This paper aims to contribute to the entrepreneurship literature through analyzing how business angels were born (initial phase, legal definitions, qualifications, incentives for business angels and their conditions) and how it was developed (quantitative and of qualitative changes based on licenced angel investor numbers, their educational level, professions, age distribution and reasons for being an investor) in Turkey. While this paper academicaly broaden the literature, it also shed lights on three major topic recommendations for more comprehensive further studies: (i) the reasons lying behind the dramatic decrease since 2016 in the increasing rate of the licenced business angels, (ii) Functionality of incentives and support mechanisms offered to licenced angel investors as defined in primary and secondary legal regulations, and (iii) More detailed profiles of angel investors in Turkey
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