Social Proof in Angel Groups (Wesemann et al., 2025) | ETP FT50

Welcome to Revise and Resubmit—the podcast where we break down cutting-edge research published in the world’s most prestigious academic journals. If you’ve ever wondered how investors make decisions in the face of uncertainty, today’s episode will make you think twice about what really drives investment choices.Angel investing is high-risk, high-reward. Some investors make millions. Others watch their money vanish. But what if their success—or failure—depends not just on their own analysis, but on something far more human? Something we all do, every single day, often without realizing it?In this episode, we explore the fascinating world of social proof—the invisible force that nudges angel investors to follow the crowd. Are they copying the right people, or just the loudest voices in the room?Drawing from the research of Henrik Wesemann Lekkas, Torben Antretter, Dean Shepherd, and Joakim Wincent, this study, published in Entrepreneurship Theory and Practice, an elite FT50 journal, dives deep into how investors rely on the decisions of others. It reveals a striking pattern: newcomers imitate the most visible investors, while seasoned investors look for hidden signals—reinventing what it means to "follow the leader."So, what happens when smart investors copy the wrong people? And can experience truly outsmart bias?Before we answer that, let’s dive in.A big thank you to SAGE Publications for publishing this research, and to the authors for their incredible work.If you enjoy deep dives into groundbreaking research, subscribe to "Revise and Resubmit" on Spotify and catch more insights on our YouTube channel, "Weekend Researcher." You can also find us on Amazon Prime and Apple Podcasts.Now, let’s get started.ReferenceWesemann Lekkas, H., Antretter, T., Shepherd, D., & Wincent, J. (2025). Following in the Footsteps of Others: Social Proof in Angel Groups. Entrepreneurship Theory and Practice, ahead-of-print. https://doi.org/10.1177/10422587251315657Youtube Channel⁠https://www.youtube.com/@weekendresearcher⁠Support us on Patreonhttps://patreon.com/weekendresearcher