Skip to main content
SpringerLink
Log in

Gender disparity in angel financing

Small Business Economics volume 51, pages 31–55 (2018)Cite this article

Abstract

This study uses unique hand-collected data from a televised entrepreneurial pitch competition to examine gender differences in obtaining angel financing. Results indicate that while the yield rates between male and female teams do not differ, a gender disparity in the amount of angel funding does in fact exist. Female teams receive less capital and provide more equity relative to their male counterparts, even when controlling for typical determinants of investment, such as industry and prior company success. Further, we find that female teams receive investments with lower valuations than their male counterparts largely because they initially offer higher equity stakes for less capital. Thus, this suggests that limitations to angel financing of female entrepreneurial ventures may be partly self-imposed.

This is a preview of subscription content, access via your institution.

Access options

Buy single article

Instant access to the full article PDF.

USD 39.95

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Notes

  1. The statistics we provide do not exactly match Coleman and Robb 2009 because we extended the timeframe and calculated overall growth rates that include statistics from the U.S. Census Bureau Survey of Business Owners from 2007 and 2012, as well as 1997 and 2002.

  2. Angel investors invest in small, private firms using their private funds (Wong et al. 2009).

  3. Eight episodes in Season 1 consisted of five separate pitches, as opposed to the standard four pitches.

  4. More details on the selection process for the television program can be found in Appendix A.

  5. https://angel.co/

  6. These investors indicate they have come into contact with new entrepreneurs via this avenue in several interviews (Parmar 2014; Trang Ho 2015).

  7. This information was taken from publicly available information across several sources on the internet, including LinkedIn reports, as well as Forbes’ list of the wealthiest Americans.

  8. Seventeen percent of the individual teams are women.

  9. This value does not represent the quotient of the accepted dollar amount and the accepted equity amount. This is because the average accepted valuation for each company uses corresponding dollar and equity amounts for each company, while average dollar and average equity are calculated within each separate variable.

  10. The normalized final company valuation and normalized bid-ask spread are equal to the final company valuation divided by the initial company valuation and the bid-ask spread divided by the initial company valuation, respectively.

  11. Results here excluded for brevity and available upon request from corresponding author.

References

  • ABC. (2016). Apply to Shark Tank—casting. ABC Television Network. Retrieved from http://abc.go.com/shows/shark-tank/apply.

  • Alsos, G. A., Isaksen, E. J., & Ljunggren, E. (2006). New venture financing and subsequent business growth in men- and women-led businesses. Entrepreneurship Theory and Practice, 30, 667–686. doi:10.1111/j.1540-6520.2006.00141.x.

    Article  Google Scholar 

  • Amanatullah, E. T., & Morris, M. W. (2010). Negotiating gender roles: gender differences in assertive negotiating are mediated by women’s fear of backlash and attenuated when negotiating on behalf of others. Journal of Personality and Social Psychology, 98(2), 256. doi:10.1037/a0017094.

    Article  Google Scholar 

  • Amanatullah, E. T., & Tinsley, C. H. (2013). Ask and ye shall receive? How gender and status moderate negotiation success. Negotiation and Conflict Management Research, 6(4), 253–272. doi:10.1111/ncmr.12014.

    Article  Google Scholar 

  • Amatucci, F. M., & Sohl, J. E. (2004). Women entrepreneurs securing business angel financing: tales from the field. Venture Capital, 6(2–3), 181–196. doi:10.1080/1369106042000223579.

    Article  Google Scholar 

  • Amit, R., Glosten, L., & Muller, E. (1990). Entrepreneurial ability, venture investments, and risk sharing. Management Science, 36, 1233–1246. doi:10.1287/mnsc.36.10.1233.

    Article  Google Scholar 

  • Aram, J. D. (1989). Attitudes and behaviors of informal investors toward early-stage investments, technology-based ventures, and coinvestors. Journal of Business Venturing, 4(5), 333–347. doi:10.1016/0883-9026(89)90005-0.

    Article  Google Scholar 

  • Arrington, M. (2010). VCs and super angels: the war for the entrepreneur. TechCrunch by AOL, Inc. Retrieved from https://techcrunch.com/2010/08/15/venture-capital-super-angel-war-entrepreneur/

  • Azam Roomi, M., Harrison, P., & Beaumont-Kerridge, J. (2009). Women-owned small and medium enterprises in England: analysis of factors influencing the growth process. Journal of Small Business and Enterprise Development, 16(2), 270–288. doi:10.1108/14626000910956056.

