Towards a theory of business angels' post-investment involvement: a resource-based approach

This paper focuses on the lack of theoretical frameworks, which adequately explain the postinvestment involvement of Business Angels (BAs). By drawing upon the basic theoretical concepts of the “Resource-Based View” (RBV), this paper builds a coherent theoretical framework – the “Involvement Process” – which addresses this theoretical scarcity. The Involvement Process emerged from iterations between the RBV and the analysis of multiple, longitudinal and dyadic case studies. The Involvement Process explains BA involvement with the help of an emerging triple role of resources: BAs provide resources; investees and their managing directors (MDs) develop resources; and a relational resource underpins the BA-MD interactions during involvement activities and subsequent feedback about the involvement.