglar, Företagandets villkor, Hans Landström, Sofia Avdeitchikova

Sammanfattning

In the chapter the authors revisit one of the original topics in business angel research: to measure the scope of the business angel market and evaluate its impact on the economy, especially the financial contributions of business angels at the macro (market) level. This is an issue that has considerable policy relevance. Most policy initiatives to support business angel activities have been introduced without any strong empirical justification nor evidence to inform on the appropriateness of different types of policy measures. In this chapter, the authors summarize our knowledge about the size of the business angel market in different countries. The authors then turn their attention from the size of the market to its ‘significance’; in other words, shifting from a concern with measuring the size of the market to a concern with the relative importance of business angels for funding new and growing ventures in the economy. The authors propose two sets of indicators to evaluate the significance of the business angel market – one that focuses on the supply perspective, that is, the relative importance of business angel finance compared to other sources, and the other that focuses on the demand perspective, that is, the extent to which business angel finance is available in relation to the demand for capital in the small and medium-sized entrepreneur sector.

Avdeitchikova, S., & Landström, H. (2016). The economic significance of business angels: toward comparable indicators. In H. Landström, & C. Mason (Eds.) Handbook of Research on Business Angels (pp. 53–75). Cheltenham, UK: Edward Elgar Publishing Limited. DOI: 10.4337/9781783471720.00008

Related content: Working paper No. 248

Baserat på innehåll

The economic significance of business angels: toward comparable indicators
Book chapterPublikation
Avdeitchikova, S., & Landström, H.
Publiceringsår

2016

Sammanfattning

In the chapter the authors revisit one of the original topics in business angel research: to measure the scope of the business angel market and evaluate its impact on the economy, especially the financial contributions of business angels at the macro (market) level. This is an issue that has considerable policy relevance. Most policy initiatives to support business angel activities have been introduced without any strong empirical justification nor evidence to inform on the appropriateness of different types of policy measures. In this chapter, the authors summarize our knowledge about the size of the business angel market in different countries. The authors then turn their attention from the size of the market to its ‘significance’; in other words, shifting from a concern with measuring the size of the market to a concern with the relative importance of business angels for funding new and growing ventures in the economy. The authors propose two sets of indicators to evaluate the significance of the business angel market – one that focuses on the supply perspective, that is, the relative importance of business angel finance compared to other sources, and the other that focuses on the demand perspective, that is, the extent to which business angel finance is available in relation to the demand for capital in the small and medium-sized entrepreneur sector.

Scandinavia: Refugees at work
BokkapitelPublikation
Joyce, P.
Publiceringsår

2019

Publicerat i
Sammanfattning

Germany was the top destination country by far for refugees arriving in the years between 2014 and 2017. But much-smaller Sweden received more asylum applications in relation to its population. The other two Scandinavian countries – Norway and Denmark – also saw significant numbers of asylum seekers in relation to their small populations. Since then, Scandinavian countries have turned to the sizable task of integrating new arrivals into the labour market. Refugees have struggled to find work in the Scandinavian countries. Figure 1 shows the employment rate (per cent) among adult refugees in Sweden, Denmark and Norway by years after arrival in the host country. As shown in Figure 1 only between 20 and 35 per cent of male refugees are working two years after arrival. The share in work increases with each year after arrival but employment generally plateaus after ten to fifteen years, significantly below the employment rate among the overall population. Female refugees need more time than males to find work. They usually have less schooling than their male counterparts and often bear children after arrival.48 Employment among female refugees picks up after some time though.

Refugees have long faced several barriers to finding work in Scandinavia, including lower average levels of education than the domestic workforce, lack of host-country language skills, a limited professional network and discrimination.49 These challenges, combined with the large number of arrivals in 2015–16, increased the willingness of Scandinavian governments to promote faster tracks to employment. In Denmark large reforms of integration policies were introduced in 2016. This led to substantial improvements in labour market outcomes.

Startups, financing and geography – findings from a survey
BokkapitelPublikation
Bjuggren, P.-O., & Elmoznino Laufer, M.
Publiceringsår

2018

Sammanfattning

This chapter investigates the importance of bank loans for the financing of startups and how location matters for expansion plans and financing. The two main questions posed are: what does the financing of Swedish corporate startups look like, and how does location matter for expansion plans and financing? To provide answers to these questions, both survey data and registry data have been used. The survey data are from a questionnaire sent out to startups listed in the files of the Swedish Jobs and Society Foundation. We looked at corporations founded during the period 2009–2013 that are family firms in terms of ownership structure. The survey indicated that bank loans are rare. Essentially, the entrepreneur personally takes most of the business risk. Combining registry data with the qualitative data from the survey, we used regression analysis to study differences due to location. The regression analysis showed that the degree of urbanization matters for plans for expansion. In the three most urbanized areas, the startup firms had plans to expand their business both at home and abroad. In the other urbanized areas, the focus was on expansion at home.

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