    Article  Google Scholar 

  • Baron, R. A., & Markman, G. D. (2000). Beyond social capital: how social skills can enhance entrepreneurs’ success. The Academy of Management Executive, 14(1), 106–116. doi:10.5465/AME.2000.2909843.

    Google Scholar 

  • Batjargal, B., & Liu, M. (2004). Entrepreneurs’ access to private equity in China: the role of social capital. Organization Science, 15(2), 159–172. doi:10.1287/orsc.1030.0044.

    Article  Google Scholar 

  • Becker-Blease, J. R., & Sohl, J. E. (2007). Do women-owned businesses have equal access to angel capital? Journal of Business Venturing, 22, 503–521. doi:10.1016/j.jbusvent.2006.06.003.

    Article  Google Scholar 

  • Becker-Blease, J. R., & Sohl, J. E. (2015). New venture legitimacy: the conditions for angel investors. Small Business Economics, 45(4), 735–749. doi:10.1007/s11187-015-9668-7.

    Article  Google Scholar 

  • Bellucci, A., Borisov, A., & Zazzaro, A. (2010). Does gender matter in bank–firm relationships? Evidence from small business lending. Journal of Banking & Finance, 34(12), 2968–2984. doi:10.1016/j.jbankfin.2010.07.008.

    Article  Google Scholar 

  • Benjamin, G. A., & Margulis, J. (2001). The angel investor’s handbook. Bloomberg: Princeton.

    Google Scholar 

  • Bennett, R., & Dann, S. (2000). The changing experience of Australian female entrepreneurs. Gender, work & organization, 7(2), 75–83. doi:10.1111/1468-0432.00095.

    Article  Google Scholar 

  • Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22, 613–673. doi:10.1016/S0378-4266(98)00038-7.

    Article  Google Scholar 

  • Bhattacharya, M., & Bloch, H. (2004). Determinants of innovation. Small Business Economics, 22(2), 155–162. doi:10.1023/B:SBEJ.0000014453.94445.

    Article  Google Scholar 

  • Boisot, M., & Child, J. (1996). From fiefs to clans and network capitalism: explaining China’s emerging economic order. Administrative Science Quarterly, 600–628. doi:10.2307/2393869.

  • Broverman, I. K., Vogel, S. R., Broverman, D. M., Clarkson, F. E., & Rosenkrantz, P. S. (1972). Sex-role stereotypes: a current appraisal. Journal of Social Issues, 28(2), 59–78. doi:10.1111/j.1540-4560.1972.tb00018.x.

    Article  Google Scholar 

  • Brush, C., Carter, N., Gatewood, E., Greene, P., & Hart, M. (2004a). Clearing the hurdles: women building high-growth businesses. FT Press. ISBN:0131112015.

  • Brush, C., Carter, N., Gatewood, E., Greene, P., & Hart, M. (2004b). Gatekeepers of venture growth: a Diana Project report on the role and participation of women in the venture capital industry. Available at SSRN 1260385. doi:10.2139/ssrn.1260385.

  • Brush, C. G., Edelman, L. F., & Manolova, T. S. (2012). Ready for funding? Entrepreneurial ventures and the pursuit of angel financing. Venture Capital, 14(2–3), 111–129. doi:10.1080/13691066.2012.654604.

    Article  Google Scholar 

  • Buttner, E. H., & Rosen, B. (1989). Funding new business ventures: are decision makers biased against women entrepreneurs? Journal of Business Venturing, 4, 249–261. doi:10.1016/0883-9026(89)90015-3.

    Article  Google Scholar 

  • Carpentier, C., & Suret, J. M. (2015). Angel group members’ decision process and rejection criteria: a longitudinal analysis. Journal of Business Venturing, 30(6), 808–821. doi:10.1016/j.jbusvent.2015.04.002.

    Article  Google Scholar 

  • Carter, S., & Rosa, P. (1998a). Indigenous rural firms: farm enterprises in the UK. International Small Business Journal, 16(4), 15–27.

