Flipping the script : Business angels learning from their entrepreneurs
Siefkes, Meike ; Nordeng Fauchald, Ragnhild ; Politis, Diamanto LU
and Sörheim, Roger
(2026)
In Academy of Management Learning & Education
- Abstract
- This study examines how business angels learn from entrepreneurs through a social cognitive learning lens. Based on qualitative interviews with 20 angels investing in green start-ups—a context marked by complexity due to its nascent, knowledge-intense, and dynamic nature—we explore learning as a socially embedded and temporal process. The findings show that angels, motivated by business and purpose strategy as well as hedonistic drivers, engage in direct and indirect learning across the investment relationship. Through this process, they develop new knowledge, expand existing expertise, and reassess established assumptions. This learning enables angels to leverage entrepreneurs’ unique context-sensitive knowledge to improve judgment and... (More)
- This study examines how business angels learn from entrepreneurs through a social cognitive learning lens. Based on qualitative interviews with 20 angels investing in green start-ups—a context marked by complexity due to its nascent, knowledge-intense, and dynamic nature—we explore learning as a socially embedded and temporal process. The findings show that angels, motivated by business and purpose strategy as well as hedonistic drivers, engage in direct and indirect learning across the investment relationship. Through this process, they develop new knowledge, expand existing expertise, and reassess established assumptions. This learning enables angels to leverage entrepreneurs’ unique context-sensitive knowledge to improve judgment and opportunity recognition. By conceptualizing angels as active learners rather than solely knowledge providers, this study extends social-cognitive learning theory to experienced entrepreneurs operating in complex environments. It contributes to angel research and entrepreneurship education by highlighting the role of sustained relational engagement in advanced entrepreneurial learning. (Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/2b7418a3-abd2-4228-aa06-55dbd07db30e
- author
- Siefkes, Meike
; Nordeng Fauchald, Ragnhild
; Politis, Diamanto
LU
and Sörheim, Roger
- organization
- publishing date
- 2026-07-07
- type
- Contribution to journal
- publication status
- epub
- subject
- keywords
- sustainable entrepreneurship, green entrepreneurial finance, entrepreneurial learning, angel financing, inductive research
- in
- Academy of Management Learning & Education
- pages
- 34 pages
- publisher
- George Washington University
- ISSN
- 1537-260X
- DOI
- 10.5465/amle.2025.0095
- language
- English
- LU publication?
- yes
- id
- 2b7418a3-abd2-4228-aa06-55dbd07db30e
- date added to LUP
- 2026-07-11 16:34:51
- date last changed
- 2026-08-04 15:07:01
@article{2b7418a3-abd2-4228-aa06-55dbd07db30e,
abstract = {{This study examines how business angels learn from entrepreneurs through a social cognitive learning lens. Based on qualitative interviews with 20 angels investing in green start-ups—a context marked by complexity due to its nascent, knowledge-intense, and dynamic nature—we explore learning as a socially embedded and temporal process. The findings show that angels, motivated by business and purpose strategy as well as hedonistic drivers, engage in direct and indirect learning across the investment relationship. Through this process, they develop new knowledge, expand existing expertise, and reassess established assumptions. This learning enables angels to leverage entrepreneurs’ unique context-sensitive knowledge to improve judgment and opportunity recognition. By conceptualizing angels as active learners rather than solely knowledge providers, this study extends social-cognitive learning theory to experienced entrepreneurs operating in complex environments. It contributes to angel research and entrepreneurship education by highlighting the role of sustained relational engagement in advanced entrepreneurial learning.}},
author = {{Siefkes, Meike and Nordeng Fauchald, Ragnhild and Politis, Diamanto and Sörheim, Roger}},
issn = {{1537-260X}},
keywords = {{sustainable entrepreneurship; green entrepreneurial finance; entrepreneurial learning; angel financing; inductive research}},
language = {{eng}},
month = {{07}},
publisher = {{George Washington University}},
series = {{Academy of Management Learning & Education}},
title = {{Flipping the script : Business angels learning from their entrepreneurs}},
url = {{http://dx.doi.org/10.5465/amle.2025.0095}},
doi = {{10.5465/amle.2025.0095}},
year = {{2026}},
}