Impact Investing Lab Financing innovation: the role of Angel Investing

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1 Impact Investing Lab Financing innovation: the role of Angel Investing December 3rd,

2 Entrepreneurship: a definition << Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time and/or career commitment or provide value for some product or service. The product or service may or may not be new or unique but value must somehow be infused by the entrepreneur by receiving the necessary skills and resources >> Virtanen, 1997

3 Access to financial resources One of the major challenge confronting SMEs (which make up for 98% of enterprises in Europe) is getting access to financial recourses, particularly at their seed, start-up, and growth phases not least as they are often considered as a high risk investment, with potentially low returns which only materialize in the medium to long term. In a changing financial environment and to some extend due to the new rating culture, banks may be reluctant to provide credit to what perceive as their riskiest clients, potentially providing insufficient profit margins an attitude which leads to high transactions costs for SMEs. (DG Enterprise: new programme brings together competitiveness and innovation)

4 The paradox of access to finance Banks Venture Capitalists Stock Exchange have money Investors argue that there aren t enough good projects (unattractive for commercial capital) Entrepreneurs don t find capital to support their projects What is a good project? Who is right?

5 Tentative analysis of the equity paradox Businesspersons (techno-preneurs) are generally faced with four types of issues when trying to raise equity: equity aversion: cultural reluctance when it comes to opening their companies to outsiders (shareholders and managers) asymmetry of information: difficulties in presenting themselves or their business plan in a way that accommodates the priorities and management requirements of equity suppliers project investment readiness: certain equity and venture capital tools are not adapted to the needs of all businesses at all stages of their development difficulties in identifying, and reckoning with, the legal/administrative requirements of venture capital and credit providers. Such requirements include information on projects as well as financial and managerial data (corporate governance rules). Downstream of investment, businesses should also recognise the importance of regular, properly formatted reporting to investors.

6 Entrepreneurs & Investors The entrepreneur A great IDEA? A business PROJECT!! The investor

7 Entrepreneurs & investors The traditional finance gap Current European Union situation Business Finance is dominated by major Banks Finance provided to entrepreneurs is predominantly debt finance EU Banking for small/new businesses is treated as retail There are gaps in the package of support (growing or new firms) SME s market segment seen as high risk with high transaction costs Debt finance usually requires some form of security or collateral (intangible assets are not security) Venture capital market is fragmented European angel market is immature

8 The Funding Gap Pre-seed Stage Seed/Startup Stage FUNDING GAP Early Stage Later Stages 3 F Founders Family & Friends (or Fools) Angel Investors (or Clubs) Very few angel deals done above 0,5 M Venture Capitalists Very few VC deals done below 1 M K 0,5 M 1 M 5 M up

9 Funding options for an entrepreneur There are several possibilities of financing a company Own founder money LOVE money (family & friends) Bank loans & overdrafts (with or without guarantees) Public Grants & micro credits (local/national government) Informal investment - Business Angels (small equity) Venture capital or Corporate venturing (larger equity) Public shares issue (equity, IPO Initial Public Offering) EQUITY or DEBT

10 Equity Providers PROs No cost of interest and no fixed repayment schedule Stronger financial position Reduced financial pressure Access to professional network and coaching Cons Loss of management / ownership control Request for a strong financial discipline Influence on management and strategic decisions Exit route (for investor) to be prepared

11 Venture Capital Vs Business Angels VC Easy to find via directories. BA Difficult to find. Your request is only 1 among many hundred a VC receives. Request often a strong personal involvement. Can often provide large investment, e.g. via syndication. Thorough and formal due diligence and investment process. Limited amount to invest Investment decisions often quick and less formal. Syndication more and more usual. Exit route very important. Exit route less in focus

12 Business Angels - Identikit Business Angel: private individual investing own wealth in early stage businesses PLUS own expertise and network of contacts Investment Euro Equity investors Willing to share managerial skills, specialist knowledge and networks No sector preference Often prefer to invest in their region of residence local investors Seeking profit, but also fun and adventure Usually total investments below 25% of wealth Can become involved in the business management ( active Angel ) or not ( passive Angel ).

