Abstract

This paper looks at the ways in which business angels map themselves and their outside environment (“out there”). The term “business angel” refers to an informal investor: a private, wealthy individual willing to invest a part of their own wealth in new business ventures for a profit. The business angel market is considered partially opaque, as they are difficult to identify. Many, however, are formally organized into networks (clubs). The facets of the Portuguese business angel “reality” that this research reveals, along with the evidence it offers with respect to analyzing certain contrasts between Portuguese business angels and their UK-based colleagues, is unique to the current literature. Heroes can be either business angels, who through their own efforts and persistence work to structure and expand business angel networks, or entrepreneurs who have innovative business ideas. Villains, on the other hand, can be either individuals or institutions. Although one cannot extrapolate the findings of this research to apply to the entire Portuguese business angel community, it does provide future researchers with another source in addition to the limited knowledge-base that is currently available.