The study of interaction of business angels with the business community

The success of the innovative project largely depends on the interaction of business angels with the business community. This study represents an attempt to formulate the criteria of the prosperous interaction of business angels with entrepreneurs. Business angels and entrepreneurs play an important role in the development of regional innovation systems, their interaction leads to a significant increase in innovative activity of enterprises. The purpose of this study is to identify the main features and problems of interaction of business angels with the business community.Objectives:1) To consider the concept of "regional innovation system ", its main elements and functions.2) To analyze the concept of "business angel" and "Association of Business Angels", their roles and functions.3 ) To consider the concept of " entrepreneur " and " business community " , their roles and functions.4) To conduct a study of the interactions of business angels with the business community in the Nizhny Novgorod region.5) To develop a model of interaction between business angels with the business community.Methods used in the study are analysis, synthesis, personal semi-structured interviews , qualitative analysis of data.In order to analyze the features of interaction between business angels and entrepreneurs in the Nizhny Novgorod region it was conducted exploratory study. The study was designed and conducted semi-structured interview with business angels and entrepreneurs. 7 experts were representatives of business angels and 4 experts were representatives of the business community of Nizhny Novgorod region .The study has developed a model of interaction of business angels with the business community. There are a range of factors influencing the interaction of business angels with the business community. They are national characteristics , the economic situation in the country and the region, personal goals of business angels and entrepreneurs , their perspective on the development of the project , the amount of resources , the level of training of the project team , level of competence and knowledge level of entrepreneurial culture, a mutual agreement on the share of business angels in the project and the timing of release , the number of potential entrepreneurs , the number of business angels and business angel associations , the number of promising innovative projects , training of project managers , knowledge about the features of venture funding , availability of informal venture capital activities in the region , support from business angels and entrepreneurs from the state.The main problems in the interaction of business angels with the business community are: lack of potentially successful innovation projects , poor training team, lack of knowledge and skills of entrepreneurs , small number of business angel associations in Russia , the difficulties in finding an investor ( for entrepreneurs ) and difficulty in finding potentially successful projects ( business angels ) , lack of information about potential business angels for innovators projects , lack of information about innovative projects , successfully invested by business angels , poor drafting legislative tax base in matters relating to business angels, the lack of specialists in the field business innovation .