Cover of the book Angels without Borders

About The Book

"Angel investors" provide small amounts of capital ($100k–$3m) to early stage, high-risk ventures. In recent years, they have not only grown in numbers and sophistication, they have garnered the attention of larger investors and governments throughout the world who are interested in the phenomenal power of startups to bring innovative products to consumers, create jobs and economic value, and sustain macroeconomic growth.

This comes as no surprise. Some of the world's most valuable and influential companies, such as Google, Facebook, and Uber were able to survive and thrive their make-or-break early years only through the backing of angels.

Angels Without Borders: Trends and Policies Shaping Angel Investment Worldwide, drawing on chapter contributors from more than two dozen nations, will be the only book on the market to examine this trend from a global perspective. It is a very useful reference for anyone who is interested in learning about the angel investment movement.

"We hope this book will benefit angel investors, policymakers and, of course, entrepreneurs (without whom angels would not exist)! More importantly, the book will connect angels from countries all over the world with each other, so they will have an opportunity to share experiences and learn from each others’ efforts to promote angel investing."


Di Na

Secretary General, China Investment Association, Venture Capital Committee

"This is an excellent roadmap for all those who want to understand what is helping angel investors around the world, and what is not."

Bobby Franklin

President and CEO National Venture Capital Association

"Angels Without Borders is a must-read for anyone that wants to learn more about what it takes to foster an environment where entrepreneurs are empowered to fulfill their dreams."

Jonathan Ortmans

President, Global Entrepreneurship Network, and Co-Chair of the Global Business Angels Network

"Angels Without Borders is a must read for the thousands of cities and states figuring out how to join the global entrepreneurial ecosystem."

Anthony R Clarke

CEO, Angel Capital Group and London Business Angels

"Angel investment is the 'oxygen' for early stage fast growth businesses via syndicates of angels here at London Business Angels. This is a quality and timely publication."

Zhang Jingan

Chairman, China Association of Science and Technology Industrial Parks

"If you want to be up to speed, you can read another book. If you want to be ahead of everyone else, read Angels Without Borders."

Photo of John May

John May


New Vantage Group, USA

John May is the Managing Partner of the New Vantage Group, which has organized five angel investing organizations in the Washington, DC area since 1999, placing funds into more than 50 companies. He is the co-author of two books on angel investing, Every Business Needs an Angel and State of the Art: An Executive Briefing on Cutting-Edge Practices in American Angel Investing. He is Chair-Emeritus of the Angel Capital Association and Co-Chairman of the World Business Angel Association. He is a lead instructor for the "Power of Angel Investing" seminar produced by the Angel Capital Education Foundation and supported by the Ewing Marion Kauffman Foundation, a Batten Fellow at the Darden Graduate School of Business Administration at the University of Virginia and a Managing Director of Seraphim, a UK-based venture capital fund. May served on the board of directors of the Mid-Atlantic Venture Association, the trade association for the venture capital industry in the Mid-Atlantic region. He began his work in angel investing when he co-founded the Investors' Circle, a network of over 200 investors who use private capital to fund businesses that address social and environmental issues. May co-founded The Dinner Club, an investment group of 60 Washington, DC angels who collectively invest in regional early stage ventures. Washingtonian Magazine named him one of its "100 Tech Titans of DC." At the Angel Capital Association Summit in San Francisco, CA in 2010, May was awarded the Hans Severiens Award for his contributions to the angel investing industry.

John can be cantact at

Photo of Manhong Mannie Liu

Manhong Mannie Liu


Chinese Academy of Sciences, China

Manhong Mannie Liu is Chairman of National Venture Capital Research Committee at The Chinese Society for Management Modernization; Director, Venture Capital Research Group at the Chinese Academy of Sciences, Research Center on Fictitious Economy and Data Science (FEDS); Professor, Renmin University of China; Board Member, China Venture Capital Research Institute; Editor in Chief, China Venture Capital Journal; Vice Dean, Beijing EDUI Technology Research Institute; Founder and Honorary Chair of China Business Angels Association; Vice Chair, Ecological Development Union International; Board member, World Business Angels Association; and Board director, Chief Group Hong Kong. Professor Liu has authored numerous publications on angel investing. Her book Angel Investment and Private Capital (2003, in Chinese) is considered the first such book in China. Professor Liu is also considered one of the pioneers in China's venture capital research field. Her book Venture Capital: Innovation and Finance (in Chinese, Renmin University Press, 1998) was one of the first venture capital books to systemically introduce the venture capital concept in China and served as a guide for many Chinese first-generation venture capitalists. Professor Liu received her PhD from Cornell University in 1994, prior to her joining the faculty at Renmin University, she has also worked as research faculty at Harvard University.

Manhong can be cantact at

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Krista Tuomi

Associate Editor

Krista Tuomi is a professor in the International Economic Policy program at the School of International Service, American University, Washington DC. Her recent research has focused on best practices in the start-up investment climate, particularly on policies related to angel investing and seed financing.

Krista can be cantact at

Photo of Joseph O'Keefe

Joseph O'Keefe

Associate Editor

Joseph O'Keefe is senior advisor to the president and CEO of the Overseas Private Investment Corporation, the development finance institution of the US government. Previously, he was the head of corporate relations for the International Finance Corporation of the World Bank Group.

Joseph can be cantact at

Get The eBook Sample

Chapter 1: Overview of Angel Investing Worldwide (pdf)