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Business Angels & Venture Capital - The Swedish Experience  Maria Nilsson, Business Angel Relations, SVCA German Business ...
Business  Angels Venture Capitalists  Buyout firms Business  Angels  … supporting the interests of….
Swedish Private Equity in an international perspective EVCA Yearbook 2007 Private equity investments in % of GDP 2006
VC focus on start-up and expansion Early-stage investments 2001-2006, amount (MEUR) Source: SVCA quarterly reports 2001-2006
Our business angels play a crucial role in the financing value chain IPO Public financing Business Angels Venture Capital ...
Swedish Business Angel Networks Delfinerna i Västerbotten Uppsala Privatinvesterare Roslagens Affärsänglar Kista Investmen...
Summary of BAN activities 2006 Source: Activities in Swedish Business Angel Networks 2006, SVCA  <ul><li>14 BANs  reported...
Some reflections on trends in the Swedish Business Angel Market <ul><ul><li>Well functioning BANs become more professional...
Working towards an improved relationship between angels and VC investors <ul><ul><li>Creating forums where business angels...
Thank you! More information on www.svca.se
Swedish Business Angels   –  German Business Angel Day Halle, 8 October 2007 Nils Månsson Institute of Economic Research S...
Sampling business angels <ul><li>There are no public records of business angels. </li></ul><ul><li>Business angels are onl...
The survey study <ul><li>Mixture of different sub samples. </li></ul><ul><li>1519 questionnaires sent out. </li></ul><ul><...
Finding investments <ul><li>Informal every day ties as friends and colleagues are very important. </li></ul><ul><li>BAN pl...
The business angels’ investments The average investor invests 333 000 Euros annually,  the median investor 90 000 Euros an...
Way of exiting
Thank you! Nils Månsson Institute of Economic Research School of Economics and Management,  Lund University, Sweden [email...
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89. Business Angels

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Transcript of "89. Business Angels "

  1. 1. Business Angels & Venture Capital - The Swedish Experience Maria Nilsson, Business Angel Relations, SVCA German Business Angel Day Halle, 8 October 2007
  2. 2. Business Angels Venture Capitalists Buyout firms Business Angels … supporting the interests of….
  3. 3. Swedish Private Equity in an international perspective EVCA Yearbook 2007 Private equity investments in % of GDP 2006
  4. 4. VC focus on start-up and expansion Early-stage investments 2001-2006, amount (MEUR) Source: SVCA quarterly reports 2001-2006
  5. 5. Our business angels play a crucial role in the financing value chain IPO Public financing Business Angels Venture Capital Buyout Capital <ul><ul><li>Estimations of the Swedish business angel market </li></ul></ul><ul><ul><li>3000-5000 business angels in Sweden… </li></ul></ul><ul><ul><ul><li>Whereof approximately 5-10 % female angel investors </li></ul></ul></ul><ul><ul><li>… .invest approximately 200 MEUR per year </li></ul></ul><ul><ul><ul><li>Whereof approximately 50% of investments in early-stages </li></ul></ul></ul>
  6. 6. Swedish Business Angel Networks Delfinerna i Västerbotten Uppsala Privatinvesterare Roslagens Affärsänglar Kista Investment Network Östgötaänglar Värmlands privatinvesterarnätverk Connect Väst (4 lokala nätverk) Connect Syd Connect Skåne Delfinerna i Skåne Partners för Utvecklingsinvesteringar inom Life Science (PULS) Business Angels Syd <ul><li>Inget geografiskt fokus </li></ul><ul><li>Spiltan </li></ul>Y Network X-Invest Connect Östra Sverige Almi Stockholm DalaBan Coach & Capital North Sea Angels Coach & Capital Theia
  7. 7. Summary of BAN activities 2006 Source: Activities in Swedish Business Angel Networks 2006, SVCA <ul><li>14 BANs reported investment activity last year </li></ul><ul><li>Approximately 12 MEUR invested through the networks </li></ul><ul><li>72 companies received financing through the networks </li></ul><ul><li>166 business angels invested in projects presented through the networks </li></ul>
  8. 8. Some reflections on trends in the Swedish Business Angel Market <ul><ul><li>Well functioning BANs become more professional </li></ul></ul><ul><ul><ul><li>Requirements on members: membership fee, investment capacity, accessibility, credibility… </li></ul></ul></ul><ul><ul><ul><li>Increased focus on investment process: syndication, standard documentation etc. </li></ul></ul></ul><ul><ul><li>A number of business angel funds are getting started, often with a combination of private and public money </li></ul></ul><ul><ul><li>Incubators are increasingly building networks of business angels as a way of securing financing for the entrepreneurs </li></ul></ul><ul><ul><li>Focus on female business angels </li></ul></ul><ul><ul><li>Business angels are receiving a lot of attention in media and in the public debate </li></ul></ul>
  9. 9. Working towards an improved relationship between angels and VC investors <ul><ul><li>Creating forums where business angels and venture capital representatives can meet </li></ul></ul><ul><ul><li>Leveraging the Association’s activities and publications to spread knowledge about each investor group and their respective approach to investments </li></ul></ul><ul><ul><li>Working to enhance the professionalism in the business angels investment processes </li></ul></ul><ul><ul><ul><li>Transfer of best practice from venture capital processes </li></ul></ul></ul><ul><ul><ul><li>Creating model legal agreements </li></ul></ul></ul><ul><ul><ul><li>Increase understanding of the importance a realistic view on future capital needs </li></ul></ul></ul><ul><ul><li>The Association’s Board of Directors is being composed by representatives from all investor groups </li></ul></ul><ul><ul><ul><li>BA related issues being taken into account in the overall strategic discussions </li></ul></ul></ul><ul><ul><li>Business angel related information included in the quarterly venture capital statistics </li></ul></ul>
  10. 10. Thank you! More information on www.svca.se
  11. 11. Swedish Business Angels   – German Business Angel Day Halle, 8 October 2007 Nils Månsson Institute of Economic Research School of Economics and Management, Lund University, Sweden [email_address]
  12. 12. Sampling business angels <ul><li>There are no public records of business angels. </li></ul><ul><li>Business angels are only a fraction of the general population (probably 0,05-0,15%). </li></ul><ul><li>Hence, a non representative sample must be used in order to be able to reach a large number of business angels. </li></ul><ul><li>Panel studies are needed to identify trends. </li></ul>
  13. 13. The survey study <ul><li>Mixture of different sub samples. </li></ul><ul><li>1519 questionnaires sent out. </li></ul><ul><li>So far 617 questionnaires returned (41%). </li></ul><ul><li>297 active investors (20%). </li></ul><ul><li>High net investors and densely populated areas overrepresented. </li></ul>
  14. 14. Finding investments <ul><li>Informal every day ties as friends and colleagues are very important. </li></ul><ul><li>BAN plays an important role. Among BAN members 29% of investments are found through BANs. </li></ul><ul><li>Formal ties to lawyers, accountants, banks etc play a subordinate role. </li></ul>
  15. 15. The business angels’ investments The average investor invests 333 000 Euros annually, the median investor 90 000 Euros annually .
  16. 16. Way of exiting
  17. 17. Thank you! Nils Månsson Institute of Economic Research School of Economics and Management, Lund University, Sweden [email_address]
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