Identifying the impact of external environment on business angel activity

Figures & data

Table 1. Survey results – determinants affecting VC market.

Overall Economic Development and Policies	Capital Market Determinants	Doing Business Determinants
GDP Growth/Business Cycle	Fundraising	Administrative Procedures to Start a Business
Inflation	Capital Market Activity	Time Required to Start-Up a Business
Monetary Policy	Exit Strategies (IPOs, etc.)	Financial Requirements
Tax Policy		Stability of Law/Regulations
Law Quality		Subsidies
Law Enforceability		Sanctions
Labour costs/Productivity
Availability of Qualified Workforce
Investment Protection

Source: Own research based on theoretical framework.

Table 2. Survey results – the sample characteristics (in number of respondents).

Age Category/Experience (Position)	Executive	Manager	Ex-Entrepreneur	Investor	In Total
< 30	1	1	0	0	2
30 − 40	1	1	0	1	3
40 − 50	5	0	1	1	7
50 − 60	7	4	1	0	12
> 60	4	0	1	2	7
In total	18	6	3	4	31
Age Category/Experience (Industry)	IT and telecommu-nications	R&D	Production	Services	In Total
< 30	1	1	0	0	2
30 − 40	2	0	1	0	3
40 − 50	5	1	0	1	7
50 − 60	4	4	3	1	12
> 60	5	1	1	0	7
In total	17	7	5	2	31

Source: Own research.

Table 3. Survey results – macroeconomic development and its perception.

Perception of the macroeconomic development	Minor significance	Secondary significance	Extraordinary significance (in some industries)
n	21	8	2
% of n	67.74	25.81	6.45

Source: Own research.

Table 4. Survey results – evaluating monetary policy with regard to macroeconomic development.

Monetary policy evaluation →	I do not follow		Not essential		Favourable		Total
Evaluation of macroeconomic development ®	n	% of n	n	% of n	n	% of n	n	% of n
Not essential	11	35.48	6	19.35	4	12.90	21	67.74
Has an impact on the industry sector	0	0.00	1	3.23	1	3.23	2	6.45
Has an overall impact onto entrepreneurship	1	3.23	2	6.45	5	16.13	8	25.81
Total	12	38.71	9	29.03	10	32.26	31	100.00

Source: Own research.

Table 5. Survey results – evaluating the tax policy with regard to the macroeconomic development.

Tax policy →	Favourable		Essential that it remains unchanged		Not essential		Too complicated		Total
Evaluation of macroeconomic development ®	n	% of n	n	% of n	n	% of n	n	% of n	n	% of n
Not essential	3	9.68	13	41.94	4	12.90	1	3.23	21	67.74
Has an impact on the industry	0	0.00	1	3.23	0	0.00	1	3.23	2	6.45
Has an overall impact onto entrepreneurship	1	3.23	6	19.35	1	3.23	0	0.00	8	25.81
Total	4	12.91	20	64.52	5	16.13	2	6.46	31	100.0

Source: Own research.

Table 6. Survey results – evaluating the law quality with regard to the tax policy.

Law quality →	Favourable		Stable law environment is essential		Insufficient		Total
Evaluation of the tax policy ®	n	% of n	n	% of n	n	% of n	n	% of n
Favourable	23	74.19	8	25.81	0	0.00	31	100.00
Essential that it doesn’t change much	9	29.03	14	45.16	8	25.81	31	100.00
Not essential	12	38.71	19	61.29	0	0.00	31	100.00
Too complex	0	0.00	0	0.00	31	100.00	31	100.00
Total (without distinction)	11	35.48	13	41.94	7	22.58	31	100.00

Source: Own research.

Table 7. Survey results – evaluating investment protection with regard to law quality.

Investment Protection →	Good		Poor		There has been no problems		Total
Law Quality ®	n	% of n	n	% of n	n	% of n	n	% of n
Favourable	20	64.52	3	9.68	8	25.81	31	100.0
Essential that it doesn’t change much	17	54.84	14	45.16	0	0.00	31	100.0
Insufficient	13	41.94	18	58.06	0	0.00	31	100.0
Total	27	87.09	1	3.23	3	9.68	31	100.0

Source: Own research.

Table 8. Survey results – evaluating the role of capital market with regard to exit strategy.

The importance of the local capital market when considering the exit	Not important	I don’t follow that	I have no experience
n	23	2	6
% of n	74.20	6.45	19.35

Source: Own research.

Table 9. Survey results – evaluating barriers with regard to expand/start up a business.

Key barriers to investment	Not significant	Labour costs / productivity	Qualified workers / graduates	Legislation/ public administration
n	12	7	4	8
% of n	38.71	22.58	12.90	25.81
Start-up business challenges – key areas	Administrative burden	Time requirements	Financial requirements	No significant barriers
n	5	9	1	16
% of n	16.13	29.03	3.23	51.61

Source: Own research.

Table 10. Survey results – legislative regulation of angel investment and entrepreneurship in the Czech Republic in relation to the perceived administrative burden of starting new business projects.

	Administrative burden
	Mentioned		Not mentioned		Total
	n	% of n	n	% of n	n	% of n
Comments on the legislation in the CR	3	9.68	4	12.90	7	22.58
No comments on the legislation in the CR	2	6.45	22	70.97	24	77.42
Total	5	16.13	26	83.87	31	100.00

Source: Own research.

Table 11. Survey results – other barriers of business project development.

Areas preventing the project development	Changes in the regulations	Extensive sanctions	Subsidy policy	Taxation
n	19	5	4	3
% of n	61.29	16.13	12.90	9.68

Source: Own research.