We believe the best investors are not only those who bring capital, but those who bring commitment. Behind many angels, there is a deep sense of purpose — a reason to stay involved long after the check is signed.
This sense of purpose is what we call a “calling.” It’s what pushes angels to mentor founders, open networks, support other investors, and stay connected to the entrepreneurial journey.
And now, research proves what many of us have felt intuitively: when angel investing is driven by a calling, involvement increases — and so does the value angels perceive from their work.
The Link Between Purpose and Involvement
In his recent study published in the International Journal of Entrepreneurial Behavior & Research, our CEO, Rui Falcão, and co-authors explored how a sense of calling impacts the way business angels engage with startups and the ecosystem around them.
The results are clear:
- Angels who feel a strong sense of calling are more active participants in startup and community activities.
- They dedicate more time and energy to mentorship, strategic support, and ecosystem collaboration.
- This active engagement doesn’t just benefit the founders — it also enhances the angels’ own sense of fulfillment and perceived investment value.
Put simply: purpose fuels performance.
What the Data Shows
The study surveyed 869 business angels across 79 countries, measuring their sense of calling, level of involvement, and perceived investment value.
The findings reveal that:
- A higher sense of calling leads to greater involvement in startup-related activities.
- This involvement includes not just post-investment support, but participation in angel groups, syndicates, and ecosystem initiatives.
- Experienced angels — those with more years in the field — tend to turn their calling into structured engagement, mentoring younger angels and building stronger networks.
Those who feel called to invest are more likely to take an active role in creating value — for startups, their peers, and the entrepreneurial ecosystem as a whole.
— Rui Falcão
What “Involvement” Really Means
Involvement goes far beyond attending pitch nights or board meetings. The study expands the definition to capture the real impact angels have when they lean in:
- With startups: advising, mentoring, opening networks, and helping founders refine their go-to-market strategies.
- Within angel groups: joining investment committees, sharing expertise, and attracting new members.
- In the ecosystem: speaking at events, judging startup competitions, and contributing to policy discussions that shape innovation.
These are not administrative tasks — they are expressions of purpose. Each action strengthens the angel’s sense of contribution and reinforces why they began investing in the first place.
Why It Matters for Angel Leaders
For leaders of angel groups, syndicates, and networks, this insight is both powerful and practical. It shows that increasing member involvement isn’t just about building engagement programs — it’s about helping angels connect with their sense of purpose.
Ways to nurture this include:
- Encouraging meaningful roles: Give angels specific opportunities to mentor, review deals, or host learning sessions.
- Creating purpose-driven communities: Facilitate spaces where angels can connect over shared missions — such as sustainability, food tech, or social impact.
- Recognizing contributions: Celebrate involvement, not just investment amounts. Highlight stories where mentorship or ecosystem support made a difference.
When angels are guided by a calling, they naturally become the active, committed investors every ecosystem needs.
The Broader Impact
This link between purpose and involvement has ripple effects far beyond individual investors.
- For startups: Founders receive not only funding but also dedicated partners who stay engaged through the ups and downs.
- For groups: Networks become learning communities rather than transaction platforms.
- For society: A culture of meaningful engagement strengthens the innovation ecosystem, creating a virtuous cycle of trust, collaboration, and growth.
From Duty to Fulfillment
Too often, “involvement” is seen as an obligation — a checkbox for responsible investing. But this study reminds us it’s something deeper: a reflection of who we are and what drives us.
At COREangels, we see it every day — angels who don’t just invest to earn, but to contribute. They mentor founders because they care. They stay engaged because it gives them purpose.
That’s what makes this community so special.
Because when investing becomes a calling, involvement isn’t a task — it’s a fulfillment.
About the Author
Rui Falcão is the CEO of COREangels International and co-author of “The Impact of Calling on Angel Investing” (International Journal of Entrepreneurial Behavior & Research, 2025). His research focuses on understanding how purpose, motivation, and involvement shape the experience and impact of angel investors worldwide.