    Article  Google Scholar 

  • Carter, S., & Rosa, P. (1998b). The financing of male- and female-owned businesses. Entrepreneurship & Regional Development, 10(3), 225–242. doi:10.1080/08985629800000013.

    Article  Google Scholar 

  • Carter, N., Brush, C., Greene, P., Gatewood, E., & Hart, M. (2003). Women entrepreneurs who break through to equity financing: the influence of human, social and financial capital. Venture Capital: An International Journal of Entrepreneurial Finance, 5, 1–28. http://dx.doi.org/10.1080/1369106032000082586.

  • Center for Venture Research. (2003). 2003 Angel Group Survey. The University of New Hampshire.

  • Coleman, S. (2000). Access to capital and terms of credit: a comparison of men-and women-owned small businesses. Journal of Small Business Management, 38(3), 37.

    Google Scholar 

  • Coleman, S., & Robb, A. (2009). A comparison of new firm financing by gender: evidence from the Kauffman Firm Survey data. Small Business Economics, 33, 397–411. doi:10.1007/s11187-009-9205-7.

    Article  Google Scholar 

  • Collewaert, V., & Manigart, S. (2016). Valuation of angel-backed companies: the role of investor human capital. Journal of Small Business Management, 54(1), 356–372. doi:10.1111/jsbm.12150.

    Article  Google Scholar 

  • Constantinidis, C., Cornet, A., & Asandei, S. (2006). Financing of women-owned ventures: the impact of gender and other owner-and firm-related variables. Venture Capital, 8(02), 133–157. doi:10.1080/13691060600572557.

    Article  Google Scholar 

  • Davis, S. J., & Henrekson, M. (1999). Explaining national differences in the size and industry distribution employment. Small Business Economics, 12(1), 59–83. doi:10.1023/A:1008078130748.

    Article  Google Scholar 

  • De Bhojraj, S., Lee, C. M. C., & Oler, D. (2003). What’s my line? A comparison of industry classification schemes for capital market research. Journal of Accounting and Economics, 41, 745–769. doi:10.1046/j.1475-679X.2003.00122.x.

    Article  Google Scholar 

  • Degryse, H., de Goeij, P., & Kappert, P. (2012). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38(4), 431–447. doi:10.1007/s11187-010-9281-8.

    Article  Google Scholar 

  • Du Rietz, A., & Henrekson, M. (2000). Testing the female underperformance hypothesis. Small Business Economics, 14(1), 1–10. doi:10.1023/A:1008106215480.

    Article  Google Scholar 

  • Eagly, A. H., & Kite, M. E. (1987). Are stereotypes of nationalities applied to both women and men? Journal of Personality and Social Psychology, 53(3), 451. doi:10.1037/0022-3514.53.3.451.

    Article  Google Scholar 

  • Fairlie, R. W., & Robb, A. M. (2009). Gender differences in business performance: evidence from the Characteristics of Business Owners survey. Small Business Economics, 33, 375–395. doi:10.1007/s11187-009-9207-5.

    Article  Google Scholar 

  • Fairlie, R. W., Morelix, A., Reedy, E. J., & Russell, J. (2015). The Kauffman Index 2015: Startup Activity| National Trends. doi:10.2139/ssrn.2613479.

  • Fay, M., & Williams, L. (1993). Gender bias and the availability of business loans. Journal of Business Venturing, 8(4), 363–376. doi:10.1016/0883-9026(93)90005-P.

    Article  Google Scholar 

  • Feloni, R. (2015). Mark Cuban explains what happens after a deal is made on ‘Shark Tank’. Business Insider –Strategy. Retrieved from http://www.businessinsider.com/what-happens-after-closing-shark-tank-deal-2015-10

  • Freear, J., Sohl, J. E., & Wetzel, W. E. (1994). Angels and non-angels: are there differences? Journal of Business Venturing, 9(2), 109–123. doi:10.1016/0883-9026(94)90004-3.

    Article  Google Scholar 

  • Greene, P. G., Brush, C. G., Hart, M. M., & Saparito, P. (2001). Patterns of venture capital funding: is gender a factor? Venture Capital: An international Journal of Entrepreneurial Finance, 3, 63–83. doi:10.1080/13691060118175.

