Investment Motives of Business Angels in Start-up Companies

Financiranje je vrlo važno pitanje za opstanak i razvoj malih i srednjih poduzeća. Razvojem ekonomije javljaju se poslovni anđeli kao alternativa tradicionalnim načinima financiranja poslovanja poduzeća. Poslovni anđeli imaju izrazito bitnu ulogu u financiranju malih i srednjih poduzeća, posebice onih inovativnih i s velikim potencijalom razvoja. Poslovni anđeli poveznica su između osnivača poduzeća, obitelji i prijatelja s jedne strane i sredstava rizičnog kapitala institucija i fondova financiranja s druge strane. Poslovni anđeli ulažu značajne iznose financijskih sredstava, vlastitog znanja i iskustva u samo planiranje pokretanja poduzeća, start-up poduzeća i rane faze razvoja poduzeća. Ključno je pitanje koji su konkretni motivi ulaganja investitora u poduzeća te na koji način donose odluke o investiranju te sukladno tome u koja start-up poduzeća poslovni anđeli najčešće investiraju te na koji način donose odluke o ulaganju. Nadalje, bitno je istražiti koje vrijednosti osim kapitala poslovni anđeli unose u poduzeća u koja investiraju. Predmet istraživanja ovog rada su motivi ulaganja poslovnih anđela u start-up poduzeća, njihovi načini donošenja odluka o ulaganju te odluke o tome u koja poduzeća investirati. S toga je cilj istraživanja utvrditi motive investiranja poslovnih anđela u start-up projekte visokog rizika te je svrha istraživanja utvrditi načine na koje poslovni anđeli ulaze u poduzeća te koje sve čimbenike osim kapitala koriste u razvoju poslovanja malih i srednjih poduzeća. Da bih se istražilo gore navedeno u ovom radu koristila se induktivna metoda koja na temelju analiza slučajeva donosi zaključke o istraživanim činjenicama. Pronalaskom odgovora na istraživačka pitanja utvrdilo se koji su najčešći motivi ulaska poslovnih anđela u poduzeća te načine donošenja odluka prilikom selekcije ulaganja kapitala u rizične projekte. Također istražilo se koje varijable osim kapitala poslovni anđeli unose u poduzeća i projekte u koje ulažu.Financing is a extremly important matter for the durability and development of small and medium-sized enterprises. With the development of economy business angels appear as an alternative to traditional ways to finance business operations. Business angels have a important role to play in financing small and medium-sized businesses, particularly innovative ones and the ones with great potential for development. Business angels are a link between the founders of the company, family and friends on the one hand, and the venture capital funds of institutions on the other hand. Business angels invest significant amounts of financial resources, their own knowledge and experience in starting enterprise start-ups, start-ups and early-stage enterprise development. The key question is what is the motivation for investments and in which way the decisions for investments are made. and in which start-up businesses business angels are most often investing in and what is the process for making investments decisions. It is important to explore which values besides the capital business angels deliver into the companies they invest in. The subject of this paper is the motives of investing business angels into start-ups, their decision-making methods and the decision on which companies to invest. The aim of this research is to determine the motives for investment business angels in start-ups of high risk and the purpose of the study was to determine the ways in which business angels enter the enterprise and which all factors, apart from capital, are used in the development of small and medium-sized businesses. Concerninig to get answers to the above, this paper uses an inductive method that, based on an analysis of individual cases, brings a conclusion on the investigated facts