Challenges of business angels: does career matter?

PurposeThe business angels market dramatically changed the modus operandi and nature of business angels’ activity, evolving from lone investors to angel groups managed professionally. This paper aims to analyze the impact of angel perceived career development on angel satisfaction and, consequently, on their intention to continue investing.Design/methodology/approachA model was tested through covariance-based structural equation modeling (SEM) using AMOS based on data collected from 336 business angels from seven European countries.FindingsThe results highlight that: the perception of personal development is a decisive factor in pursuing the career of business angel; personal development has a higher explanatory power in angel career development than fostering innovation; and the perception of career development has positive impacts on angels’ job satisfaction and reinvestment intention. The paper ends with implications and guidelines for angels, gatekeepers and entrepreneurs, which may increase satisfaction with the angel experience and contribute to enriching business angel work.Research limitations/implicationsCross-sectional self-reported data were used to analyze the results of this study.Originality/valueTo paper extends the body of knowledge of business angels’ perceived career development, with implications for business angels, which may increase satisfaction with angel experience and, therefore, contribute to enhancing business angels’ activity. Thus, this study provides a consistent reference for forthcoming studies regarding the career of business angels and their relationship with entrepreneurs.