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Abstract
The roles of business angels (BAs) are especially important in view of both decreasing the levels of formal venture capital investment and growing the average amount of individual deals. Angel investors typically invest at an earlier stage of growth and provide more business guidance than venture capital providers. Therefore, angel investors are the key players in generating high-growth companies, essential to regional economic development. As a result, they have attracted the attention of policy makers. Thus, this research attempted to improve the conception of decision-making criteria used by the BAs for investment, and reports the findings of an exploratory project that analysed the Malaysian BAs’ decision-making process. A hierarchy of multiple criteria decision making (MCDM) model based on fuzzy sets theory and VIKOR (in Serbian: Vise Kriterijumska Optimizacija I Kompromisno Resenje) method were proposed in order to look into the decision making process. For this reason, 5 main criteria and 29 sub criteria were developed to be evaluated by 5 well-known BAs to assess and rate the criteria and alternatives using fuzzy linguistic variables. For the purpose of illustration, an empirical case study was conducted on Malaysian BAs and the results are presented with numerical examples. The final finding of the research suggested that Johor is the most suitable city for investment. Kuala Lumpur, Penang, and Sabahare placed in the subsequent ranks. The proposed framework had been successfully applied for the decision making process, and could be used by other BAs for their cases with slight modifications.
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Notes on contributors
Reza Rostamzadeh
Reza ROSTAMZADEH. Doctor, currently a Postdoctoral Researcher at Universiti Teknologi Malaysia (UTM). He is the author and co-author of more than 10 research papers and reviewer of the several distinguished journals. His research interests include supply chain management, multi criteria decision making, operations management and entrepreneurship.
Kamariah Ismail
Kamariah ISMAIL. Doctor, Associate Professor at the Business Administration Department of Universiti Teknologi Malaysia (UTM) and Director of UTM Technology Entrepreneurship Centre (UTMTEC). She is the author and co-author of more than 80 articles, 35 conference papers and also has been worked in many consultancy projects. Research interests are innovation, commercialisation, and entrepreneurship.
Edmundas Kazimieras Zavadskas
Edmundas Kazimieras ZAVADSKAS. PhD, DSc, h.c.multi. Prof., Head of the Department of Construction Technology and Management at Vilnius Gediminas Technical University, Lithuania. Senior Research Fellow at the Researcher of Research Institute of Smart Building Technologies. A member of Lithuanian and several foreign Academies of Sciences. Doctore Honoris Causa from Poznan, Saint-Petersburg and Kiev universities. The Honorary International Chair Professor in the National Taipei University of Technology. A member of international organizations; a member of steering and programme committees at many international conferences; a member of editorial boards of several research journals; the author and co-author of more than 400 papers and a number of monographs in Lithuanian, English, German and Russian. Editor-in-Chief of journals Technological and Economic Development of Economy and Journal of Civil Engineering and Management. Research interests: building technology and management, decision-making theory, automation in design and decision support systems.