This study aimed to analyze the decision-making process and criteria of angel group members. These factors form the basis of the final decision of a member when they decide whether or not to invest in a start-up. To investigate this topic, the factors that affect member decision-
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This study aimed to analyze the decision-making process and criteria of angel group members. These factors form the basis of the final decision of a member when they decide whether or not to invest in a start-up. To investigate this topic, the factors that affect member decision-making are investigated when these members receive a pre-validated set of investment options from an investor club. To collect data, eight interviews with members of one investor club in the digital health sector have been conducted. These members are of diverse member type and nationality to analyze differences between members. During these interviews, different factors that influence the investors, like regulatory approval or a strategic fit, have been indicated by members. Throughout these findings, differences of focus between different types of members were observed. In some cases, the service provided by the investor club does not line up with the strategy of members, posing a question for their future collaboration. This dissimilarity in strategy shows as well in the factors of importance for members. Where business angel members have many commonalities with traditional business angels and usually fit well with the opportunities provided by the club, especially corporate members focus on other factors. Because of these differences in focus between members, providing a satisfying service to all their members is complicated for the investor club. Creating a more synonymous member portfolio will lower the variance in member demands, allowing them to provide a better service. Although the results show many similarities between the decision-making of business angel members and individual business angels, this will need to be researched further to definitively come to this conclusion.