13 Angel Roles in Portfolio Companies Board of Directors (non executive director) Advisor, mentor, coach Of CEO, of management team Step in during crisis (temporary), IF Assist in raising additional money Another Angel round VC money Tee up the company for the exit

14 An Angel Portfolio Strategy Portfolio Considerations 5-10% of net worth invested (asset allocation approach) 8-15 investments (risk diversification) High tech, low tech, no tech (your choice) Variety of involvements Lead investor Board, advisor Passive Most of ROI from 1-2 of 10 companies

15 An Angel Portfolio Strategy Integration Exits into Portfolio Strategy VCs exit in 3-5 years (assume 5) Angels invest earlier and expect to exit in 5-7 years (average assume 7) A balanced angel portfolio contains ten companies Consequently, angels should invest in 2-3 companies per year Build to ten company portfolio gradually A portfolio of companies in all stages of development Good balance for investors time and management commitment

16 An Angel Portfolio Strategy What a Business Angel is looking for What a Business Angel is looking for A compelling and sustainable business plan A strong and engaged management team High growth, scalability, strong financial projections Prototype/Product/Service readiness Operational involvement of the Angel investor Adequate and objective pre-money valuation High Perceived return Friends&Family Business Angels Medium Entrepreneur Venture Capital Low S&P500 Nasdaq Investors Banks Low Medium High Perceived risk

17 An Angel Selection Strategy Angel Toolkit Elevator Pitch Executive Summary PowerPoint Full Business Plan (write full BP first) 2 minutes verbal summary: Product, opportunity, differentiation Attract interest not closing 2-4 pages written summary Balanced presentation Attract interest not closing 20 minute verbal presentation Cover whole business plan Find serious investors pages plus appendices Validation scorecard (due diligence) Basis for all other plan forms

18 Why Angels Join Groups Solo Angel Investing Investment Process is time-consuming Deal sourcing Reading business plans Due diligence Due diligence is difficult Finding vertical experience May require using outside experts Legal (and fiscal) support is expensive

19 Why Angels Join Groups Investing through Angel Organization Dividing the work eases the pain Variety of vertical experience available Standardized processes and term sheets Deal flow encouraged, entrepreneur-friendly Pick and choose the deals you like Great camaraderie among the like-minded The next future angel investment?? through angel group /club!!

20 IBAN Association Our Network to sustain Informal Venture Capital Market The Association IBAN is the institution that understands and represents the Italian community of the informal venture capital investors. Over the years IBAN has created a strong "relationship network" that provides a common factor to the skills and experiences of many organizations and operators in the sector, covering the entire "value chain" of "early stage phase of SME s. FINANCING INSTITUTIONS BUSINESS ANGELS IBAN SERVICES TO SME s TECHNOLOGY CENTRES In this way IBAN can effectively support the start-up in the process of growth and value creation. NATIONAL AND INTERNATIONAL PARTNERS

21 IBAN Association Objectives reached in 15 years of business 1. Improvement of European best practices, through close collaboration between IBAN and the other partners of BAE 2. The role of business angels, as an economic operator, continues to grow: sharp increase in the number of deals closed in the last 5 years recognition of the importance of BA in the financial market 3. The Italian government has approved the tax exemption on capital gains on Angel Investing (Law 133/08, article 3) 4. During 2012 the Association IBAN has been approached both by Banca d Italia and by the Ministry of Economic Development with regard to measures to support the sector (Law 221, 17 december 2012).

22 IBAN Association 4.4. Italian BA Profile Network BA's personal structureprofile from a recent Survey IBAN Association Business Angels & professionals B.A.N. - regional operating area and focus on crosssector businesses B.A.N. - national/international operating area ad focus on cross-sector businesses Angel Investors Club IBAN has close relationships with leading Italian law firms and fiscal&tax advisors. Thanks to this, IBAN members are entitled to access detailed information on Angel Investing and on legal and fiscal news related to risk capital investing, as well as an operating guide on main contractual obligations and terms that Entrepreneurs and Investors have to agree upon, in preparation to the closing of the deal.

23 IBAN Association Business projects received by IBAN (2013) Total business projects received in 2013 (through IBAN website): 667 Business projects with structured Executive Summary: 202 Business projects - High Rating: 103 Business projects - Low Rating: 99 Limited number of business project with high-quality documentations Source: IBAN Association, internal data 2013

24 Via Ampère, 61/A Milan Italy Tel Fax Member of: Paolo Anselmo - IBAN President

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