Do founders’ subjective behavior cues in online pitch presentations influence angel investors’ investment decisions?
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2021-03-26
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Sarfati, Gilberto
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This study explores the role of subjectivity in angel investors’ decisions in online pitch presentations. Through participant observations, documentary research, interviews, and a review of the literature, the study investigates if founders’ subjective behavior cues in online pitch presentations influence angel investors’ investment decisions. Pitch presentations are considered essential to the investment process. The transition to virtual pitches presents challenges and opportunities. Challenges arise chiefly from difficulties in analyzing virtual behavioral cues, while opportunities manifest in the integration of the virtual space, wider deal flow, and logistic benefits. The findings suggest that Brazilian angel investors identify affective and cognitive criteria during online pitch presentations and factor these in when deciding to invest. Perceptions of entrepreneurial passion are ambiguous; coachability has a positive impact on investment intention; trust-damaging and trust-violating behaviors are remarkably harmful; perception of preparedness increases propensity to invest; and founder arrogance is a significant criterion for negative founder perception.