Doctor of Philosophy (PhD), Ohio University, 2019, Individual Interdisciplinary Program

Angel investors provide billions of dollars in capital to entrepreneurs in the United States each year. The money provided to these early-stage companies is critical for growth and expansion of these young businesses with uncertain futures. As founders interact with angel investors and the groups they form to invest in such opportunities through due diligence, each party acts upon expectations generated from a process known as anticipatory socialization. This thesis investigates anticipatory socialization in the context of entrepreneurial learning from the perspectives of entrepreneurs and angel investors. Using a mix of interviews and a case study, this exploration of the social environment uncovers the various expectations guiding the due diligence process. A documentation analysis provides data on the stated criteria and goals that each angel investor group enters due diligence with. The result of these efforts produces comprehensive learning objectives useful to guide the development of an instructional device aimed at assisting students in better understanding the anticipatory socialization process in angel investing. Since due diligence and evaluation of founders begins much earlier than entrepreneurs expect, the entrepreneur should undertake their own due diligence to discover more about the expectations of angel investors. They also must engage in self-reflection to understand their own position within the social space.

Committee: David Moore Dr. (Committee Chair); Luke Pittaway Dr. (Committee Member); Ikenna Uzuegbunam Dr. (Committee Member); Kamile Geist Dr. (Other) Subjects: Educational Technology; Entrepreneurship