Special issue. ARNHEM 14/15 April. Business Angel Investing: Entrepreneurial Capital for the 21st century

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1 Special issue ARNHEM 14/15 April Business Angel Investing: Entrepreneurial Capital for the 21st century

2 deal pile deal list software for the way angels work Angelsoft LLC 30 East 23rd Street, 8th floor New York, NY USA Phone: Equity finance for early stage high growth businesses

3 matchme 3 Foreword Business Angel Investing: Entrepreneurial Capital for the 21st century A stimulating title and one under which the 8th Annual EBAN congress is organized this year. Convening in Arnhem on the 14th and 15 of April a concert of representatives will come from the four corners of Europe and beyond, each connected to the field of informal investment. Together with the delegates, a select number of renowned experts will meet in plenary and breakout sessions designed to share knowledge and promote cross border cooperation. Informal investment has a place in the plethora of risk finance possibilities offered by banks and investment companies in the Netherlands and wider afield. The era when it was seen as the poor relation is over, profitable exits changing attitudes. matchme MatchMe is a publication of NeBiB, P.O. Box 154, 3620 AD, Breukelen, The Netherlands, and is distributed to the members of NOVU, New Venture, EBAN and NeBiB, inter alia. This special edition is set around the EBAN congress in Arnhem on the 14 and 15 April Entrepreneurship is one of the most powerful drivers for Europe s economies. Starting entrepreneurs, especially those with innovative new products and services, add an important dynamic to the national product. Business angels have an important role in ameliorating the chances of success for these pioneers, bringing not only money but knowledge, experience and a good dose of realism that steers the path to growth. After the last EBAN congress in Lisbon, a decision was taken to locate the following instance of this prestigious event in the Netherlands. To this end, NeBiB and Oost NV, as well as the Brussels based secretariat of EBAN, are happy to host you in Arnhem. We wish you a successful, innovative, thought-provoking and enjoyable congress. (how to become a member) Registrations for Congress: Editors Stephanie Floor-Glaasker, Claire Munck, Ben Lacor en Paul Janmaat Keith Wallace (English) Art Director Erik Treure Cover photo Sietinga Photography Arnhem Marketing/sales Nebib, P.O. Box 154, 3620 AD Breukelen, The Netherlands To Order: Printer Geers-offset, Gent Stephanie Floor-Glaasker Paul Janmaat

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5 matchme 5 The Power of EBAN Dear colleagues, It is a pleasure to open this special issue of the Match me magazine, dedicated to EBAN s 8th annual Congress to be held in the beautiful city of Arnhem. EBAN has supported actively angel activities of business angels and business angel networks since 1999 at the level of European authorities, and has witnessed with pleasure the evolution and growth of the angel market in Europe and in the number of business angel networks. An estimated angels are operating in Europe, providing some 3 billion euros in finance to innovative unquoted young start-ups. 250 networks are operating across Europe as we speak! In fact, EBAN has followed this market growth, trebling the number of its members in the last 4 years, and establishing itself as the sole European platform of representation for business angels and the early stage investment market. The membership of the Association has grown progressively in size reaching 70 members today, representing an increase of more than 25% from last year. We strongly believe in the need to raise awareness of the economic benefits of stimulating angel participation in the market, and our annual Congress is one of the tools used to that effect. By financing early stage innovative start-ups, angels are key drivers of regional economic growth, employment, and at the root of the creation and internationalisation of gazelles. EBAN is active in identifying and spreading good practices in fiscal and legal support for business angel activities, cross-border investment, sector-specific angel networking activities, capacity building, and in general professionalization of the angel industry. The POWER of EBAN has been to support the diffusion of the business angel concept including to the European Commission and supporting the advocacy work at national levels, promote the concept of capacity building for investors and entrepreneurs, and recently succeeding in having the European Investment Fund be a potential partner for angel-led coinvestment fund. The Power of EBAN is to give a voice to the angel market. We hope that you will enjoy this conference and the Grand Dinner organised on the night of April 14th to celebrate outstanding achievements across Europe of the movers and shakers of this market. I would like to thank on behalf of our Board Technopartner and the Ministry of Economic Affairs, NeBib, OOST NV and Masters of the Future for their support in organising this event, as well as the other key sponsors which will contribute to making this event a great success. My thanks to EBAN s General Manager Claire Munck, and Alberica Marzotto, for their efforts in staging this event. Looking forward to seeing many of you at the event, Sincerely, Anthony Clarke, President of EBAN

6 Early stage investors for high growth businesses The EASY project EASY is a new initiative promoting cross-border investment opportunities and deals for early stage investors and high growth businesses seeking risk capital. The initiative led by Greater London Enterprise, with 17 partners from 11 different European countries, is promoted by DG Enterprise and Industry and framed within the Pro INNO actions. EASY offers investors and entrepreneurs: A new international investment toolkit including information on investment readiness, evaluation, due diligence and a high quality standards framework for investors operating across borders and in syndication. A new web-platform for deal tracking post events. Through the site investors are able to track the progress of the deals, share information on due diligence, view investor interest and put questions to the entrepreneurs. A platform to promote best practices among Member States on issues of tax and other major policies to stimulate the early stage investment market. A rolling programme of cross-border events taking place in different European countries. Three EASY investment events have been so far organised in Helsinki, Lisbon and Milan with the participation of more than 60 companies and 400 early stage investors coming from all across Europe. The Milan cross-border event held in early February saw the participation of over 150 angel and venture capital investors, leading to more than 90 expression of interests from the investors towards the 22 companies presented. Upcoming events will be held in Barcelona (April 21st 22nd) and London (June 26th 27th). A tax summit will be held in Ljubljana on May 19th covering issues relatively to an effective tax and regulatory framework, as crucial for the efficient working of the early stage investment market. It will coincide with the Slovenia s Presidency of the EU. EASY offers a new dynamic framework to highlight the benefits of cross-border investing, enabling early stage investors and internationally focused businesses to come together and ensure an increased flow of risk capital across Europe Anthony Clarke, President of EBAN For further information, please contact the Project Manager Ms Angela Pugh, GLE Growth Capital, T: (+44) (0) , EASY website: Holland Innovation 2008 Waar: 8 oktober 2008 Jaarbeurs Utrecht Voor wie: Nieuwe ondernemers, (product) ontwikkelaars en investeerders. Wat: Voornaamste elementen van de beurs zijn: de informatiebeurs met stands van ondernemers en participanten, 21 workshops, pitches, 1 op 1 gesprekken met experts en investeerders, plenaire kick-off en afsluiting met bijzondere gasten, en de Herman Wijffels Innovatieprijs. Initiatief: Gemeente Utrecht, Provincie Utrecht, Taskforce Innovatie Regio Utrecht en Rabobank Nederland. Organisatie: Double2 BV, NeBIB en Nederlandse Orde van Uitvinders (NOVU). Info & aanmelding:

