The Study On The Integration Development Between Angel Investment And Business Incubator

The term "angel investment" firstly comes from the donation activities in New York's Broadway.Dating from the early 20th century,"Angel investment" was cited by the investment community:The Venture Capital Research Center in University of New Hampshire officially refers to the "angel investment" in the academic field to describe this specific investor and investment method.Nowadays the "angel investment" mainly refers to the one-time equity investment done by free investors or many informal venture investment institutes to enterprises in the start-up period or seed stage whose obvious characteristics are small single investment amount and large total amount.Currently,there are some barriers to the development of angel investment.Especially the information dissymmetry between angel investors and start-up enterprises.Thus,whether the problem of information dissymmetry between angel investment and start-ups can be solved effectively will affect directly the development of angel investment.Enterprise incubators play an important role in accelerating the transformation between scientific and technological achievements in China.Enterprise incubator as a platform for start-ups,bears the responsibility of industrialization of innovation.So the operational efficiency of enterprise incubator directly determines the speed and level of Therefore,the operational efficiency of business incubator directly determines the speed and level of China's science and technology development.The government management is in low-efficiency in operating and managing enterprise incubators in our country.As funded and operated by the country,in the charge of a specially-assigned person,and influenced by the state-owned background,enterprise incubators lack flexibility,leading to the low operation efficiency and great waste of public resources.Major targets that angel investment and enterprise incubators provide services for are start-ups.Though both provide start-ups with different types of serves,they have the same aim to realize own value by developing and strengthening start-ups.Thus,the integration between them is feasible.The paper finds that angel investment and enterprise incubators can complement each other's advantages by comparing the both and takes Tsinghua Science Park as an example to analyze the advantage of integrating angel investment and enterprise incubators.In the end,the paper will offer some solutions and advice on how to promote the integrated development between angel investment and enterprise incubators.