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Title: The meta-organisation perspective on business angels: a thematic evolution

Authors: Hsien-Tang Chien; Tzu-Chuan Chou; Chen-Hao Huang; Vincent Kuo

Addresses: Graduate Institute of Management, National Taiwan University of Science and Technology, Taipei, Taiwan ' Department of Information Management, National Taiwan University of Science and Technology, Taipei, Taiwan ' Department of Business Administration, National Cheng Kung University, Tainan, Taiwan ' Garage+, Epoch Foundation, Taipei, Taiwan

Abstract: Early-stage investment, vital for innovation and entrepreneurship, faces hurdles in funding. Once led by venture capital (VC), now business angels take the forefront, providing both funds and expertise. A study of 1,607 articles reveals three critical phases: 'individual angels collaboration', 'angel networks' loose coupling', and 'angel alliance's tight coupling'. Meta-organisation theory categorises angel entities based on authority, motivation, participation, governance, and coordination. This research delves deep into early-stage investment, expanding the meta-organisation concept. Insights gleaned are crucial for angel investors, highlighting growth paths. Recognising these entities' evolution can boost startup success. This study lays the groundwork for future research, enriching understanding of early-stage investment dynamics.

Keywords: early-stage investment; business angels; angel group; main path analysis; MPA; meta-organisation.

DOI: 10.1504/JBM.2025.151595

Journal of Business and Management, 2025 Vol.30 No.2, pp.99 - 119

Received: 07 Feb 2025
Accepted: 05 Dec 2025
Published online: 09 Feb 2026 *