"Angel Investors" (also called "Business angels") are private individuals who regularly finance small start-ups during the early stage (I.e. well before the start-up reaches financial break even). They play a key role in the economy of innovation (along with "Love money" provided by relatives). It is generally assumed that there are around one million angel Investors in the US, one hundred thousands in the UK and only ten thousands in France.

(See Chapter 40 Setting up a company or financing start-ups of the Vernimmen) )

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