Do you believe in angels?

AngelList is an innovative platform that successfully matches investors and early stage ventures since 2010. Particularly until 2013 AngelList has managed to raise more than $200M for startups. Hence the understanding of how investors under great product and demand uncertainty make their decision process is of value. This research focuses on angel investors due to the fact that are more important for young ventures as apart from their own money they also provide their know how contacts and serve as mentors to the founders of the enterprise. The aim of this study is to investigate how angel investors on AngelList prioritize their investment criteria. The method is quantitative using online self-completion questionnaires. The findings of this study show that trustworthiness and enthusiasm of the entrepreneur quality of the management team and growth potential of the market are top criteria for BAs on AngelList. Moreover the study demonstrated that those investors who have an interest in investing in the cultural sector are least driven by the return of investment and primarily driven by non-financial motives.