Online Research

Publication of results of extensive survey on women Business Angels


The Women Business Angels for Europe's Entrepreneurs WA4E is delighted to present to you a report on women investors and business leaders. In the framework of the WA4E project, partners from six EU countries surveyed 640 women to map out their motivators and obstacles to become female business angels.

This 28-page report summarises the key findings of an online research, which was accompanied by one-on-one and focus group interviews.

As such, the report sheds more light on the reasons why women remain underrepresented in the world of business angels and entrepreneurs. Among other things, the study concludes that:

  • Financial capacity and disposable wealth have some influence on women's decision to be an angel investor;


  • Women angels are backing a wide range of industry sectors from deep tech to food with significant focus on making a social impact;


  • There is a strong propensity for women investors to back women led businesses; The main drivers for women to become business angels include their desire to "put something back" and supporting their local economy;


  • Women non-investors lacked understanding of the core process of angel investing and identified angel investing as risky;


  • Over half of the women non-investors felt that life stage and other family financial priorities as a major reason for nonengagement in angel investing, as well as a lack of time, rather than actual financial capacity.


With the ambition of offering solutions, as well as a better analysis of the problem, the report outlines some policy recommendations that include 'support for national/regional women angel co-investment funds' as well as ‘establishment of an EU wide women angel co-investment fund’.

The results of the research will be incorporated into the outputs of the WA4E project, including training for women business angels as well as improving pitching skills of female entrepreneurs.

You can download your copy of the report by following this link here.