The term Business Angel has only been used in Germany since the early 1990s. According to the German Business Angel network BAND, German Business Angel associations/federations have approximately 1,400 registered members. Most of the actors are “silent angels”, this means they do not look for publicity and most of them are not organised in networks. The “Promotion Angels” are a minority - they are looking for publicity and are participating in public discussions (Harrer, 2010b). Hence, the real number of Business Angels is higher: Fryges et al (2007) estimate between 2,700 and 3,400 active Business Angels for Germany;.
