Business Angels in Portugal
: the investment process

  • João Vasco Henriques (Student)

Student thesis: Master's Thesis


Much has been said about the angel investing process and steps in literature, but there’s still a lack of research when it comes to the aggregated approach of the investment process. With the recent development of the early stage market in general and the rise of the business angels activity in particular, in Portugal, this subject becomes even more relevant. What is the investment process followed by the Portuguese business angels? What are the main differences when compared to the USA model, and during which steps of the process do these differences occur? This thesis clarifies these differences and the investment process and thus provides a comprehensive and aggregated approach of the angel investment process in Portugal. The proposed empirically based model of angel investing in Portugal consists of 3 stages and 9 steps. Differences between both models exist in all the steps of the process.
Date of Award2012
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorMário Valente (Supervisor)


  • Mestrado em Gestão

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