Business angels in NL. The good, the bad and the stakeholders
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- Gervase Quinn
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1 Business angels in NL The good, the bad and the stakeholders
2 Short Bio MBA and Master psychology Started a company Severe family problems 1989: Exhausted, end of company : Valley of death : 2nd company: Business and ICT journalist : ICT industry analist, VC analist/publisher
3 Productions
4 1995 Comparative academic study: NL has venture capital, but there is no social capital (meaning expert advice from types like business angels) Estimate pioneer network Nebib: several hundred business angels in NL
5 2010: How things have changed Business Angel Networks ABN Amro Participaties Adfundum Participaties Antea Participaties Berk Partners BiD Network Dintelhaven Exploitatie e2 Cleantech Ecart Invest Erasmus Business Angel Network Flevoland Investment Netwerk Informal Capital Network Maxwell Group Meesters van de Toekomst Mindhunter Money meets Ideas Nebib Newion Investments Oost NV Renpart Smart Capital Network TIIN Value Creation and Company VentureNed
6 2010: Number of business angels. Minimum: several thousands in the networks. Upper limit: around CBS data. Number of euro millionaires that sourced its wealth through their own company: Minimum wealth business angel: ,-. Number of ba half millionaires: (based on statistical distribution of wealth)
7 Does it help? NVCA: VC negative results Causes according to NVCA: Stock market Economy Legal regulations concerning IPOs, equity protection, etc.
8 Analists: Other possible causes VC investment managers play it safe Background in finance, not entrepeneuring Limited vision: unable to see disruptive innovation VC is not exclusive anymore to top business builders Venture capital has attracted mediocre people
9 Can business angels do better? Assumption: Successful entrepeneurs Ideal coaches for young, innovative and imaginative entrepeneurs
10 Source of wealth Reality 1: Majority are affluent, but source of wealth varies E.g. inheritance, stock market shares, bonuses, IPO, selling partner shares, other sources Result 1: Majority has superficial or no experience with startups and innovation. They are investors, but not entrepeneurial investors
11 No experience business creation Reality 2: Vast majority (90 %) of entrepeneurial business angels did not create the company that made them rich Result 2: Vast majority does not know the crucial stage of starting up a company
12 Sector differences Reality 3: Significant number of business angels invest in sectors they have no experience with. Business rules vary across industries. Business success in one industry or sector is not a prediction for business success in another Result 3: Bad advice to startups.
13 Technology Reality 4: Technology business angels almost confined to ICT Why? Scalable biotech and clean tech solutions require too high seed stage and early stage investments for business angels. (Several millions) Result 4: hardly any succesful startups in these areas
14 Technology 2 Reality 5: Majority of business angels have no experience with technology Why? Tech is a relatively recent phenomenon for investors Result 5: business angels shun technology
15 Technology 3 Reality 6: Majority of tech business angels have no vision about technology Information Technology is developing further, but ba s seem insufficiently aware of that Many ICT ba s still unfamiliar with RFID, social media, Web 2.0 Almost alle ICT ba s have no clue about e.g. robotics, AI, augmented reality. Result 6: Europe keeps lagging behind US in commercializing innovation.
16 Be aware of limitations BA s Stakeholders: Entrepeneurs Business angels themselves VCs Consultants Government All stakeholders should be aware of the limitations of business angels
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