7 matchme 7 Focus on BrainsToVentures AG (b-to-v) A vibrant network of investment intelligence St.Gallen, Every week at b-to-v starts with Monday morning s dealmeeting: the entire b-to-v team convenes to discuss its newest projects, deals and the happenings of the b-to-v Investorenkreis (Investor Circle). This week again: more than 30 new business plans on the table, out of which eight are discussed in the team meeting, and four of them considered interesting enough to have a deeper look into with Angel Investors from the corresponding industry will be invited for a presentation in St. Gallen or personal meeting at the company itself. In this same week, b-to-v closes its second investment in Asia resulting from strong ties with local Angels built during the 2007 trip of 35 European Angels, three selected VCs and four b-to-v Partners to Shanghai, Beijing and Singapore. Returning from the trip, Eran Davidson, CEO of Hasso Plattner Ventures, was delighted: I didn't like to co-invest with Angels until I met the b-to-v Investor Circle b-to-v was founded in 2000 as an internet platform for matching start-up companies and business angels, garage.com being the role model from Silicon Valley. In 2001, the team adapted its vision: a service company dedicated to serve private investors who invest their capital, network and know-how in fast growing companies. Exactly five years ago, b-to-v created its own Angel Group - the b-to-v Investor Circle - an exclusive network, where admission is only possible upon recommendation of another member plus four digit entry fee. Existing members have a right of veto with respect to the admission of new members. All members are entrepreneurs who have proven their business acumen and investment expertise. b-to-v as a service firm for Angel Investors as partners There is a team of nine investment professionals at the BrainsToVentures AG, serving its 50 members of the b-to-v Investor Circle. b-to-v thereby covers the entire investment value chain: from actively sourcing new investment opportunities, to processing and structuring deals, the due diligence process as well as managing and controlling investments. All investments generally follow the same pattern: a lead investor takes the role of a Primus inter pares among the investors: he accompanies the structuring of the investment and mostly participates actively in the board of the company after the closing of the transaction. Additionally, the b-to-v Side Fund was launched in 2006 in order to allow its members to build a diversified portfolio. Clear rules of capital allocation are set if deals are oversubscribed. The Angel taking the Lead in a deal gets half of the carried interest from the Co-Investors and the Fund. Deal focus Although b-to-v s focus is German speaking Europe, every third deal is invested outside this region, even in the US and Asia. Moreover, the group makes an investment every three weeks. b-to-v Angels either like to go in very early at the company s start with k EUR in a first round or invest in large growth or buy-out deals with up to 20m EUR Equity. This year, b-to-v decided to focus its investments on four core group topics: clean tech, e-advertising, mobile applications and water. b-to-v is happy to Co-Invest with experienced Angels, contact through EBAN. «

8 8 matchme BAN Flanders launches its own co-investment fund Recently, BAN Vlaanderen (Flanders, Belgium) decided to start up a specific co-investment Fund for Flemish business angels. We interviewed Reginald Vossen, general manager of BAN Vlaanderen and behind the initiative of this ARK-Angels Fund. Co-investment scheme: an obvious need! The drivers behind this decision were some major conclusions from the daily operations of the business angels network: A constantly growing inflow; Amounts looked for by the entrepreneurs on the rise; BA s were looking for diversification in their portfolio; Virgin angels needed to be encouraged to invest their first time. These conclusions were connected to the ARKIMEDES-scheme, a new kind of SBIC-system initiated by the Flemish government in order to increase early-stage VC-investment., states Reginald Vossen. BAN Vlaanderen introduced its idea for a co-investment fund near the authorities and applied for an official recognition as an Arkimedes-fund. Through this scheme it would be possible to connect one Euro of public money to every Euro of private money collected. So then we placed a private call within our network of investors to subscribe to the capital of the ARK-Angels Fund. This private placement (50k minimum to be subscribed per shareholder) raised up to 2.7 million, involving 37 business angels in only 2 months time. The need was obviously there! BAN Vlaanderen took advantage of a recent change in Belgian legislation which created an additional fiscal advantage for the shareholders. By establishing itself as a so called private privak, all dividends and liquidation boni resulting from the participations in the fund are tax-exempted. AAF was the first and only fund combining the Arkimedes- and private privakstatuses. At the end of March 2008, a second round will raise the capital to 7.5 million, providing an opportunity to 10 more BAs to enter the fund. From and for the business angels The operations of the ARK-Angels Fund are exclusively reserved for the members of the BAN. Only projects in which registered BA invest can apply for a co-investment by the fund. This rule is set out to protect the members of the BAN, to give them first access to all projects introduced, explains Reginald Vossen. We want the fund to be perceived as complementary to the individual BAs, not as a cherrypicker. As a matter of fact, the BA investing individually plays a key-role in the investment-analysis and in the follow-up and reporting on the fund-investment. He/she will take the board-position in the invested company on behalf of the fund and will play the role of liaison officer between the company and the fund. This unique system will guarantee the smart-component of a BA-investment.

