The Science of Angel Investing

What makes angel investors tick? Is it purely the pursuit of financial returns or is there a deeper motivation that drives them to back early-stage startups?

For Rui Falcão , CEO at COREangels and one of the very few people in the world with a PhD in Angel Investing, this question isn’t just philosophical. It’s central to his research and practice. And now, thanks to his groundbreaking study, we have data-driven answers.

His article, The Impact of Calling on Angel Investing, was recently published in the International Journal of Entrepreneurial Behavior & Research. It’s the first study of its kind to explore how a sense of calling shapes the way angels invest, from how involved they are to the type of value they derive from the experience.

What Rui’s Study Explores

The research surveyed 869 angel investors across 79 countries — one of the largest samples ever studied in this field. It applied Work as Calling Theory to the world of early-stage investing, asking:

• Does feeling a calling make angel investors more actively involved with startups, investment groups, and ecosystems?
• Does calling affect the Angel Perceived Investment Value (APIV) — a framework that captures the diverse types of returns angels receive?
• Do factors like experience make a difference?

This was not just theoretical speculation. Rui and his co-authors built and tested a model that revealed a clear connection between calling and angel behavior.

Important Findings

The results were striking and deeply relevant to today’s investing landscape:

1. Calling drives active involvement.

Angel investors with a strong sense of purpose don’t just write checks — they roll up their sleeves. They mentor founders, sit on advisory boards, join investment committees, and help startups build networks.

2. Value is holistic, not just financial.

Angel investors who feel a calling report much higher perceived returns across five dimensions:

• Economic: financial outcomes and wealth creation.
• Esteem: recognition, confidence, credibility.
• Altruistic: giving back to society, nurturing entrepreneurs.
• Emotional: joy, excitement, fulfillment.
• Entrepreneurial: the thrill of building and innovating.

This shows that angel investing is not only about exits or valuations — it’s about meaning.

3. Experience amplifies calling.

For more seasoned angels, the link between calling, involvement, and perceived value is even stronger. The more experience they bring, the more their sense of calling enhances their fulfillment.

Why This Matters for Founders

For entrepreneurs, this study brings hope. Many founders approach investors with fear — worrying that angels are distant, demanding, or only chasing financial gain. Rui’s research reveals a different picture:

• Many angels invest because they want to contribute.
• They’re motivated to mentor, not control.
• They see success not only in financial terms but also in impact and shared growth.

This means founders can engage with angels as genuine partners — people who are deeply invested in their journey, not just their cap table.

Why This Matters for Angels

For angel investors themselves, the research validates a truth that many feel but rarely articulate: angel investing is meaningful work.

It provides a sense of identity, belonging, and fulfillment that goes far beyond financial returns. By embracing their role as a calling, angels can:

• Strengthen their engagement with founders.
• Maximize their own satisfaction.
• Contribute to healthier, more resilient startup ecosystems.

The framework Rui developed — Angel Perceived Investment Value (APIV) — gives angels a language to reflect on their motivations and outcomes, encouraging them to measure success in richer terms than ROI alone.

Rui Falcão: Scholar, Practitioner, and Community Builder

Rui Falcão is uniquely positioned to lead this conversation. His credibility comes from bridging three worlds:

1. Scholarship – With his PhD, Rui is one of the very few people globally who have studied angel investing at a doctoral level. His peer-reviewed research is helping define the academic field of early-stage investing.
2. Practice – In his time as a fund leader at COREangels Lisbon and COREangels Food , Rui had scouted thousands of startups, invested in dozens, and mentored countless founders. His daily experience grounds his research in reality.
3. Community – As the co-founder and CEO of COREangels International, Rui has helped build a global network of funds and angels. His work ensures that COREangels isn’t just participating in angel investing — we’re actively shaping how it evolves worldwide.

Few people combine these perspectives. Rui doesn’t just study angel investing — he lives it, practices it, and helps others succeed in it.

A New Perspective for the Angel Ecosystem

Rui’s research confirms what COREangels has always believed: angel investing is not transactional, it’s transformational.

It’s about trust, involvement, and alignment of values. It’s about creating ventures that generate not just financial returns, but also societal impact, joy, and meaning.

And with leaders like Rui driving both practice and scholarship, COREangels is proud to stand at the intersection of knowledge and action — backing startups while also advancing the science of how angels invest.

👉 Want to learn more about Rui’s work? Explore his research in the International Journal of Entrepreneurial Behavior & Research.

👉 Want to be part of a community where angels invest with purpose? Discover COREangels.