Dear Prof Arhan,

This is a very interesting subject that you and your students have taken up. We at Caspian are working very closely with start-ups in India and can see how important a role Angel Investors play. At present there may not be enough research work on this in the South Asia context, but it is fast emerging. Maybe your students need to do web search and reach-out to Angel Investors, as also read up interviews given by Angel Investors. I will be tracking the progress of your study regularly.

Best Wishes.

Better to incorporate institutional theory perspectives of entrepreneurship.

i doubt whether there is significant difference between the screening processes of angels and venture capitalists (VCs).

Angels are willing to invest much earlier stage.

Similar to VCs they prefer investments with growth potential, and where they can add value. thus, also something aligned with the angel.

so, literature on VCs should help you a lot to form perspective in this regard.

Dear Brian Barnard, Thank you for your advice and comments which I find are precious for our proposed study. I appreciate it. I'll explore literature / papers on this topic to have crystallisation of the research issue.

Thank you, Prof Emmanuel Vijayanand Murray, Thank you Nagendrakumar Nagalingam

Dear Prof. Arhan,

There is very limited research done in this area but you can refer to research work of S. Sarasvathy and N. Dew. Me and my student are working on similar research idea.

Regards,

Thank you Hetal Jhaveri mam

Talking about start up and growth of entrepreneurship, particularly in developing country like Nepal, "institutional entrepreneurship is void". I recommend to explore locally embedded entrepreneurial support, liking to the ineffectiveness of institutional entrepreneurship in market oriented developing countries.

Dhruba Gautam sir, thank you. I recommend your comment! Thanks

Manali Chatterjee ji, namaskar. thank you for your inspiring words

This is an emergent area and there may be endogenous causation that muddies the clarity of the results. The ideas on VC vs Angel screening are pertinent. Also, the presence of bootstrapping infrastructure of the Angel may be needed to be factored in. Theoretical models of the preference may be more productive as in Chemmanur et al. (Various) I would also suggest the new literature on Secondary buy outs (Degeorge, Martin and Phalippou, 2013 )

https://pdfs.semanticscholar.org/ae37/12d6fe9f180a5a2c1103ad350febf659138c.pdf

In an empirical design, include exit outcomes rather than staying with preferences from entry data of new PE. Data on Series A and B financing must be reliable. Also one needs to decide on which stages of financing are really qualitatively different.