9 matchme 9 ARK-Angels Fund (AAF) gathers 37 BA s and 5.3 million capital The fund has clear rules of the game, almost positioning its service as a simple product for the BAs: for every Euro invested by a BA, the fund can co-invest up to 2 Euro alongside the BA. The BAs know very clearly that a 300k investment can be structured by putting 100k of BA-money and requesting 200k of Fund-money. These clear and simple lines induce a spontaneous deal flow. In 3 months time we received up to 12 applications for co-investment, which are studied by 2 part-time fund managers. Three projects already got a positive decision from the Investment Committee, the first investment being formalized on February 29, only 3 months after the launch of the fund! Some more 3-4 investments are to be expected within the next 3 months, aiming at a total of 25 investments in the foreseen investment period of three years. The closed-end fund will do some second-rounds afterwards and will run until The Fund is no competitor to the BAN, quite on the contrary the gap between BA- and VC-investments, typically situated around k. The low-cost approach, using the BAs expertise and experience instead of investment managers in the follow-up of the investments, not only guarantees the typical smartcomponent of a typical BA-investment, but also puts the objective of a fund internal rate of return of 13% within reach, concludes Reginald Vossen. More information? ARK Angels Fund nv Reginald Vossen Chairman Tel «On the question whether the AAF isn t jeopardising the results and position of the BA-network, Reginald Vossen is very clear: This AAF creates also new opportunities for the network, because it broadens the deal flow substantially: larger projects can enter the network and more medium-sized projects succeed in accessing funding. The VC-scene is also attracted by the concept since it closes

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11 matchme 11 De missie van Ontwikkelingsmaatschappij Oost Nederland (Oost NV) is het versterken en stimuleren van de economie in de provincies Gelderland en Overijssel. De opdrachtgevers van Oost NV zijn het ministerie van Economische Zaken en de Provincies Gelderland en Overijssel. T oon van Asseldonk, directeur van Ontwikkelingsmaatschappij Oost Nederland (Oost NV) praat met veel enthousiasme en passie over zijn Oost-Nederland. Een gebied dat weleens over het hoofd gezien wordt maar dat bruist van innovatie en ontwikkeling. De universiteiten van Wageningen, Twente en Nijmegen behoren alle drie op hun vakgebieden tot de beste van de wereld en zorgen voor grote impulsen in de speerpunten van Oost-Nederland; Food, Health en Technology. Het cluster nano-technologie in Twente behoort tot één van de grootste ter wereld. Op het gebied van semi-conductors neemt Oost- Nederland een heel belangrijke positie in. Maar Oost-Nederlanders zijn nuchtere en bescheiden mensen, het gaat uiteindelijk om de prestaties en niet om jezelf op de borst te kloppen. Oost NV straalt dezelfde houding uit. De ontwikkelingsmaatschappij is er primair om de economie te versterken en te stimuleren. Daarbij hoort een rol die erop gericht is om de regio te profileren, nieuwe initiatieven te ontwikkelen en vooral om het ondernemerschap te ondersteunen. Het gaat om het ondernemerschap in Oost-Nederland en zeker niet om ons als ontwikkelingsmaatschappij te profileren Terugkijkend op 2007 is Toon een tevreden man. Zo acquireerde Oost NV ca 50 projecten die samen goed waren voor 1900 arbeidsplaatsen. Voor wat betreft de toekomst heeft Oost NV duidelijke targets neergezet en daar wil men ook op afgerekend worden. De komende 3 jaren wil Oost NV middels het inzetten van 20 miljoen een uiteindelijke beleggingsimpuls van 600 miljoen in Oost-Nederland realiseren. Een niet geringe bijdrage aan de economie die zal resulteren in een groot aantal nieuwe arbeidsplaatsen Toon komt zelf uit het bedrijfsleven en signaleert dat het ondernemerschap weliswaar verbetert maar nog niet op het gewenste niveau zit. Velen willen ondernemer worden maar het ondernemerschap brengt ook specifieke vaardigheden en competenties met zich mee. Een van de belangrijkste eigenschappen voor ondernemerschap is de ambitie om aan de top te komen en daar te blijven. Alleen door constant op dat top niveau bezig te zijn kun je als bedrijf en als ondernemer voorop blijven en een strategische voorsprong op je concurrenten blijven behouden. Er is sprake van een toenemend innovatief ondernemerschap in Oost-Neder- land maar er kan nog veel verbeterd worden. Oost NV tracht dat te doen door o.a. een project als Start Smart. Startende ondernemers kunnen via dit project coaching, training en microfinanciering ontvangen. Met veel enthousiasme heeft Oost NV de organisatie van het EBAN congres 2008 op zich genomen. Informal Investment is binnen Oost NV een van de succesfactoren voor het stimuleren van innovatief ondernemerschap en het verder versterken en stimuleren van de economie. Meesters van de Toekomst, een initiatief van Oost NV, is het (platform voor)trefpunt tussen ondernemers en Informal Investors in Oost Nederland en organiseert regelmatig bijeenkomsten waar ondernemers hun plannen voor nieuwe producten en diensten presenteren aan potentiële investeerders. Daarnaast geeft Meesters van de Toekomst individuele begeleiding voor ondernemers bij het realiseren van een perfecte match tussen ondernemer en investeerder. Door het stimuleren vanuit Oost NV van informal investment in Oost-Nederland, onstaan aantoonbaar veel nieuwe initiatieven en dit levert een belangrijke bijdrage aan de economie hier in Oost-Nederland aldus Toon. Speerpunt daarbij is het opzetten van nieuwe kennisintensieve bedrijven. Het beter positioneren van Arnhem als scharnierpunt binnen Oost Nederland, als belangrijke internationale schakel en als kloppend hart van allerlei innovatieve initiatieven heeft ook bijgedragen aan het ter hand nemen van de organisatie van het EBAN congres. «een bruisende regio van ondernemerschap en innovatie

