Regarding identification, we need to differentiate between Business Angels and the wider informal investment market. Informal investment describes non-institutional risk capital investments in unquoted businesses, including Business Angel investments, investments by family offices, and also the category of investments made by family and friends. The latter two categories are often not commercially oriented. However, matters are complicated by the definition of ‘friends’ – social, as well as business networks are sources used to identify potential investment opportunities. .
