We investigate the impact of the angels’ share—the angel investors’ proportion of ownership—on entrepreneurial performance. We argue that below the blockholder level of ownership, the angels’ share is associated with greater innovation but lower market performance. In contrast, we predict that above the blockholder level of ownership, the angels’ share is associated with lower innovation but higher market performance. We test this proposition across two independent samples of US-based ventures. In study 1, we analyzed data from the Kauffman Firm Survey (KFS, 2004–2011) to substantiate the angels’ share hypothesis. Moreover, we show how angels’ share and family investors interact in new ventures. In study 2, we analyzed data from the Entrepreneurship Database Program (EDP, 2013–2018) to check the robustness of the angels’ share hypothesis. Both studies point to the importance of ownership thresholds in predicting angel investor activism in the strategy of new ventures.

我们调查天使份额的影响——天使投资人的持股比例——对创业业绩的影响。我们认为，在大股东所有权水平以下，天使的份额与更大的创新但更低的市场表现相关。相比之下，我们预测，在大股东持股水平之上，天使的份额与较低的创新但较高的市场表现相关。我们在两个独立的美国企业样本中测试了这一主张。在研究 1 中，我们分析了来自考夫曼公司调查 (KFS, 2004-2011) 的数据，以证实天使份额假设。此外，我们展示了天使的股份和家庭投资者如何在新企业中互动。在研究 2 中，我们分析了来自 Entrepreneurship Database Program (EDP, 2013-2018) 的数据，以检查天使份额假设的稳健性。