12 12 matchme Meesters van de Toekomst Hét trefpunt tussen ondernemers en Informal Investors in Oost-Nederland Jaarplanning bijeenkomsten Wat* Waar* Mei Workshop Dealclosing Enschede Juni Voorlichtingsbijeenkomst Duiven Matchingsbijeenkomst Dedemsvaart September Matchingsbijeenkomst Enschede Voorlichtingsbijeenkomst Zwolle Oktober Voolichtingsbijeenkomst Agrifood en life-science Wageningen November Matchingsbijeenkomst Arnhem December Voorlichtingsbijeenkomst Life-science Nijmegen * Dit betreft een voorlopige indeling en deze kan nog wijzigen Meesters van de Toekomst is het Informal Investors netwerk van Oost-Nederland. En heeft tot doel, samen met banken, accountantfirma s en adviesbureaus die ervaring hebben met het verstrekken van risicokapitaal, ondernemers en Informal Investors met elkaar in contact te brengen. Indien u meer specifieke informatie wenst te ontvangen over bovenstaande bijeenkomsten dan kunt u kijken op onze website Op onze website treft u meer informatie aan over de locatie, het programma, de sprekers en de tijden dat de bijeenkomsten plaatsvinden. Mocht u meer informatie willen ontvangen over het programma Meesters van de Toekomst dan kunt u contact opnemen met René Reijtenbagh of Robert Leusink van Oost NV op telefoonnummer Een sturen kan ook of Ontwikkelingsmaatschappij Oost Nederland NV (Oost NV) Vestiging Arnhem Vestiging Enschede Meander 601 Hengelosestraat ME Arnhem 7521 AG Enschede Postbus 5215 Postbus EE Arnhem 7500 GM Enschede T T

13 matchme 13 Participatie Maatschappij Oost Nederland N.V. P PM Oost investeert elk jaar opnieuw in kansrijke bedrijven die zich profileren als voorloper of trekker van de economie in Oost-Nederland. In het bijzonder in de sectoren: voeding, gezondheid en technologie, maar daarnaast ook in bedrijven in andere innovatieve sectoren en in bedrijven die vooraan lopen in de kenniseconomie. Het zijn bijna altijd participaties in de vroege fase van de onderneming, meestal productgerelateerde en het betreft vrijwel uitsluitend jonge ondernemers. Vaak wordt ook geparticipeerd in bedrijven die een voortrekkersrol vervullen en op hun manier weer bijdragen aan de ontwikkeling van Oost Nederland. Marius Prins, directeur van Participatiemaatschappij Oost Nederland NV juicht het komende EBAN congres in Arnhem toe en gunt ons een blik in de keuken van PPM Oost. Na een aantal jaren werkzaam te zijn geweest in advisering van het MKB ( in bijzonder fusies en overnames ), is Marius, voordat hij in 2003 directeur van PPM Oost werd, ook directeur geweest van de GOM (Gelderse Ontwikkelingsmaatschappij, sinds 2003 gefuseerd met de Overijsselse Ontwikkelingsmaatschappij en nu Oost NV). Zijn wortels liggen in het MKB en die ervaring en betrokkenheid met het MKB komen hem bij PPM Oost goed van pas. Belangrijk volgens Marius is dat de innovatieve bedrijven waarin PPM Oost participeert, moeten kunnen voortgaan in hun ontwikkeling en dus kunnen blijven bijdragen aan de economische ontwikkeling in Oost- Nederland. De participatie is erop gericht om die progressie zo natuurlijk mogelijk te laten verlopen. Omdat winstmaximalisatie niet centraal staat bij PPM Oost ontstaat er een hele natuurlijke en constructieve manier waarop in bedrijven geparticipeerd wordt. PPM Oost streeft naar een partnerschap met het team van de onderneming waarin men participeert. Geen actieve rol in die zin dat men aanwezig wil zijn in de raad van Commissarissen maar de rol van adviseur, begeleider en praatpaal. De ondernemer onderneemt en kan op alle steun vanuit PPM Oost rekenen. Geldzaken is mensenwerk. Essentieel is dat het bedrijf vanuit zijn eigen kracht, en daarbij maximaal ondersteund door PPM Oost, groeit. Over en weer werkt die verhouding heel inspirerend. Met trots toont Marius het boekje Facts and Figures. Op dit moment heeft PPM Oost 76 participaties; in 2007 werden 20 nieuwe participaties gerealiseerd. De gemiddelde participatie ligt rond de Eén op de vijf participaties ontwikkelt zich tot een echte kaskraker. Ca 60 % wordt geïnvesteerd in de seed/startersfase van bedrijven. Technologie is met 66 % geïnvesteerd vermogen het belangrijkste aandachtsgebied van PPM Oost. Met genoegen constateert Marius dat het ondernemerschap zich stevig aan het positioneren is op dit moment. Het negatieve beeld rondom ondernemerschap is aan het verdwijnen en vele nieuwe goede ondernemers starten bedrijven. Bij de jonge ondernemers constateert hij ook dat deze ondernemers bewuster met PR omgaan en meer dan voorheen werken aan uitstraling rondom dat ondernemerschap. Men is trots op zijn onderneming en straalt dat ook uit. De directeur van PPM Oost is zeer te spreken over het komende EBAN congres in Arnhem. Niet alleen een mogelijkheid om Oost-Nederland en Arnhem beter op de Europese kaart te zetten maar ook een unieke mogelijkheid om het belang van informal investment nog eens te onderstrepen. PPM Oost kent een rijke traditie daar waar het samenwerken met Business Angels betreft. Via Meesters van de Toekomst (het informal investers netwerk in Oost Nederland) worden veel participaties gedaan waarbij ook business angels betrokken zijn. Vaak omdat een business angel een expert is in de branche waarin geparticipeerd wordt maar ook vanwege de netwerken die je zo aan elkaar knoopt. Belangrijk is ook dat je in een samenwerking met een business angel samen op kunt trekken in een situatie waarin een volgende financieringsronde nodig is. «

