This study explores business angels learning from their start-ups through the lens of social cognitive learning. We conducted a qualitative study based on multiple interviews with 20 business angles who have invested in green start-ups, a context characterized by complexity due to its nascent, knowledge-intense, and dynamic nature. The analysis elucidates how business angels apply direct and indirect learning approaches to develop new, deepen existing, and rethink old knowledge. This dual approach to learning allows them to leverage entrepreneurs’ unique and context-sensitive knowledge, thus leading to better-informed decisions and opportunity recognition. With these findings, the study contributes to the angel learning literature, highlighting the importance of active involvement in enabling mutual angel-entrepreneur learning relationships.
