The objective of this research was to determine the reasons behind Norwegian angel investor s lack of investments to local technology based start-up companies. Understanding of this problem was done through a research question Why Norwegian business angels do not want to invest into local tech start-ups? Through quantitative and qualitative research at organizational-industry and macro level, I came up with a conclusion that Norwegian business angels and local technology start-ups find each other mutually very attractive and beneficial. As an addition to financial support, start-ups value the most by angels their personal network and knowledge / experience know-how. There seems to be no frustrations on the behalf of both parties regarded with company ownership sharing and operational management culture. Norwegian business angels value the most being helpful and support young start-ups with expertise. High investment returns are always desirable among angel investors, however hitting gold is not that important business collaboration outcome that angels are seeking for. Lack of angel investment activity is mostly influenced by macro environmental factors like Norwegian governmental policies and lack of entrepreneurial awareness. Research has found out Norwegian governments interest in supporting traditional and real-estate business sectors by using tax breaks affects business angel s motivation negatively to invest into local tech start-up. Also government s lack of evaluating competency of technology ventures and little risk taking in supporting innovative, high risk, start-ups, results succumb of Norwegian entrepreneurial scenery. Business angels as vital, early stage investment source have too little public attention, demotivating angel investors to contribute in local entrepreneurship development. Lack of visibility also affects negatively co-operation opportunity between angel investor and start-up. In order to increase angel investment activity in Norway, I would recommend: 1) Government should stimulate angel-funding with start-up investment tax breaks and 2) More positive business angel awareness in entrepreneurial communities, both at public sector and private industry.