At COREangels, we believe angel investing is far more than just putting money into startups. It is about people backing people, sharing wisdom, and helping founders build something that matters. Now, thanks to pioneering research from Rui Falcão — COREangels leader, practitioner, and one of the few people in the world with a PhD in angel investing — this belief has moved from intuition into scientific evidence.
Rui’s study, The Impact of Calling on Angel Investing, recently published in the International Journal of Entrepreneurial Behavior & Research, is the first global research project to rigorously analyze how a sense of calling influences angel investors — their behavior, their involvement, and the value they perceive from their activity.
Understanding the Research
For decades, the question of “why do angels invest?” has fascinated academics and practitioners alike. The stereotype has often been that angel investors are chasing the next unicorn or quick financial wins. Rui’s research shows a much deeper reality.
Drawing on Work as Calling Theory, Rui and his co-authors surveyed 869 angel investors from 79 countries — one of the largest global studies ever conducted on this investor community. The study asked:
- What role does calling play in the decision to invest?
- How does calling influence involvement with startups, angel groups, and the wider ecosystem?
- Does calling impact the Angel Perceived Investment Value (APIV) — a framework that captures not only financial returns, but also symbolic, altruistic, entrepreneurial, and emotional value?
The model developed and tested in this paper is groundbreaking: it shows that calling directly increases both involvement and perceived investment value and that involvement acts as a partial mediator, reinforcing the link between purpose and fulfillment.
Key Findings
The study revealed three powerful insights:
- Calling drives active involvement.
Angels who feel a strong sense of purpose are more engaged with their startups. They mentor founders, scout deals, join investment committees, and stay active in ecosystem events. For them, investing is inseparable from doing. - Value is holistic, not just financial.
Angels with a sense of calling perceive higher returns across five dimensions of value:
- Economic: wealth creation and diversification.
- Esteem: recognition, self-confidence, and professional credibility.
- Altruism: giving back to society, supporting entrepreneurs.
- Emotions: enjoyment, excitement, and fulfillment.
- Entrepreneurial: the joy of building, mentoring, and being part of new ventures.
- Economic: wealth creation and diversification.
- In fact, symbolic and altruistic goals often outweigh financial ones — challenging the common narrative of angels as purely profit-driven actors.
- Experience amplifies the effect.
The study found that experienced angels gain even more from their sense of calling. For them, involvement with startups and the ecosystem enhances perceived investment value significantly more than for novice angels. With experience comes not only expertise, but also a deeper sense of identity and purpose as an angel.
Why This Matters for Entrepreneurs
For founders, Rui’s findings are encouraging. Many angels are not just financial backers looking for control or fast exits — they are driven by a calling to co-create value and help entrepreneurs grow.
That means:
- They are more likely to offer mentorship and networks.
- They understand the ups and downs of early-stage growth.
- They see impact and purpose as part of the return.
This changes the dynamic from intimidating investor pitches to genuine partnerships. As Rui’s research shows, angel investors are at their best when they feel deeply connected to the mission of the founders they back.
Why This Matters for Angels
For angels themselves, the research validates something many feel intuitively: investing is meaningful work. It’s not just about exits or IRR.
By embracing angel investing as a calling, angels unlock:
- Greater personal satisfaction and sense of purpose.
- Stronger bonds with founders and fellow investors.
- A virtuous cycle of reinvestment, where positive experiences motivate angels to keep supporting new startups.
Rui’s work also provides a framework — the Angel Perceived Investment Value (APIV) — that angels can use to reflect on what really matters to them. It encourages investors to think beyond financial returns and embrace the symbolic, emotional, and societal value they create.
What makes Rui’s contribution especially unique is his dual role. Few people in the world combine such deep academic expertise with hands-on practice:
- While serving as a fund leader at COREangels Lisbon and COREangels Food, Rui had scouted thousands of startups, invested in dozens, and mentored countless founders.
- As a scholar, he has dedicated years of research to understanding the psychology, motivations, and outcomes of angel investing —culminating in his PhD in Angel Investing, one of the first in the world.
- As a community builder, Rui co-founded COREangels International, now a global network of funds, angels, and startups.
This rare blend means Rui doesn’t just write about angel investing, he lives it. His research insights are shaped by real-world experience, and his practice is informed by academic rigor.
A Global First, Rooted in COREangels
The Impact of Calling on Angel Investing is more than an academic paper. It is a milestone for the global angel investment community and for COREangels.
It validates what we have believed since the beginning: that angel investing is not transactional, but transformational. It is about alignment of values, trust between people, and building ventures that create both financial and societal returns.
And with Rui Falcão leading both in practice and in research, COREangels stands at the intersection of knowledge and action — shaping not only the startups we back, but also the very understanding of what it means to be an angel investor.
👉 Want to learn more? Read Rui’s full research in the International Journal of Entrepreneurial Behavior & Research or join the COREangels Community to connect with angels who invest with purpose.