    Article  Google Scholar 

  • Gundry, L. K., & Welsch, H. P. (2001). The ambitious entrepreneur: high growth strategies of women-owned enterprises. Journal of Business Venturing, 16(5), 453–470. doi:10.1016/S0883-9026(99)00059-2.

    Article  Google Scholar 

  • Haines, G. H., Orser, B. J., & Riding, A. L. (1999). Myths and realities: an empirical study of banks and the gender of small business clients. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 16(4), 291–307. doi:10.1111/j.1936-4490.1999.tb00690.x.

    Article  Google Scholar 

  • Harrison, R. T., & Mason, C. M. (2007). Does gender matter? Women business angels and the supply of entrepreneurial finance. Entrepreneurship Theory and Practice, 31(3), 445–472. doi:10.1111/j.1540-6520.2007.00182.x.

    Article  Google Scholar 

  • Heilman, M. E., & Okimoto, T. G. (2007). Why are women penalized for success at male tasks?: the implied communality deficit. Journal of Applied Psychology, 92(1), 81. doi:10.1037/0021-9010.92.1.81.

    Article  Google Scholar 

  • Hisrich, R. D., & O'Brien, M. (1982). The woman entrepreneur as a reflection of the type of business. In K. Vesper (Ed.), Frontiers of entrepreneurship research (pp. 54–67). Wellesly: Bason College.

  • Horowitz, B. (2010). How angel investing is different than venture capital. Business Insider Strategy. Retrieved from http://www.businessinsider.com/how-angel-investing-is-different-than-venture-capital-2010-3

  • Kerr, W., Lerner, J., & Schoar, A. (2011). The consequences of entrepreneurial finance: evidence from angel financings, SSRN. NBER WP, 15831, 10–086. doi:10.1093/rfs/hhr098.

    Google Scholar 

  • Liberman, A., Chrocziel, P., & Levine, R. (2011). International licensing and technology transfer: practice and the law. Wolters Kluwer Law & Business.

  • Loscocco, K. A., Robinson, J., Hall, R. H., & Allen, J. K. (1991). Gender and small business success: an inquiry into women’s relative disadvantage. Social Forces, 70(1), 65–85. doi:10.1093/sf/70.1.65.

    Article  Google Scholar 

  • MacLeod, M. (2010). How pervasive is collusion amongst angel investors. Quora.com. Retrieved from https://www.quora.com/How-pervasive-is-collusion-amongst-angel-investors

  • Mason, C. M., & Harrison, R. T. (1996). Informal venture capital: a study of the investment process, the post-investment experience and investment performance. Entrepreneurship & Regional Development, 8(2), 105–126. doi:10.1080/08985629600000007.

    Article  Google Scholar 

  • Mason, C. M., & Harrison, R. T. (2000). Investing in technology ventures: what do business angels look for at the initial screening stage? In P. Reynolds, E. Autio, C. Brush, W. Bygrave, S. Manigart, H. Sapienza, & K. Shaver (Eds.), Frontiers of entrepreneurship research (pp. 293–304). Babson Park: Babson College.

    Google Scholar 

  • Mason, C. M., & Harrison, R. T. (2003). “Auditioning for money” what do technology investors look for at the initial screening stage? The Journal of Private Equity, 6(2), 29–42. doi:10.3905/jpe.2003.320037.

    Article  Google Scholar 

  • Maxwell, A. L., Jeffrey, S. A., & Lévesque, M. (2011). Business angel early stage decision making. Journal of Business Venturing, 26(2), 212–225. doi:10.1016/j.jbusvent.2009.09.002.

    Article  Google Scholar 

  • Mesquita, L. F., & Lazzarini, S. G. (2010). Horizon and vertical relationships in developing economies: implications for sme access to global markets. New Frontiers in Entrepreneurship. Recognizing, Seizing, and Executing Opportunities, 31–66. doi: 10.1007/978-1-4419-0058-6_3.

  • Morelix, A., Reedy, E. J., & Russell, J. (2016). The Kauffman Index 2016: Growth Entrepreneurship | National Trends. Retrieved from http://www.kauffman.org/microsites/kauffman-index/reports/growth-entrepreneurship

  • Morrissette, S. G. (2007). A profile of angel investors. The Journal of Private Equity, 10(3), 52–66. doi:10.3905/jpe.2007.686430.

