We often hear our members describe angel investing as something they felt drawn to do. Not simply a financial decision but a meaningful step toward giving back, empowering entrepreneurs, and shaping the future.
This intuition, that investing can feel like a calling, is now backed by evidence. In a recent research paper published in the International Journal of Entrepreneurial Behavior & Research, our CEO, Rui Falcão, and co-authors explored what happens when investors feel a deep sense of purpose in their role as business angels.
Their findings reveal a fascinating truth: angels who see investing as a calling are not only more engaged with the startups they support, they also perceive greater overall value from their investing activities.
In other words, for many angels, investing is not only about Return on Investment (ROI) — it’s about Return on Meaning (ROMeaning).
Beyond Returns: The Angel’s Sense of Purpose
We usually measure angel success through exits and multiples. But when you speak with experienced angels, the stories that surface are about people, not percentages.
They talk about the founders they helped grow, the teams they mentored, and the satisfaction of seeing a startup create impact or solve a meaningful problem. This deeper motivation, a sense of purpose, is what Rui Falcão's study defines as calling.
The research, which surveyed 869 angels across 79 countries, found a clear and positive relationship between this sense of calling, angels’ involvement in their activities, and their perceived value from investing.
“Calling isn’t soft, it’s a force multiplier for involvement,” the study concludes. “And that involvement increases the value angels perceive from their work, well beyond the spreadsheet.”
The Research in Brief
- Study: Survey of 869 business angels worldwide
- Model: Based on the Work as Calling Theory (Duffy et al., 2018)
- Main findings:
- Calling increases angels’ involvement in their work
- Calling strongly enhances Angel Perceived Investment Value (APIV)
- Involvement partially mediates the relationship; it’s the bridge between purpose and value
- This mediation is stronger among experienced angels than novices
The takeaway? Angels who feel a sense of purpose are more present, more active, and more fulfilled.
A New Lens: Angel Perceived Investment Value (APIV)
To understand value from the angel’s perspective, the study introduces the concept of Angel Perceived Investment Value (APIV) — an evolution of traditional investment metrics.
Instead of focusing only on financial return, APIV recognises five dimensions of value that angels experience through their activity:
- Esteem – fulfillment, confidence, self-worth
- Altruism – giving back, supporting positive change
- Emotion – enjoyment, challenge, excitement
- Entrepreneurship – staying close to creation and innovation
- Economic efficiency – returns, diversification, financial gain
Interestingly, the study found that symbolic and experiential values, such as esteem, altruism, emotions, and entrepreneurship, often outweigh purely financial motives.
That’s where ROMeaning comes in: the emotional and identity-based return that makes angel investing deeply satisfying.
Why Calling Drives Involvement
A sense of calling changes how angels show up. It’s not about passively managing a portfolio — it’s about participating in something meaningful.
Angels who feel called:
- Dedicate more time to mentoring and advising founders
- Participate actively in angel groups, syndicates, and investment committees
- Engage with the broader ecosystem, sharing knowledge and supporting other investors
This involvement doesn’t just help startups; it also strengthens the angel’s connection to their work. As the study notes, involvement is how angels “live out” their calling.
And that lived experience creates value on both sides.
What It Means for the Angel Community
For Angels
Reflect on what truly drives you. Is it the excitement of innovation, the opportunity to give back, or the challenge of building something from scratch?
Understanding your why helps you invest your time and energy in ways that bring lasting fulfillment.
For Angel Groups and Networks
Create opportunities for members to participate meaningfully, not just financially. Encourage mentoring, community discussions, and founder engagement.
When angels are more involved, everyone, startups included, benefits.
For Founders
Recognize that many angels are not just investors, but partners with purpose. They want to contribute, share expertise, and see their impact. Inviting them in builds trust and shared success.
For Policymakers and Ecosystem Builders
Recognize the broader value angels bring to society, beyond capital. Support their engagement through education, co-investment schemes, and recognition programs that validate the social and entrepreneurial impact of angel investing.
From ROI to ROMeaning
The study’s findings reinforce what many of us at COREangels already feel in our daily work: the most fulfilling investments are those that align purpose with participation.
Financial returns matter, but for most angels, the real reward lies in being part of something greater: helping ideas grow, mentoring entrepreneurs, and building the future together.
Angel investing, at its best, is a vocation.
And when investing becomes a calling, the value you create and feel goes far beyond numbers.
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 work focuses on understanding what drives business angels to invest beyond returns, fostering communities where purpose and capital meet.
