英國天使基金運營報告

1、annual report on the business angel market in theunited kingdom: 2008/09colin m mason(university of strathclyde)richard t harrison(queens university belfast)june 2010urn 10/994iiiiiiivv68contentsauthor contact detailsauthor biographiesacknowledgementsdisclaimerglossaryexecutive summaryvivii1234567in

2、troductionsection a: the uk business angel market in 2008/09angel networks the visible marketangel network investment activityangel surveyangel market dynamicsmarket scale estimatessummaryreferencesstatistical appendicessection b: special topicdemographics of enterprise investment scheme, venture ca

3、pital trustsand community investment tax relief, by alexander chislett, hmrc: kaienterprise and property teamii1824343945505356author contact detailsprofessor colin mason. hunter centre for entrepreneurship, university of strathclyde, livingstonetower, 26 richmond street, glasgow g1 1xh. tel: 0141 5

4、48 4259/3482. email:colin.masonstrath.ac.ukprofessor richard t harrison. queens university management school, queens university belfast, 25university square, belfast bt7 1nn, northern ireland. t: 028 9097 3621/5025 email:r.harrisonqub.ac.ukauthor biographiescolin mason is professor of entrepreneursh

5、ip, hunter centre for entrepreneurship, university ofstrathclyde, glasgow. he previously worked at the university of southampton. his research andteaching are in the area of entrepreneurship and regional development. his specific research isconcerned with venture capital and regional development and

6、 with the availability of venture capital forentrepreneurial businesses. he has written extensively on business angel investing and has been closelyinvolved with government and private sector initiatives to promote informal venture capital, both in theuk and elsewhere. from 1993 to 2001 he produced

7、an annual report on business angel investmentactivity on behalf of bvca and then nban which was based on the data provided by business angelnetworks on the investments that they had facilitated. he has been a member of the europeancommission expert groups on benchmarking business angels and public s

8、upport for risk capital tostimulate private investment in innovation oriented research and is an honorary member of the britishbusiness angels association. he is consulting editor of the international small business journal (sage).richard harrison is professor in management and director, queens univ

9、ersity management school,queens university of belfast. he has previously held chairs at the universities of ulster, aberdeen andedinburgh. his major research interests lie in entrepreneurship and economic development, andspecifically in the area of access to early stage risk capital: he is a leading

10、 authority internationally onbusiness angel finance and early stage venture capital, and has worked with dti/small business service,hm treasury, british business angels association, scottish enterprise, european business angelnetwork, linc scotland and agencies in sweden, finland, eu, oecd, canada (

11、inter alia) on research andpolicy in the early stage capital market. he has been co-author of an annual report on the regional earlystage risk capital market in scotland since 2001, which is the most consistent and comprehensiveanalysis of business angel and early-stage vc investment at regional lev

12、el.they are joint co-editors of the journal venture capital: an international journal of entrepreneurialfinance (published by taylor and francis ltd), now in its 12th year of publication.together they have unrivalled knowledge of the business angel market through a 20 year record ofresearch and enga

13、gement with policy-makers and practitioners both in the uk and elsewhere. they arethe leading uk-based researchers on angel finance and their work has exerted a significant influence onother research both in the uk and elsewhere. they pioneered the study of business angels in the uk.their subsequent

14、 research has provided significant understanding of the operation of the angel market(e.g. investment returns; angel investment decision-making; the angel-venture capital interface) andinfluenced both policy and practice (e.g. cgt taper, investment readiness). they undertook a previousiiistudy on be

15、half of the small business investment task force which identified ways in which angelinvestment activity could be measured and made recommendations on the most appropriateapproaches for the uk to follow. this report has arisen directly out of this prior work.ivacknowledgementswe are extremely gratef

16、ul to mike young (bis access to finance expert group), helene keller (enterprisedirectorate, department for business, innovation and skills) and the members of the steering group -emmanouil (manos) schizas (acca), alexander chislett, phillip rice (both hmrc), jenny tooth (bbaa),scott sage (bvca) and

17、 david grahame (linc scotland) for their perceptive comment and critique ofearlier drafts of this report. the final report is significantly better as a result. however, we remainresponsible for any remaining errors. we are also grateful to guy willmington of bbaa for providing uswith the data and to

18、 the access to finance expert group for their valuable feedback on a presentation ofthe key findings. mike young deserves particular mention for his tireless advocacy for the need forbetter data on angel investment activity, both at the bank of england where he was responsible for thebanks annual fi

19、nance for small firms report and more recently as deputy chair of the access to financeexpert group.disclaimerthe views expressed within this report are those of the authors and do not necessarily reflect those ofthe department of business, innovation and skills, hm revenue & customs and other s

