Unlike venture capitalists, who managed pools of professionally managed funds, angel investors typically bring their own money to a project. Thus, a business angel is not only bringing his or her capital but an endorsement as well, and perhaps expertise and time. The entity that provides the funding may be a trust, business, limited liability company or investment fund. A Harvard report by William R. Kerr, Josh Lerner, and Antoinette Schoar outlines evidence that angel-funded startup companies are less likely to fail than companies that rely on other forms of initial financing. Angel capital can fill the gap in start-up financing between “friends and family.”