14 14 matchme What do you think of the title of the EBAN Congress Business angel investing: Entrepreneurial capital for the 21st Century? I understand this title as an invitation to think about what the future of angel investing might be in Europe in the coming years. Usually, academics link the word capital with expressions such as human capital or working capital. I think that the title suggests that business angels are more than just money, they also bring to the entrepreneur knowledge, contacts, and a reputation which will bring the first client. The theme is very appropriate to the type of investors angels are, that is very supportive of entrepreneurs and in general active mentors on the side of early stage start ups. In terms of where the market is going in the coming years, I can talk about what I have witnessed as being the main evolutions in the last years. The first has been the professionalization of the angel phenomenon, both in North America and in Europe, mainly the United Kingdom. The number of angel groups is increasingly, and also of angel networks which are professionally managed and act as facilitators for angels and entrepreneurs. In the UK, we have seen in recent years an increase in the number of angel investor groups which are closer to the US model, with an active role from one of the angels looking for deals for the other investors. Interview with Colin Mason, University of Strathclyde The second important phenomenon has been the number of co-investment funds in Europe, or side-car funds as the Americans call them. This also means that there are an increasing number of passive angels, not necessarily being active as mentors to all the companies they have a stake in. What needs to be watched in the coming years is the difference between the professionalization of the market and the formalisation of the latter, which may in the end distort the understanding we currently have of angel investing. Angel investing is by definition informal, and networks are increasingly eager to provide legal documents and other tools to formalise the relationship between investors and entrepreneurs. We have to watch whether angels gradually become too close to formal venture capitalists in the way they operate, and lose what is actually special about them. If transaction costs increase for them, does that mean that some deals will become too small and we will lose the value added of having business angels operate in the so-called equity gap. This is why we should not only pay attention to angels who are active in networks or groups, but also solo angels also need to be encouraged because they represent the true informal investment market pool. We could therefore identify two trends in the future: the formalisation through the activities of angel networks, and the encouragement of the involvement of solo angels. Do you think that recent crises in the United States, including on the stock markets, will influence the entrepreneurial climate in Europe? I do not think that the recent difficulties experiences by the American economy and in particular ion the stock market will affect angel activity. At least my belief is that it can only affect it in a positive way. If returns made from the markets decrease, this could encourage wealthy individuals to seek other sources of returns, and could encourage more angel activity. We have seen in the last Kauffman report on returns for angels1, which found that the sample investors had an average rate of return of 27% on their investments. This diffusion of such reports may bring new investors to the angel market! However, the other side of the coin can be that worsened conditions on the stock markets means lesser returns for entrepreneurs, who exiting for less have less probability of having funds available for angel investing.

15 matchme 15 Based on the research Richard Harrison and I did in the 1990 s on which external factors influenced the most the decision for angels to invest or not, 50 to 60% of investors mentioned that an increase or decrease in the public market had no influence at all. Eastern Europe is developing very fast at the moment. Can business angel investing play a major role there? Indeed, I believe that in all economies business angels have a crucial role to play to support innovative young companies. Of course, everything will depend on the evolution of mentalities away from bank and debt finance towards more innovative financial instruments. The key requirement for the development of a business angel culture is education and capacity building for entrepreneurs and potential angels. Is the role of national governments in Europe sufficient for a good development of business angel investing? The most crucial point of intervention of governments in Europe must be the support to tax incentives for angels. Given the level of risk taken by these investors, the government must put in place schemes that divert the investments towards angel investing. Capital gains tax is certainly the most important item, followed by dividends tax. Research conducted earlier on this topic illustrated that tax was the single most important factor encouraging individuals to invest in early stage companies. Co-investment vehicles are now a new trend and a significant form of support potentially provided by national governments. It seems that the traditional link between business angels and venture capitalists was broken during the 2000 bubble burst, and VCs retreated from the early stage. Business angels have since then had to invest several rounds of financing in the same company, in order to then find follow-on investors or to sell their shares. It is therefore essential that governments leverage the intervention of business angels in the market, and coinvestment funds seem to be a good solution. After tax and co-investment vehicles, national governments can be attentive to the regulatory environment in which business angels evolve. This is true particularly for the securities market, and other types of legislation coming out even at European level and potentially affecting the angel industry such as the recent MIFID directive. Finally, the support to business angel networks and education to angels and entrepreneurs can also have positive benefits in bringing new angels to the market and educating entrepreneurs to the benefits of risk capital. I think that what is important to underline is the value for money aspect of government support to business angel investing. It is a very efficient use of money in favour of SMEs. Governments should also pay attention to the brain drain caused by some measures. For example, the transfer of business angel network operations from business links to regional development agencies has created the loss of learning for some professionals who had been active in this field for a number of years and are now excluded from it. What is your perspective on the main evolutions of the business angel market in the UK and Europe in the last years? What are some of the key evolutions? If we look at a 10 year time scale, I could identify five main evolutions of the market. - The evolution of the role of the business angel networks from introductory platforms to actors delivering a wide range of functions, including educational services; - The development of investor education, with programmes such as business angel academies; - A realisation that the demand size matters, and that entrepreneurs also need to be educated as to what risk capital and angel investing; - The emergence and growth of angel syndicates; - The emergence and growth of co-investment schemes. Of course, another notable trend is the geographical spread from Western Europe to Eastern and Southern Europe, where the development of the business angel market is still in its infancy. If I look at the future, I think that the emergence of women angel investing will be a key phenomenon. Women are still underrepresented in this sector, and it is probable that many successful women entrepreneurs will be interested in supporting a new generation of entrepreneurs in the coming years. However, the growth of the angel industry and of the support to this market is also dependent on data illustrating the importance of such investors. Without data it is difficult to make the case for government intervention, including measuring the performance of government programmes. Investment returns is notably an interesting area to investigate in order to encourage new entrants and bring money into the market. I think that the effort to collect data on the market, including by researching angels themselves or going directly to angel groups on top of angel networks, would be facilitated by the creation of a European equivalent to the Ewing Kauffman Foundation. This foundation has been instrumental in creating the Angel Capital Association in the US, and in funding research on the angel market which contributed to stimulating interest from the public and private sector in the development of this activity. And we have to remember that the angel market in the US is many times more important than in Europe! EBAN should act as an interlocutor at the European level to make sure that the interests of angels are represented near the European Commission, and should investigate ways to approach angels groups in order to improve the collection of data in favour of future growth of the market. «