    Article  Google Scholar 

  • Moss-Racusin, C. A., & Rudman, L. A. (2010). Disruptions in women’s self-promotion: the backlash avoidance model. Psychology of Women Quarterly, 34(2), 186–202. doi:10.1111/j.1471-6402.2010.01561.x.

    Article  Google Scholar 

  • MSCI. (2016). Market Cap Indexes: GICS. MSCI INC. Retrieved from https://www.msci.com/gics.

  • National Venture Capital Association, (2000, 2003). 2003 Annual Report. Arlington, VA.

  • Orhan, M. (2001). Women business owners in France: the issue of financing discrimination. Journal of Small Business Management, 39(1), 95–102. doi:10.1111/0447-2778.00009.

    Article  Google Scholar 

  • Orser, B. J., Riding, A. L., & Manley, K. (2006). Women entrepreneurs and financial capital. Entrepreneurship Theory and Practice, 30(5), 643–665. doi:10.1111/j.1540-6520.2006.00140.x.

    Article  Google Scholar 

  • Parmar, N. (2014). Want to get money from Mark Cuban? Here’s how. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/232106.

  • Paul, S., Whittam, G., & Wyper, J. (2007). Towards a model of the business angel investment process. Venture Capital, 9(2), 107–125. doi:10.1080/13691060601185425.

    Article  Google Scholar 

  • Piras, C., Presbitero, A., & Rabellotti, R. (2013). Definitions matter: measuring gender gaps in firms’ access to credit. Inter-American Development Bank.

  • Podsakoff, P. M., & Organ, D. W. (1986). Self-reports in organizational research: problems and prospects. Journal of Management, 12(4), 531–544. doi:10.1177/014920638601200408.

    Article  Google Scholar 

  • Preston, S. L. (2004). Angel investment groups, networks, and funds: a guidebook to developing the right angel organization for your community. Ewing Marion Kauffman Foundation.

  • Prowse, S. (1998). Angel investors and the market for angel investments. Journal of Banking & Finance, 22(6), 785–792. doi:10.1016/S0378-4266(98)00044-2.

    Article  Google Scholar 

  • Riding, A. L., & Swift, C. S. (1990). Women business owners and terms of credit: some empirical findings of the Canadian experience. Journal of Business Venturing, 5(5), 327–340. doi:10.1016/0883-9026(90)90009-I.

    Article  Google Scholar 

  • Robb, A., Marin Consulting, L. L. C., & San Rafael, C. A. (2013). Access to capital among young firms, minority-owned firms, women-owned firms, and high-tech firms. Washington, DC: Office of Advocacy, US Small Business Administration.

    Google Scholar 

  • Roethlisberger, F. J., Dickson, W. J., Wright, H. A., & Pforzheimer, C. H. (1939). Management and the worker. Cambridge: Harvard University Press.

    Google Scholar 

  • Rudman, L. A. (1998). Self-promotion as a risk factor for women: the costs and benefits of counterstereotypical impression management. Journal of Personality and Social Psychology, 74(3), 629. doi:10.1037/0022-3514.74.3.629.

    Article  Google Scholar 

  • Rudman, L. A., & Glick, P. (1999). Feminized management and backlash toward agentic women: the hidden costs to women of a kinder, gentler image of middle managers. Journal of Personality and Social Psychology, 77(5), 1004. doi:10.1037/0022-3514.77.5.1004.

    Article  Google Scholar 

  • Sato, Y. (1989). Small business in Japan: a historical perspective. Small Business Economics, 1(2), 121–128. doi:10.1007/BF00398630.

    Article  Google Scholar 

  • Shane, S. (2012). The importance of angel investing in financing the growth of entrepreneurial ventures. The Quarterly Journal of Finance, 2(02), 1250009. doi:10.1142/S2010139212500097.

    Article  Google Scholar 

  • Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48(3), 364–381. doi:10.1287/mnsc.48.3.364.7731.

    Article  Google Scholar 

  • Sohl, J. (2011). The angel investor market in 2010: a market on the rebound. Center for Venture Research. Retrieved from http://wsbe.unh.edu/sites/default/files/2010_analysis_report.pdf.

