Entrepreneur's Choice between Venture Capitalist and Business Angel for Start-Up Financing

Focusing on the impact of investor choice and firm characteristics on venture success, this study analyzes 252 Series A financing rounds involving venture capitalists and business angels from 2005 to 2012. It reveals that start-ups backed by venture capitalists generally achieve the highest success rates, while those with collaborative support from both investor types have better chances for successful exits. Additionally, ventures in high-technology sectors and those with longer market presence or recent financing rounds show greater likelihoods of success, highlighting key factors in value creation.