16 Maak kans op Herman Wijffels Innovatieprijs 2008 Schrijf nu in! About Pera Established in the UK over 60 years ago as an industry association owned by the companies it serves, Pera is now one of Europe s leading innovation and business support organisations with a presence in eight European countries. We work to improve the growth and competitiveness of industry and business in Europe by helping companies to succeed by providing them with: Greater access to global market knowledge, technology and investment More efficient business processes Better differentiated products and services More effective skills development Pera s not-for-profit mission enables us to act as a private sector company working in the public interest. Any surplus created is reinvested into services and facilities to benefit our customers, staff and the communities in which we work.

17 «matchme 17 The times they are changing NeBIB is a Dutch tradition in the world of angel investing. A meeting point for investors and entrepreneurs, where deals happen and new companies are born. As with all things, traditions must change and evolve with the modern world. From a single location for the whole Netherlands to multiple regional bases where interaction and partnerships can abound. With 13 years experience in the sector, NeBIB is renewing its commitment to intensive individual contact to the entrepreneurs and investors that lie at the core of its offering. While the homely garage may become a thing of the past, the spirit of the business club lives on it the new regional locations. Meeting points, seminar locations or just an investment drop in centre, NeBIB is there for you. Whether angel or entrepreneur, if you are looking to create success in the Netherlands, look us up and think of joining the club. With more than 20 meetings a year, you are assured to meet someone interesting. Perhaps even the company/investor that you need. One little rule to leave you on: You only get out what you put in. De NeBIB is onafhankelijk intermediair in vraag en aanbod van risicodragend vermogen. Innovatie en ondernemerschap is onze passie en contacten leggen is ons vak. D e Nederlandse Beurs voor Investeringen in Bedrijven en Ondernemingen. Een zware naam voor lastig werk= koppelen van ondernemers en investors. Een zelfstandig bedrijf in 1995 gestart door Ben Lacor en Nils de Witte, met als doel het bij elkaar brengen van innovatieve ondernemers en investeerders. Inmiddels mag Nebib zich dé specialist op het gebied van eerste ronde financiering voor jonge bedrijven noemen. Per jaar weet Nebib zo'n 20 nieuwe bedrijven van investeerders te voorzien. NeBIB is een bijzonder bedrijf. Want continu bezig te begrijpen, wat de individuele ondernemers en investosr in huis hebben. Of gaan krijgen. En dat laatste sneller duidelijk en werkbaar te krijgen, daar proberen we goed in te zijn. Daarbij richten we ons vooral op de mens en niet op het eindeloos veranderlijke plan. Hoe juist dat ook is, de tijden en vooral de ideeen veranderen. Eigenlijk passen we ons iedere keer even aan om de persoon in kwestie en hun talenten zichtbaar te krijgen. En om te helpen, zodat ze die (gaan)gebruiken, sterker nog het uiterste van zichzelf gaan vergen. Alle jaren was en is het matchen van ondernemers en business angels de belangrijkste peiler, alle jaren hebben we veel aan informatieverstrekking gedaan en alle jaren hebben we veel kleine en grote ontmoetingsbijeenkomsten gehad. Maar de laatste maanden is het inzicht gegroeid dat het bijdragen aan het verbeteren van het ondernemerschap in Nederland eigenlijk de hoofdactiviteit van Nebib is..het vertrek van Nils de Witte als de grondlegger van Nebib was een moment om de positie van Nebib en haar toekomstpotentie weer eens tegen het licht te houden. Nieuwe inzichten, nieuwe mensen en nieuwe accenten. Door haar jarenlange pionierswerk op het gebied van informal investment in Nederland heeft Nebib een enorme database met kennis opgebouwd op het gebied van ondernemerschap. Welke starters slagen wel en welke niet en vooral waarom. Wat maakt de ene ondernemer succesvol en de andere niet. Waarom is de ene business angel sterk en mag de andere het ene na het andere verlies incasseren. Die kennis blijft middels voorlichtingen, workshops en trainingen ingezet worden om beter ondernemerschap in Nederland te krijgen. Maar ook meer samenwerking met andere partijen om continu betere impulsen te kunnen geven.. Wat verandert er? De mensen van de Nebib willen door alle activiteiten heen een intensiever en vooral individueler contact opbouwen met ondernemers en business angels. Eigenlijk blijven we hetzelfde doen, middels individuele gesprekken, de reguliere en Thematische