  • Stam, W., & Elfring, T. (2008). Entrepreneurial orientation and new venture performance: the moderating role of intra- and extra-industry social capital. Academy of Management Journal, 51(1), 97–111. doi:10.5465/AMJ.2008.30744031.

    Article  Google Scholar 

  • Stefani, M. L., & Vacca, V. P. (2013). Credit access for female firms: Evidence from a Survey on European SMEs. Bank of Italy Occasional Paper No. 176. Available at SSRN:https://ssrn.com/abstract=2297789.

  • Trang Ho, K. (2015). The email that got Mark Cuban’s attention and a $150,000 investment for this startup. Forbes. Retrieved from http://www.forbes.com/sites/trangho/2015/11/22/an-email-that-got-mark-cubans-attention-and-a-150000-investment-for-this-startup/%231ba16c2315df.

  • Tsai, W., & Ghoshal, S. (1998). Social capital and value creation: the role of intrafirm networks. Academy of Management Journal, 41(4), 464–476. doi:10.2307/257085.

    Article  Google Scholar 

  • U.S. Census Bureau (1997). 1997 Survey of women-owned enterprises Company Statistics Series. Washington, D.C.: USGPO.

  • U.S. Census Bureau (2002). 2002 Survey of business owners (SBO), women-owned firms Company Statistics Series. Washington, D.C.: USGPO.

  • U.S. Census Bureau. (2007). 2007 Survey of business owners (SBO) Company Statistics Series. Washington, D.C.: USGPO.

  • U.S. Census Bureau (2012). 2012 Survey of business owners (SBO) Company Statistics Series. Washington, D.C.: USGPO.

  • Van Osnabrugge, M. (2000). A comparison of business angel and venture capitalist investment procedures: an agency theory-based analysis. Venture Capital, 2(2), 91–109. doi:10.1080/136910600295729.

    Article  Google Scholar 

  • Vance, D. E. (2005). Raising capital. New York: Springer Science & Business Media.

    Google Scholar 

  • Wiltbank, R. (2005). Investment practices and outcomes of informal venture investors. Venture Capital, 7(4), 343–357. doi:10.1080/13691060500348876.

    Article  Google Scholar 

  • Winfrey, G. (2015). The best industries for starting a business in 2015. Inc.com. Retrieved from http://www.inc.com/graham-winfrey/best-industries-2015-the-best-industries-for-starting-a-business-in-2015.html.

  • Wong, A., Bhatia, M., & Freeman, Z. (2009). Angel finance: the other venture capital. Strategic Change, 18(7–8), 221–230. doi:10.1002/jsc.849.

    Article  Google Scholar 

Download references

Acknowledgements

The authors gratefully acknowledge the research assistance of seven undergraduate research assistants from the Charles H. Dyson School of Applied Economics and Management.

Author information

Authors and Affiliations

  1. Dyson School of Applied Economics and Management, Cornell University, 310C Warren Hall, Ithaca, NY, 14853-7801, USA

    Sharon Poczter & Melanie Shapsis

Authors
  1. Sharon Poczter
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Melanie Shapsis
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Sharon Poczter.

Appendix 1 Details on the television show selection process

Appendix 1 Details on the television show selection process

There are two main ways to apply to be on the show: through an email submission or an open call. The first, an email submission, requires that the entrepreneur email their name, age, contact information, a recent photo of themselves, and a brief non-confidential description of their business, product, or idea to a general casting email. The second option is to attend an open call audition. These auditions are held on numerous dates every season across the USA. During the open call, entrepreneurs are given the opportunity to do a 1-min pitch of their business/product/idea to a member of the casting team. However, the entrepreneurs must have the application packet completed prior to their arrival. The application packet consists of extensive paper work that detail their business/product/idea and financials. All open calls are open to the general public, as long as the entrepreneurs arrive during the allotted 2-h time-slot when numbered wristbands are distributed (ABC 2016). Only the applicants with numbered wristbands are guaranteed to have a chance to pitch, or approximately the first 500 applicants.

Rights and permissions

Reprints and Permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Poczter, S., Shapsis, M. Gender disparity in angel financing. Small Bus Econ 51, 31–55 (2018). https://doi.org/10.1007/s11187-017-9922-2

Download citation

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11187-017-9922-2

Keywords

JEL classification

search

Navigation