20、takeholdersvberrbiseisvcglossary of abbreviationsaccabanbbabbaabvcaebaneiberdfeugemgvahmrchmtjeremienbanrdavctassociation of chartered certified accountantsbusiness angel networkbritish bankers associationbritish business angels association(department for) business, enterprise and regulatory reform(

21、department for) business, innovation and skillsbritish venture capital associationeuropean business angel networkeuropean investment bankenterprise investment schemeeuropean regional development fundeuropean unionglobal entrepreneurship monitorgross value addedher majestys revenue and customsher maj

22、estys treasuryjoint european resources for micro to medium enterprisesnational business angel networkregional development agencyventure capital (or venture capitalists)venture capital trustviexecutive summary1. introductionbusiness angels have been recognized as an important source of finance for en

23、trepreneurial businessesfor nearly 20 years in the uk and for even longer in the usa. government in the uk has supportedbusiness angels both directly and indirectly in various ways, notably supporting business angel networksto enable entrepreneurs to more easily find investors and vice versa; tax in

24、centives through theenterprise investment scheme (eis); and co-investment schemes. trends in the supply of sme finance inthe uk clearly imply that business angels have become even more significant over the past decade.despite the importance of business angels as a source of finance for entrepreneuri

25、al businesses thereare no statistics which accurately measure the size of the business angel market, profile angelinvestments and monitor annual investment trends. this creates a huge void in small firm financingstatistics particularly when contrasted with the detailed information available on other

26、 forms of smefinance (e.g. bank lending, venture capital investments).since the mid-1990s these considerations have prompted various organisations, most notably the bankof england, to call for more robust data on business angel investment activity. government recognisedthis and in 2006 berr commissi

27、oned a review of data sources and methodologies that could develop arobust time series on business angel investment activity in the uk.this report is the direct outcome of that developing time series data report. it is intended to be the firstin an annual series of reports on the business angel mark

28、et and has been commissioned by thedepartment for business, innovation and skills (bis) on behalf of a consortium comprising hm treasury,hm revenue and customs (hmrc), british business angels association (bbaa), british venture capitalassociation (bvca), linc scotland and association of chartered ce

29、rtified accountants (acca). itcomprises two sections. the first section comprises an independent analysis and commentary onbusiness angel investment activity in 2008/09 in the visible market and an estimate of the overall scaleof angel investment activity. the second section comprises a study by hmr

30、c of the demographiccharacteristics of investors claiming tax reliefs under the enterprise investment scheme, venture capitaltrusts and community investment tax relief through self-assessment.section a: the uk business angel market in 2008/092. angel networks the visible marketmost business angels (

31、and most of their investment activity) are invisible and so virtually impossible toidentify and track over time. our ability to discern investment activity on a systematic comparativelongitudinal basis is therefore restricted to the visible market - angel networks and other portals (such asbusiness

32、angel syndicates) through which angel investment is channelled. the analysis reported in thischapter is based on responses from 20 of the 24 networks that are members of the british businessangels association. in 2008/09 a total of 233 businesses raised a total of 44.9m from investorsregistered with

33、 these networks. a total of 590 investors participated in these investments. the average(mean) investment was 192,634 and involved 2.5 investors. investors associated with linc scotlandinvested 17.9m in 74 deals. thus, in the uk as a whole 62.8m was invested by angel investorsregistered with bbaa me

34、mbers or with linc scotland in 2008/09.viithe current population of bbaa networks comprises a mix of long-established and more recentlyestablished organisations: 42% of networks were established prior to 1999. they are typically fundedthrough a combination of fees and sponsorship, with most having a

35、 range of different revenue sources.the majority of networks derive income from entrepreneurs, angels and success fees. networksundertake a wide range of activities to facilitate investment activity, notably company presentationevents at which entrepreneurs pitch for money. most also produce newslet

36、ters or informationbulletins, run investment clubs or other types of meetings which enable angels to network with oneanother, and have a database of contacts. more than half run training and capacity events for investors,hold investor forums and fairs and support investor syndicates.the 20 networks

37、which provided information reported a total of more than 5,500 registered businessangels. only 3% of network members were women. the distribution of registered angels was highlyskewed, with four networks all large, national, commercially oriented networks, each with over 500members - accounting for

38、67% of the total. the median network had 123 investors. turnover of angelswas quite significant, with 1,700 angels (31%) joining during the year and 473 (9%) leaving.the networks received a total of 8,685 business plans during the year. here again the distribution wasskewed, with four networks accou

39、nting for 66% of the total. the median was 220. a total of 824companies were presented to investors, equivalent to 1 in 10 of business plans received. there were233 companies which raised investment through these networks, comprising 28% of those companiespresented to investors but just 2.8% of all

