ABSTRACT The business angel market is changing. Business angels are increasingly investing as part of organised and managed angel groups alongside other angels rather than on their own. This development has significant implications for research, challenging the traditional definition of a business angel, changing the characteristics of investments made by business angels, and transforming the way in which the investment process occurs. It also challenges the ongoing relevance of the existing body of angel research that has been based on studies of individual angels investing on their own. The research community has been slow to react to this change. The paper identifies a number of methodological issues and research priorities.

中文翻译：

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天使投资性质的变化：一些研究意义

摘要商业天使市场正在发生变化。商业天使正越来越多地与其他天使一起作为有组织和管理的天使团体的一部分进行投资，而不是自己投资。这一发展对研究具有重要意义，它挑战了商业天使的传统定义，改变了商业天使进行的投资的特征，并改变了投资过程的发生方式。它还挑战了现有天使研究机构的持续相关性，该研究基于对单个天使自身投资的研究而得出。研究界对此变化反应迟钝。本文确定了许多方法论问题和研究重点。