天使投資之合投模式分析－以SIC永續影響力投資為例

Abstract

隨著全球創新經濟與永續發展議題日益受到關注，早期新創企業的成長成為驅動產業轉型與社會變革的關鍵動能。特別是在種子期與初創階段，企業常面臨資金缺口、資源不足與市場驗證不確定等挑戰，導致傳統創投機構投資意願偏低。此時，天使投資成為新創企業跨越早期成長障礙的重要力量，其中「合投模式」因具備風險分散與資源整合優勢，逐漸成為全球天使投資的重要趨勢。 本研究以「天使投資合投商業模式」為核心，並以台灣首家結合影響力投資理念與天使合投機制之平台─SIC永續影響力投資公司 (Sustainable Impact Capital) 作為個案，深入探討其運作邏輯、組織架構、投資策略與實際成效。SIC以創業家社群為基礎，導入SDGs作為核心投資指標，形成一套整合財務回報與社會影響力的創新投資模式，具備在地實踐與國際對接的潛力。 本研究採文獻回顧與個案分析法，首先梳理天使投資的發展歷程、組織類型與合投制度的演進，並比較美國知名天使組織Band of Angels的運作經驗。其次探討影響力投資的定義、模式與評估架構，說明其與天使投資在實務上整合的可行性。透過對SIC的分析，本研究檢視其會員制度、投資委員會機制、導師陪跑機制與SPV股權架構，展現其制度化與社群化特色。 此外，本研究進一步以“探索水產科技”的投資案例為例，SIC不僅評估了該公司的技術優勢、市場潛力與財務表現，還特別關注其符合SDGs指標的社會影響力，展現了影響力投資與天使投資的成功結合。 研究結果指出，SIC所建構的天使合投模式，具備降低風險、提升投資透明度與強化社群連結的優勢，亦有助於建立具永續導向的創業投資體系。雖然目前台灣在影響力投資與天使合投領域的法規尚不完善，投資教育亦仍不足，但SIC模式展現的創新與制度化潛力，為未來推動在地永續創業生態系提供具體參考。 綜合而言，本研究貢獻在於建構天使投資合投商業模式的理論框架、實務模型與個案實證，並提出政策推動方向與產業建議，有助於未來新創投資模式的進化與本土永續資本市場的建立。未來可持續追蹤SIC模式於不同產業的適應性發展，亦可擴大比較亞洲其他國家類似模式的在地實踐效果。

With the growing global emphasis on innovation-driven economies and sustainable development, the growth of early-stage startups has become a key driver of industrial transformation and social change. Particularly in the seed and early growth stages, startups often face multiple challenges, such as funding gaps, limited resources, and uncertainty in market validation, which leads traditional venture capitalists to hesitate in making early investments. In this context, angel investors play a crucial role in supporting startups through their initial stages, and the syndicate investing model has emerged globally as a growing trend due to its ability to diversify risks and integrate resources. This study focuses on the business model of angel syndicate investing and takes Sustainable Impact Capital (SIC)-the first organization in Taiwan to combine angel syndication with an impact investment approach-as a case study. SIC is built upon a community of entrepreneurs and incorporates the United Nations Sustainable Development Goals (SDGs) as core investment criteria. This model integrates financial returns with measurable social impact, forming an innovative investment structure with both local applicability and international scalability. Using literature review and case study methodology, this research first outlines the development of angel investment, types of organizational structures, and the evolution of syndicate mechanisms. It further compares the operational strategies of renowned angel networks such as Band of Angels in the United States. In addition, the study explores the theory and practice of impact investing, its evaluation models, and how these can be effectively integrated with angel investing. Through a detailed analysis of SIC’s operational structure—including its membership system, investment committee, mentor network, and SPV equity framework-the study highlights SIC’s institutional and community-based features. Moreover, the study examines SIC’s investment in Tamsuo Aquatic Products Co., Ltd. as a representative case. The evaluation covered not only the company’s technical strengths, market potential, and financial performance, but also its alignment with SDGs and social impact contributions. This case demonstrates how SIC successfully integrates angel syndication with impact investing, supporting startups in both business development and sustainable value creation. The findings show that SIC’s syndicate investment model effectively reduces investment risk, enhances transparency, and strengthens community-based participation. It also contributes to the establishment of a sustainable-oriented startup investment ecosystem. Although Taiwan’s regulatory environment for impact investing and angel syndication is still in its early stages, and investor education is insufficient, the SIC model presents strong potential for innovation and institutionalization. It serves as a concrete reference for future policies aimed at fostering a local ecosystem of sustainable entrepreneurship. In conclusion, this research constructs a theoretical and practical framework for angel syndicate investing, supported by empirical case study analysis. It offers valuable policy recommendations and strategic insights for developing Taiwan’s sustainable capital market and evolving its startup investment models. Future studies may explore how the SIC model can be adapted to various industries or scaled across different regions in Asia to broaden its impact and practical relevance.