Business angels characteristics evolution and its implication in the literature

The study explores the main results in “Business Angels” characteristics in the literature so far and tries, by means of a recent panel of Business Angels database and previous empirical results, to give an overall insight of the new challenges and stakes in the future research on Business Angels. Indeed, this paper is meant to give an updated situation of literature results to see if they are still consistent or if they are no longer relevant in today's society and need to be dropped out for future research, and bring out new angles and new directions for future papers in which considerations such as gender issues in the financing process, governance methods, homophily, confidence need to be further investigated to explain angel financing supply and extend the current knowledge on BA another level.