18 18 matchme informatiebijeenkomsten, Leeuwenkuil, Holland Innovation enz, maar steeds meer zullen dat trainingen en coaching worden voor zowel ondernemers als startende business angels. In Europees partnerschap onder de Leonardovlag zijn we de eerste, die het Ready for Equity! trainingsprogramma uitvoeren. Praktijk en theorie gaan daar hand in hand, met grote nadruk op presentatie en communicatie. Zowel voor ondernemers en business angels waren de eerste dagen succesvol, bovendien geven alle deelnemers aan dat de training meer dan verwacht had bijgedragen aan hun kennis en vaardigheden. Uit deze bijeenkomsten zullen vaak individuele begeleidingen volgen die erop gericht zijn om vaardigheden, talenten en competenties en dus de kwaliteit van het Plan te verbeteren. The times they are changing Het organiseren van pitches waaronder de inmiddels vermaarde Leeuwenkuil en andere bijeenkomsten waar ondernemers hun vaardigheden en competenties kunnen verbeteren blijft eveneens een van de speerpunten. Ook veelzeggend is, dat na aanmelding als lid, we de meeste ondernemers eerst een inlooptraject laten volgen middels die trainingen en coaching alvorens ze te profileren en contact te laten zoeken. Daarmee breken we met onze traditie, dat ieder redelijk plan de kans moet krijgen op een profiel. Dat is niet (meer) voldoende: zonder uitstekend plan maakt de ondernemer een minimale kans op een goeie investor. Dus alles in de strijd om man en plan een hecht en uitvoerbaar geheel te maken. De kans op succes komt dan weer op % succesvolle relaties. Dat wordt daarmee opnieuw ons hoofddoel. Holland Innovation is en blijft het grootste evenement voor nieuwe innovatieve en creatieve bedrijven in Nederland. In 2007 kwamen ruim 2000 mensen op dit samenzijn/beurs voor deze beurs. Naast de Herman Wijffels Innovatieprijs hadden we het Ondernemersplein, de Leeuwenkuil, Investorsdiner en Engelenbak als de hoogtepunten van de dag. Door die unieke positie mag Holland Innovation zich verheugen in een steeds groter wordend publiek en een ruime belangstelling van de media. Om dat alles nog beter en vakkundiger neer te zetten zijn we een samenwerking met Double2- Jan Douwe Kroeske en zijn team-aangegaan. Op onze evenementenkalender kunt U de belangrijkste data terugvinden en via onze nieuwsbrief blijft U verzekerd van alle nieuwtjes. Meld U aan via of maak een afspraak met een van onze teamleden. Keith Wallace, Paul Janmaat, Henk de Greef en Ben Lacor als partners krijgen weer bijstand van Reyer Froger, Jan Verkooijen en Albert Akkermans. We hopen, velen van u op ons Congres weer te ontmoeten en de draad op te kunnen pakken. Tot binnenkort! «Evenementenkalender /14 april EBAN Congres Arnhem 12 mei Horeca & Vrije Tijd Utrecht 15 mei Thema: Biomedisch Leiden 28 mei Thema: Financiele Diensten Breda 30 mei INNOZUID Venlo 3 juni Training Leeuwenkuil 6 juni Thema: Investeren in Design, den Haag 11 juni Leeuwenkuil IV 18 juni Eindhoven infoban 20 aug. Training Leeuwenkuil 27 aug. Leeuwenkuil 3 sept. den Helder infoban 1 okt. Training Leeuwenkuil 8 okt. Holland Innovation: Leeuwenkuil VI 22 okt. Maastricht - infoban 5 nov. Thema: Gaming Amsterdam 26 nov. Roosendaal infoban 9 dec. Training Leeuwenkuil 10 dec. Thema: Maakindustrie Eindhoven 17 dec Delft - infoban na Leeuwenkuil VII waarna vanaf Kerstborrel Vrienden & Relaties

19 ARNHEM 14/15 April Business angel investing: Entrepreneurial Capital for the 21st century Following the great success of the 2007 EBAN Congress in Portugal in April, EBAN - The European Assocaition of Business Angel Networks - is proud to announce its 8th Annual Congress, to be held in Arnhem Netherlands on the 14th and 15th of April The event will take place in the prestigious Musis Sacrum of Arnhem. This will be the 8th Edition of the an annual event gathering every year more participants, from business angel network managers, regional economic development professionals, fund managers and institutional investors to policy makers, innovation professionals, and researchers. This year, the conference s main theme is Business angel investing: Entrepreneurial Capital for the 21st Century. About 25 speakers will present expected evolutions of the early stage investment market in and beyond European Borders. On the evening of the first day, the 3rd EBAN Award Ceremony will take place, with 4 premiums rewarding best performances of individuals/teams and initiatives in Europe. The Ceremony will be animated by Richard Lewis, one of the world s most renowned inter-culturalists and linguists. Participation is open to the public. Expected audience is made of professionals involved or interested in early stage and business angel financing, such as BANs and Funds Managers, Private as well as Public investors, Policy makers, Professional in the field of innovation, research and education.

