Purpose

The purpose of the paper is to analyze the development of business angel networks (BANs) in emerging countries such as Chile and Colombia to understand how institutions affect their development.

Design/methodology/approach

This is a qualitative, exploratory, and descriptive study based on a comparative analysis between countries, with the BANs in Chile and Colombia as the unit of observation. The comparative analysis was made in relation with the creation, operation and sustainability of the BANs. The study interviews the partners/managers of the active networks in each of the countries, as well as key informants, totalling 12 interviews.

Findings

BAN activity in Chile and Colombia is quite recent, and the countries are on a similar level of development. However, in the long term, depending on how the cultural aspects evolve in both countries and the interest that the State may have in developing business angel activity, the results could be indeed different.

Originality/value

Business angel activity in Latin America is quite recent; nevertheless, this activity is increasing in the region. In that sense, this comparative analysis between Colombia and Chile contributes to a better understanding of business angel markets in Latin America and also to obtain better insights into the core challenges that these markets face in emerging countries due to the existence of institutional voids. This paper is a contribution for further knowledge of BANs in emerging countries’ economies from an institutional perspective.

中文翻译：

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拉丁美洲新兴国家商业天使网络发展的制度方法

目的

本文的目的是分析智利和哥伦比亚等新兴国家商业天使网络 (BAN) 的发展，以了解机构如何影响其发展。

设计/方法/方法

这是一项基于国家间比较分析的定性、探索性和描述性研究，以智利和哥伦比亚的 BAN 作为观察单位。对 BAN 的创建、运营和可持续性进行了比较分析。该研究采访了每个国家活跃网络的合作伙伴/经理以及关键知情人，共进行了 12 次采访。

发现

智利和哥伦比亚的 BAN 活动是最近才开始的，这两个国家的发展水平相似。然而，从长远来看，根据两国文化方面的演变以及国家对发展天使商业活动的兴趣，结果可能确实不同。

原创性/价值

拉丁美洲的商业天使活动是最近才出现的；尽管如此，该地区的这种活动正在增加。从这个意义上说，哥伦比亚和智利之间的这种比较分析有助于更好地了解拉丁美洲的天使投资市场，也有助于更好地了解这些市场由于存在制度空白而在新兴国家面临的核心挑战。本文有助于从制度角度进一步了解新兴国家经济体中的 BAN。