Who are individuals that invest in start-up companies, expecting ownership shares without the expectation of receiving their money back?

Angel investors are individuals who provide financial support to early-stage businesses or start-ups in exchange for ownership equity or convertible debt. They typically invest their own personal funds and are often among the first to provide capital to a new business. The motivation behind angel investing is generally to support the growth of innovative ideas and new entrepreneurs while also seeking potential financial returns on their investment.

Unlike venture capitalists, who typically manage pooled funds from multiple sources and require a structured plan for returns, angel investors are more focused on the potential of the business and the passion of the entrepreneur. Their contributions usually come during the critical early stages, where access to traditional financing may be limited.

Private equity investors usually focus on established companies rather than start-ups, as their goal is often to buy, restructure, and eventually sell a company for a profit. Crowd funders involve raising small amounts of money from a large number of people, typically through online platforms, which can often involve less direct involvement in the business's ownership structure compared to angel investors.

In this context, angel investors best fit the description of individuals who invest in start-up companies for ownership shares, without a stringent expectation of immediate financial returns.