This study investigates the decision-making processes applied by business angels individually and within a Business Angels Network (BAN) in the selection of investment opportunities. Drawing on data from the Italian Business Angel Network (IBAN) in the 2020–2022 period, we monitor 204 projects seeking funding to understand the decision-making processes of BAs collectively and individually, especially those taken against the collective decision taken at the BAN level. Our findings reveal structural differences in decision determinants between the collective BAN process (i.e., the BAN screening committee and subsequent collective decisions) and the individual BAN members investing independently. Notably, factors such as entrepreneurial team skills and composition and project characteristics, such as the business model or the formal structure of the project proposal are evaluated differently. This study contributes to the literature on decision-making processes of BAs, shedding light on the interplay between individual and collective decisions when informal investors are exposed to the same investment opportunity.
