Business Angels in a Changing Economy: The Case of Sweden

Nils Månsson, Hans Landström

Research output: Contribution to journalArticlepeer-review

30 Citations (SciVal)


The Swedish business angel market of 2004 is presented and compared to that of 1992 in order to determine the significance of the time factor. The presentation is carried out against the background of the macroeconomic changes that have taken place and how they have affected the informal venture capital market. The empirical findings reveal how the amounts invested have changed, which companies the business angels have invested in and the ways in which the business angels' deal flow has changed since 1992. The results show that business angels in Sweden have become more professional in their way of identifying new investment opportunities and that the informal venture capital market is becoming more mature with less information asymmetry. Furthermore, the results demonstrate that Internet hype and changes in the Swedish taxation system have probably influenced the business angel market, making investors invest at earlier stages and in high-tech companies.
Original languageEnglish
Pages (from-to)281-301
JournalVenture Capital: An International Journal of Entrepreneurial Finance
Issue number4
Publication statusPublished - 2006

Subject classification (UKÄ)

  • Economics and Business
  • Business Administration
  • Social Sciences Interdisciplinary


  • Economy
  • business angels
  • investments
  • deal flow
  • taxation


Dive into the research topics of 'Business Angels in a Changing Economy: The Case of Sweden'. Together they form a unique fingerprint.

Cite this