summer university 2004 · ban sardegna ban lazio ban campania ban puglia ban calabria ban lombardia...
TRANSCRIPT
Summer University 2004
o Session: Do angels always like to act through BANs?
o Name: Paolo Anselmo
o Organisation: IBAN - Italian Business Angels Network
o Relation with BA activity: President of IBAN
Do angels always like to act through BANs?
Paolo Anselmo
Malta, 6 May 2004
66
132
154
176196
0
50
100
150
200
1998 2000 2001 2002 2003
Source EBAN 2003
BUSINESS ANGELS NETWORKS IN EUROPE
BUSINESS ANGELS NETWORKS IN ITALY
0
5
10
0
2
4
6
8
10
1998 2000 2004
Source IBAN 2004
BAN Bologna
BAN Toscana
BAN Umbria
BAN Sardegna
BAN Lazio
BAN Campania
BAN Puglia
BAN Calabria
BAN Lombardia
BAN: the Italian photography
10 Regional BANs
North West BAN
BIC Vallée d’Aoste
for the whole Italian territory
1 National BAN
BAN = Business Angels Network
A “marriage agency” where investors can meet projects & companies
A channel of communication towards the regional stakeholders
A dedicated support to the entrepreneurs: “become investment readiness!”
Services provided by BANs:
“value added that the BANs bring to investors – entrepreneurs”
Business plan training activity & advising (legal, fiscal, etc.)
Screening BP process before someone is listed
Deals & enterprises support
SME’s regional marketplace (risk & debt capital + grants/loans )
Identification and recruitment of BAs in their region
Matching between entrepreneurs & investors
Encouraging cross – border & foreign investments
o IT/FR/UK: TEEE-Inn Project
o IT/CH: Valle d’Aosta - Valais
o IT/EC: Gate2Growth Project
BAN: the Italian interpretation
Inquiry on a collection of 76 investments, realized by
italian business angels (Seconda Università degli
Studi - Naples)
Inquiry on models of organization for Business
Angels Networks, joined IBAN (ISTUD)
Analysis of equity demand, come to Business Angels
Networks, joined IBAN (ISTUD)
Italian applied research (2003)
Some information about business angels…
N° analysed investments 76
N° disinvestments 17
95%
50 years old
Method Direct inquiry
E-mail inquiry
N° interviewed investors 41
% male
Average duration of closed investments
Medium age
3,5 years
Other information about business angels…
Wealthy informal investors which directly look for
investment opportunities
Industrial (30%) or professional origin
Investment size (own wealth): between 50.000 € and
250.000 € in the majority of investments
Investments in start-up (44%) and in early stage (28%)
“Hidden” investments, without any structure of
intermediation
Italian business angels
Knowledge, experience, management skills and networking;
High costs for investment selection
Due diligence:
o Specialized investment valuation: < adverse selection
o Post - funding control: < moral hazard
Information sources about
investment opportunities
N° (multiple answers)
% total answers
% diffusion on business angels
(multiple answers on 41 investors)
Informal 64 50% -
Friends 17 13% 41%
Business Associations 8 6% 20%
Personal Researches 14 11% 34%
Other entrepreneurs 18 14% 44%
Media 7 6% 17%
Istituzional 42 34% -
Professionisti 17 14% 41%
Banks 2255 20% 6611%%
Organizzate 11 9% -
BANs 7 6% 17%
Club of investors 4 3% 10%
Other sources 9 7% -
Total answers 126 100%
Conclusions …
Italian business angels
Active Business Angel
Latent Business Angel
Business Angel Networking
New model: “Club of Investors”
Profit oriented
Direct and skilled investors, joined Club
Co-investment opportunities
Open themes for italian venture capital development
Roles of government authorities and policy makers
BANs repositioning
“Banking world” connections