Business angels are an important source of funding for new companies in need of external capital, since they usually are the first to invest in new companies. Therefore, it is valuable to study how business angels manage their investment process, both before and after the investment has been completed. As more investments are made, experience is gained and applied to the next investment process. Previous research has studied how other experience, such as education and entrepreneurial experience, affects parts of the investment process. The purpose of this study is to describe the investment process of business angels in Sweden and analyse how it differs depending on how many investments they have previously made, that is what investment experience they have. Finally, the purpose of the study is to develope a model to describe how the investment experience affects the investment process.  The study is based om an abducitve research approach and a qualitative research method. Empirical data has been collected with eleven interviews and two email conversations, and the respondents consist of business angels in Sweden who have made between one and 20 investments in new companies. The interviews conducted were semi-structured and of a narrative nature. The analytical method used to analyse the empirical data is the Gioia-method.  The conclusions of the study are that the investment process consists of five stages; deal flow, screening & investment criteria, negotiation, active ownership and exit. Further in the conclusion, the similarities and differences that exist in the investment process of business angels with more and less investment experience are presented. As experience is gained, business angels get a bigger and better deal flow based on informal contacts instead of formal networks. For business angels with more experience, the process is slower and they make a more accurate assessment of the company and, above all, the entrepreneur. Business angels with more experience find negotiations easier and they are more involved than those with less experience. Experience has an impact on active ownership, where more experienced business angels value taking an altruistic role in the company and the less experienced business angels consider themselves above all to take a value-creating role and contribute resources to the company. Business angels with more experience have a more dynamic view of exit, and business angels with less experience have a more static view of exit. It can be stated that investment experience has an impact on all stages of the investment process.

This Ph.D. thesis examines characteristics of Business Angel investors in the Czech Republic and their attitudes to evaluation of investment projects. The research is based on primary data obtained by interviewing active Business Angel investors operating in the Czech Republic. The characteristics of Business Angel investors and their attitudes in investment decision making and subsequent monitoring of investments are analysed. Business Angel investors were also asked how they perceive external environment. The topics and questions listed in the interviews result from a systematic literature review. Based on the results of the interviews, an elimination model was developed to capture the preferences of individual Business Angel investors. The model represents a tool supporting entrepreneurs while determining the probability that their project will not be rejected without a deeper examination. Therefore, the model supports entrepreneurs to set the parameters of their projects to increase the likelihood that a Business Angel investor will undergo a detailed due diligence process.