20 20 matchme ARNHEM 14/15 April INVITATIONAL PROGRAMME Sunday 13th April PROGRAMME DAY 1 Monday April 14th Departure with touring bus from the hotels (lunch not included) Visit of Kröller Mu ller Museum/ Otterloo Visit of Palace Het Loo/ Apeldoorn Return to City Center of Arnhem Ravelijnzaal - Musis Sacrum Arnhem Chairman: Han Klinkspoor, Business Angel (NL) Transport from hotels to venue Registration & coffee Welcome & opening Voice-over and introduction Movie, creative & knowledge economy in East Netherlands Mayor Mrs. P.Krikke Anthony Clarke, President of EBAN Facilitation of Entrepreneurs & Investors in East Netherlands Toon van Asseldonk, President Oost NV Key Note speech: Business angel investing: a formula for entrepreneurial success Mrs. M. van der Hoeven, Dutch Minister for Economic Affairs Sharing experiences on the investment process: Business angel/entrepreneur couple testimonies Hans Bertram and Igor Kluin (NL) Dušan Stojanović, Full-time business Angel in France, Sweden and Croatia and Patrice Thiry, Prowebce (FR) Coffee break Ravelijnzaal Research on the European Angel Market Philippe Grand, Ernst & Young France (FR) Stefano Caselli, Bocconi University (IT) Hans Landström, Lund University (SE) Feedback from Marianne Hudson, Angel Capital Association (US) Moderated by Erik Kuipers, Europe Enterprise Network, Netherlands Buffet lunch Ravelijnzaal/ Spiegel- en Dirigenten Foyer Break-out sessions Parallel Session 1 - Parkzaal room Theme: Innovative ways to stimulate the angel market Geoffrey Thomson, Braveheart Investment Group plc (Scotland-UK) Anna-Carin Mansson, Women Angels Fund - Theia (SE) Jürgen Habichler, Managing Partner Mountain Cleantech AG (D) Moderator: Martin Large, GLE (UK) Parallel Session 2 - Balkonzaal Room Theme: How much public intervention is justified? Jochebed Heiland, Ministry of Economic Affairs (NL) Rudy Aernoudt, The Belgian experience in supporting the business angel market (BE) Marnix Amand, Centre d Analyse Stratégique, Conseil National de L information Statistique (FR) Moderator: Jim Penberthy, Pera (UK)

21 ARNHEM 14/15 April matchme 21 Parallel Session 3 - Jubileumzaal room Theme: Improving success factors for angels Carl Johan Högbom,Chairman, Alternativa David S. Rose, Angelsoft /New York Angels (US) Jean-Pierre Tirouflet, Fa Dièse (FR) Moderator: Yoav Andrew Leitersdorf, Managing Partner, YL Ventures (IL) Coffee break Ravelijnzaal Afternoon chairman: Keith Wallace, Business Angel/Nebib Feedback results from the break-out sessions 16:35 Evolution of the private equity market: greater opportunities of collaboration between BA and VC George Noël, Director of the Venture Capital platform, EVCA Practical examples of successful collaborations and recommendations Dr Bernd Geiger, Managing General Partner, Triangle Venture Capital Group (D) Case study: Ohio Tech Angels, Columbus - Ohio, United States John Huston, Founder, Ohio Tech Angels Dress code: Smart casual Key note speech: Richard Lewis Animator: Han Klinkspoor, Business Angel (NL) - Best team of the year sponsored by the B.I.D Network - Business Angel of the Year - Best syndicated deal (BA/VC) - Best new initiative/new entrant on the market sponsored by LINC Scotland With live music, animation END OF DAY Cocktail reception with Dutch Superproducts presentation, Concertzaal Grand Dinner & Third Award Ceremony Concertzaal PROGRAMME DAY 2 Tuesday 15th April 2008 Chairman: Candace Johnson, President of Sophia Business Angels (FR) Transport from hotels to venue Coffee Ravelijnzaal Supporting angel activity to the benefit of the emergence and growth of new technologies Julien Codorniou, Microsoft - about the launch of the sector specific BAN in France Inspirational experiences: is there a rate of return for angels? Nelson Gray, Business Angel, Scotland Michael Pentowski, Business angel/entrepreneur, USA/NL Risto Siilasmaa, Business Angel, Finland* Jordi Costa, Business Angel, Spain/USA/Chile* Coffee break Ravelijnzaal Beyond borders: What happens on the international angel market? Introduction by John May, Chairman of Angel Capital Association USA Prof. Wong Poh Kam, Chairman, BAN South East Asia, Singapore Saar Pilosof, Israel Angels Summing up of the event: key conclusions and feedback from audience Moderated by Closing address and announcement of next Congress venue and date Anthony Clarke, President of EBAN * To be confirmed.

22 Millions of Thousands of jobs Hundreds of deals Fifteen years LINC Scotland is the national association and representative body for the business angel community in Scotland, and was a founder member of EBAN. Since our own establishment in 1993 our members have made almost five hundred investments in over three hundred companies. In doing so they have provided 78.5M of risk capital in deals totalling over 215M. Just as importantly they have reinvested their own skills and experience in the next generation of SMEs. PROJECT PART-FINANCED BY THE EUROPEAN UNION Europe and Scotland Making it work together The companies supported have created thousands of high quality jobs in the Scottish economy. Eurada was created in December 1991 in the form of a non-profit organisation under the Belgian law, the purpose being to : Encourage exchanges of experience between members and promote best practice in the field of local and regional economic development; Promote the recognition of the development agencies as specific mechanisms and economic development entities; Participate in the development and delivery of territorial development programmes and/or support programmes for companies and in particular small and medium sized enterprises; Reinforce and better organise technical cooperation both with the European Commission and other Community institutions; Assist the development agencies newly set up in the non European Union countries; Promote the emergence of cooperation projects between development agencies of several countries. EURADA presents an activity programme encompassing the following: the exchange of information on the regional development strategies, the assistance to enterprises and the training of development agency executives; the analysis of Community Policy impact; the development of cooperation projects between different development agencies; the promotion of innovative and transferable techniques in the field of local and regional economic development; the dissemination of relevant information insofar as that concerns Community policies as much as best practice; a relevant form open to new forms of know-how exchange between development agencies. EURADA has played an important role in the creation of EBAN, the European Business Angel Network Association, in drawing the attention of the European Union as early as 1994 on the relevance of informal investment capital in the creation of an entrepreneurship culture. Secretariat: Avenue des Arts, 12 - Bte 7 - B 1210 Bruxelles - Tel Fax President : Jacques EVRARD Executive Manager : Christian SAUBLENS

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