EU Investigation Launches on the Relationship Between Startup Growth and Business Angels and Crowd Investors

The European Commission, through the Marie Skłodowska-Curie exchange program, has funded a project, called BAC4SHC, dedicated to the study of the startup ecosystem, with a focus on the role of the human capital of Business Angels and Crowdinvestors in promoting the transition towards the Green Economy and Gender Equality.

Business Angels and Crowdinvestors for the Human Capital of Startups “BAC4SHC”

BAC4SHC is a project funded under the Marie Skłodowska-Curie exchange programme of the European Commission for the period 2023-2027.

A consortium formed by the Italian universities Università degli Studi del Piemonte Orientale and Politecnico di Milano , the University of Lyon 3 Jean Mouline , the Belgian consultancy firms Accirculate and B12 Consulting , and the Italian equity crowdfunding platform WeAreStarting are participating .

The main tool used is a questionnaire that anyone who has invested or is investing in startups can answer.

The BAC4SHC project aims to develop both an advancement of existing research on the role of Human Capital (HC) within two important actors of the entrepreneurial finance ecosystem, Business Angels (BAs) and Crowdinvestors (CIs), and an original set of skills generated by a partnership of academic and non-academic institutions.

Research on the relationship between investors’ HC and startup growth and performance within the entrepreneurial finance ecosystem is still at a seminal level, considering the impact of digitalization, the study of skills related to green and sustainable investments, and female entrepreneurship.

The project BAC4SHC will help advance these research streams by going beyond traditional HC characteristics and assessing their impact on startup survival, subsequent funding channels, and a comprehensive set of financial and non-financial performance indicators, through its training and dissemination activities.

The objectives of the project

The direct objective of the project is to build a network of expertise that can improve employability and career prospects both inside and outside academia in the field of entrepreneurship and finance, thanks to a fully international, interdisciplinary and cross-sectoral mobility of EU researchers.

The aim of the project is to design, develop and maintain an EU dataset on different dimensions of HC innovation characteristics of BA and CI and their impact on startup survival and successful performance.

BAC4SHC project expectations

The project is expected to generate a large scientific, economic and social impact. The results will provide useful suggestions to market operators and policy makers to highlight the contribution of BAs and CIs to digitalization and green transition in the financial sector.

BAC4SHC will help advance research streams by identifying key HC characteristics, going beyond traditional HC characteristics (e.g. including digital/green skills) and assessing their impact on startup survival, subsequent funding channels and a comprehensive set of startup financial and non-financial performance indicators.

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(Featured image Carl Gruner via Unsplash)

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