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Contributors Rudy Aernoudt Policy Unit of the Ministry of Economy, Energy, Foreign Trade and Science, Brussels, Belgium. Richard P. Bagozzi University of Michigan, Ann Arbor, MI, USA. Simon Barnes Tanaka Business School, Imperial College London, UK. Massimo Bergami Alma Mater Studiorum, Università di Bologna, Italy. Christof Beuselinck Department of Accounting and Corporate Finance, Ghent University, Belgium. Reinhard Büscher European Commission, Directorate General Enterprise and Industry – Innovation Policy Unit, Brussels, Belgium. Bart Clarysse Operations and Technology Management Centre (OTMC), Vlerick Leuven Ghent Management School, Belgium. Dirk De Clercq Faculty of Business, Brock University, Ontario, Canada. Christian Diller Center for Entrepreneurial and Financial Studies (CEFS), Department of Financial Management and Capital Markets, Technische Universität München, Germany. Dimo Dimov School of Business, Department of Management, University of Connecticut, Storrs, CT, USA. Vance H. Fried Willam S. Spears School of Business, Oklahoma State University, Stillwater, OK, USA. Richard T. Harrison University of Edinburgh Management School, UK. Teresa Hogan Dublin City University Business School, Ireland. Elaine Hutson University College Dublin, Ireland. Christoph Kaserer Center for Entrepreneurial and Financial Studies (CEFS), Department of Financial Management and Capital Markets, Technische Universität München, Germany. Mirjam Knockaert Operations and Technology Management Centre (OTMC), Vlerick Leuven Ghent Management School, Belgium. vii Bart Clarysse, Juan Roure and Tom Schamp - 9781847204172 Downloaded from Elgar Online at 10/02/2021 02:41:51AM via free access viii Contributors Claire M. Leitch School of Management & Economics, Queen’s University, Belfast, UK. Andy Lockett Centre for Management Buy-Out Research (CMBOR), Nottingham University Business School, UK. Markus M. Mäkelä Department of Information Technology, University of Turku, Turku, Finland. Sophie Manigart Department of Accounting and Corporate Finance, Ghent University, Belgium. Markku V.J. Maula Institute of Strategy and International Business, Helsinki University of Technology (HUT), Finland. Vanessa Menzies Allianz Private Equity UK Holdings, London, UK. Gabriele Morandin Alma Mater Studiorum, Università di Bologna, Italy. Gordon Murray School of Business & Economics, University of Exeter, UK. Juan Roure Department of Entrepreneurship, IESE Business School, University of Navarra, Barcelona, Spain. Amparo de San José Riestra Department of Entrepreneurship, IESE Business School, University of Navarra, Barcelona, Spain. Tom Schamp Gate2Growth Academic Network in Entrepreneurship, Innovation and Finance – European Institute for Advanced Studies in Management (EIASM), and Advisor European Programmes, IWT Flanders, Brussels, Belgium. Tom Van Cauwenberge Deloitte Touche Tohmatsu, Diegem, Belgium. Caroline Van Eeckhout Operations and Technology Management Centre (OTMC), Vlerick Leuven Ghent Management School, Belgium. Mike Wright Centre for Management Buy-Out Research (CMBOR), Nottingham University Business School, UK. Bart Clarysse, Juan Roure and Tom Schamp - 9781847204172 Downloaded from Elgar Online at 10/02/2021 02:41:51AM via free access.

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FACULTEIT ECONOMIE EN BEDRIJFSKUNDE TWEEKERKENSTRAAT 2 B-9000 GENT Tel. : 32 - (0)9 – 264.34.61 Fax. : 32 - (0)9 – 264.35.92 WORKING PAPER AN ASSESSMENT OF GOVERNMENT FUNDING OF BUSINESS ANGEL NETWORKS: A REGIONAL STUDY Veroniek Collewaert 1 Sophie Manigart 2 Rudy Aernoudt ³ March 2007 2007/455 1 Ghent University. Veroniek Collewaert is Aspirant of the Fund for Scientific Research – Flanders (FWO-Vlaanderen) and greatly acknowledges the financial support of the Fund. Corresponding author: Department of Accounting and Corporate Finance, Ghent University, Kuiperskaai 55E, B – 9000 Gent, Belgium, tel. (32)9/264 79 60, fax (32) 9/264 35 77, e-mail [email protected] 2 Ghent University and Vlerick Leuven Ghent Management School. ³ Hogeschool Gent. We would like to thank the participants of the 2006 Babson Kaufmann Entrepreneurship Research Conference (Bloomington, IN) and the 2006 RENT Conference (Brussels) for their comments on an earlier draft of this paper. D/2007/7012/26 AN ASSESSMENT OF GOVERNMENT FUNDING OF BUSINESS ANGEL NETWORKS: A REGIONAL STUDY Veroniek Collewaert, Ghent University Sophie Manigart, Ghent University and Vlerick Leuven Ghent Management School Rudy Aernoudt, Hogeschool Gent ABSTRACT In this paper we evaluate whether government intervention through the public funding of business angel networks is warranted. Based on a regional study of four BANs, we find that these subsidies reach their goals in terms of contribution to economic development and reducing financing and information problems entrepreneurial companies face. However, they are partly based on the wrong assumptions as these companies are not (yet) value creating. Therefore, we advise caution in using the market failure argument as grounds for government intervention in the informal risk capital market.
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