In this paper, the demographic and investment profiles of business angels operating in the Czech Republic are evaluated based on a sample of 78 angel investors. This is the first attempt to use data ...on investor activities from the Pitchbook database, which has become increasingly popular in academic research. Beyond the framework of descriptive statistical analysis, a multidimensional statistical investigation using cluster analysis was conducted. The results show that there are two groups of angel investors in the Czech Republic. The first group is represented by investors who predominantly have a large active portfolio, as well as the number of total completed investments. On the other hand, the second cluster is made up of investors who conduct a smaller number of investments and are also in the position of the founder of a start-up. Not surprisingly, there are two main locations of angel investors in the Czech Republic, Brno and Prague. Both categories of typical investors are united by some demographic characteristics; for example, the market is dominated by middle-aged men with a completed Master’s degree in Economics who invest in start-ups in the field of information and communication technologies. The main contribution of the paper consists in evaluating the demographic and investment profiles of angel investors operating in the Czech business environment. The results of the research have implications for upcoming research, the informal venture capital industry, and public policy beyond the Czech business environment, while developing tools for fostering an angel ecosystem. In today’s globalized world, the boundaries of angel investors are often blurred. Just as start-ups have ambitions to expand internationally, informal venture capitalists are increasingly making cross-border deals. From the perspective of both investee firms and policy makers, it is thus important to know the profiles of not only domestic but also foreign business angels, e.g. with regard to the setting of public support for foreign capital inflows.
The aim of this paper is to identify the main characteristics of start-up exits in the Czech Republic. The research gap stems from the lack of research on the start-up exits. For this purpose, the ...unique Czech Founders database has been used, which includes data on 100 transactions for the 2007-2021 period. Data are evaluated using selected statistics methods. The results indicate that there are statistically significant differences between the industry and the location of the start-up. This research is the first ever to map start-up exits in the Czech context. The contribution of extending the current state of knowledge is the formulation and application of tools supporting the development of entrepreneurial ecosystems by policy makers.
In this paper, the demographic and investment profiles of business angels operating in the Czech Republic are evaluated based on a sample of 78 angel investors. This is the first attempt to use data ...on investor activities from the Pitchbook database, which has become increasingly popular in academic research. Beyond the framework of descriptive statistical analysis, a multidimensional statistical investigation using cluster analysis was conducted. The results show that there are two groups of angel investors in the Czech Republic. The first group is represented by investors who predominantly have a large active portfolio, as well as the number of total completed investments. On the other hand, the second cluster is made up of investors who conduct a smaller number of investments and are also in the position of the founder of a start-up. Not surprisingly, there are two main locations of angel investors in the Czech Republic, Brno and Prague. Both categories of typical investors are united by some demographic characteristics; for example, the market is dominated by middle-aged men with a completed Master’s degree in Economics who invest in start-ups in the field of information and communication technologies. The main contribution of the paper consists in evaluating the demographic and investment profiles of angel investors operating in the Czech business environment. The results of the research have implications for upcoming research, the informal venture capital industry, and public policy beyond the Czech business environment, while developing tools for fostering an angel ecosystem. In today’s globalized world, the boundaries of angel investors are often blurred. Just as start-ups have ambitions to expand internationally, informal venture capitalists are increasingly making cross-border deals. From the perspective of both investee firms and policy makers, it is thus important to know the profiles of not only domestic but also foreign business angels, e.g. with regard to the setting of public support for foreign capital inflows.
Cilj je ovog rada identificirati glavne karakteristike start-up izlaza u Češkoj. Jaz u istraživanju proizlazi iz nedostatka istraživanja izlaza start-upa. U tu svrhu koristi se jedinstvena baza ...podataka čeških osnivača koja uključuje podatke o 100 transakcija za razdoblje 2007. – 2021. Podaci se vrednuju odabranim statističkim metodama. Rezultati pokazuju da postoje statistički značajne razlike između industrije i mjesta osnivanja. S druge strane, nije utvrđena statistički značajna razlika između sektora start-upa i vremena izlaza ili industrije i vrednovanja start-upa na izlasku. Ovo je istraživanje prvo koje je mapiralo izlaze start-upa u češkom kontekstu. Doprinos proširenju postojećeg stanja znanja jest formuliranje i primjena alata kojima će stvaraoci politika podržati razvoj poduzetničkih ekosustava.
U ovom se radu demografski i investicijski profili poslovnih anđela koji djeluju u Češkoj procjenjuju na temelju uzorka od 78 anđela ulagača. Ovo je prvi pokušaj korištenja podacima o aktivnostima ...investitora iz Pitchbook baze podataka, koja postaje sve popularnija u akademskim istraživanjima. Izvan okvira deskriptivne statističke analize provedeno je višedimenzionalno statističko istraživanje korištenjem klaster analizom. Rezultati pokazuju da u Češkoj postoje dvije skupine anđela ulagača. Prvu skupinu predstavljaju investitori koji pretežno imaju velik aktivni portfelj, kao i broj ukupno realiziranih investicija. S druge strane, drugi klaster čine investitori koji provode manji broj investicija te su također u poziciji osnivača start-upa. Nije iznenađujuće da postoje dvije glavne lokacije anđela investitora u Češkoj, Brno i Prag. Obje kategorije tipičnih investitora spajaju neke demografske karakteristike; na primjer, tržištem dominiraju sredovječni muškarci sa završenim magisterijem ekonomije koji ulažu u start-upove u području informacijskih i komunikacijskih tehnologija. Glavni doprinos rada sastoji se u procjeni demografskih i investicijskih profila anđela ulagača koji djeluju u češkom poslovnom okruženju. Rezultati istraživanja imaju implikacije na nadolazeća istraživanja, neformalnu industriju rizičnog kapitala i javnu politiku izvan češkog poslovnog okruženja te razvijaju alate za poticanje ekosustava anđela. U današnjem globaliziranom svijetu granice anđela investitora često su nejasne. Baš kao što novoosnovana poduzeća imaju ambicije međunarodnog širenja, neformalni rizični kapitalisti sve više sklapaju prekogranične poslove. Iz perspektive tvrtki u koje se ulaže i kreatora politika, važno je poznavati profile ne samo domaćih već i stranih poslovnih anđela, npr. s obzirom na postavljanje javne potpore za priljev stranog kapitala.
Cilj je ovog rada identificirati glavne karakteristike start-up izlaza u Češkoj. Jaz u istraživanju proizlazi iz nedostatka istraživanja izlaza start-upa. U tu svrhu koristi se jedinstvena baza ...podataka čeških osnivača koja uključuje podatke o 100 transakcija za razdoblje 2007. – 2021. Podaci se vrednuju odabranim statističkim metodama. Rezultati pokazuju da postoje statistički značajne razlike između industrije i mjesta osnivanja. S druge strane, nije utvrđena statistički značajna razlika između sektora start-upa i vremena izlaza ili industrije i vrednovanja start-upa na izlasku. Ovo je istraživanje prvo koje je mapiralo izlaze start-upa u češkom kontekstu. Doprinos proširenju postojećeg stanja znanja jest formuliranje i primjena alata kojima će stvaraoci politika podržati razvoj poduzetničkih ekosustava.