40、the business plans that they received. in the majority ofnetworks, the average amount raised from angels registered with the network (excluding investmentfrom co-investors) was under 200k, confirming that these networks continue to mobilise risk capital inthat part of the market most often thought t

41、o suffer from an equity gap problem. there is littlecorrelation between those networks attracting the most business plans and those doing the most deals.3. angel network investment activitythis chapter is based on deal-specific information from 20 members of the bbaa covering a total of 225(out of 2

42、33) individual investments made by their registered investors in 2008/09. aggregated data inthe same tabular formats was provided by linc scotland for 74 investments.the markets in scotland and the remainder of the uk are organised differently so the data are presentedseparately. the networks which

43、provided information to bbaa operate on the basis of introducinginvestors to entrepreneurs seeking finance, for example through presentation events, newsletters,databases, etc, and then step back from the process to let investors find investment opportunities thatinterest them and then try to negoti

44、ate a deal with the entrepreneur. linc scotland is mainly supportingorganised angel groups rather than individual angels and so the investments that they report are almostexclusively made by angels investing as members of angel groups.particularly in the organised and visible part of the market, ang

45、els often invest alongside other investors,such as banks, venture capital funds and, increasingly, co-investment funds. hence, it is important todifferentiate between the amounts invested by business angels registered with the networks and theoverall deal size. overall deal sizes range from less tha

46、n 25,000 to over 1m. deals made through lincscotland are larger.viiiangels who have invested through bbaa networks were the sole investors in 58% of these deals. in theremainder of the deals the share of total investment contributed by angels ranges from less than 10% toover 75%. the picture is very

47、 different in scotland where only 8% of deals solely involved angels. in theremainder, angels accounted for between 25% and 75% of the total deal.it follows from the extent of co-investing that the amounts invested by angels are smaller than overalldeal sizes. in deals made through bbaa networks, an

48、gels invested less than 200,000 in two-thirds ofcases, and invested less than 100,000 in half of all cases. at the other extreme, just 8% of businessesraised more than 500,000 from business angels. here again there were contrasts with scotland, wherethere were relatively fewer angel investments over

49、 500k and slightly more in the 50k to 200k range.however, this exaggerates the amount invested by individual angels in a single investment. this isbecause angels registered with the same network sometimes invest together in the same deal. justunder two-thirds of the investments made through the netw

50、orks involved more than one angel investor,and that one in five of all investments involved five or more angel investors. information on theamounts invested by individual angels is not available.over half of the companies raising finance from bbaa network investors were doing so for the first time,w

51、ith a further 23% having previously raised one round of finance from network investors. at the otherextreme, 6% of companies had raised at least five previous rounds of finance from network investors.scotland again provides a contrast. first round investments accounted for only 32% of the total wher

52、easinvestments in companies that had raised three or more previous rounds accounted for almost one thirdof all investments, compared to less than 12 per cent in the rest of the uk.investments by business angels through bbaa networks are largely concentrated at the start-up andearly stage/early growt

53、h stages. these stages account for 69% of all investments. scottish businessangels are even more focused on start-up and early stage/early growth investments, which account for88% of investments.just over half of the investee businesses of bbaa investors have fewer than five employees and 87%have 10

54、 or fewer employees. investments made through linc scotland are also skewed towards smallcompanies but to a lesser extent (40% with less than 5 employees; 72% with less than 10 employees).indeed, more than one-quarter of the investee companies of linc scotland investors had more than 10employees. th

55、is is consistent with the bigger deals sizes that linc scotland investors participate in andthe higher proportion of follow-on investments made.the majority of the investments made through bbaa networks are concentrated in technology sectors,accounting for 65% of all investments, notably software/it

56、/internet/telecoms and medical/healthcare/pharma/biotech. however, reflecting the diversity of angel investments, several companies in businessservices, manufacturing, property development, creative industries, retail and tourism/hospitality havealso raised finance from business angels. linc scotlan

57、d investors have invested in a narrower range ofsectors, with technology businesses accounting for 90% of their investments.the scottish market is distinctive - deals are larger, there is more co-investment activity, more follow-oninvesting and larger investee companies. this is attributable to the

58、different institutional structure andorganisation of the market in scotland notably the greater prominence of angel groups and presenceof the scottish co-investment fund.ix4. angel surveyfurther evidence was obtained from a short questionnaire survey of individual angels. questionnaireswere distribu

59、ted via various intermediaries, including networks and accountancy practices and atvarious events associated with the national business angel awareness campaign. the survey attractedresponses from 153 business angels.one-quarter of respondents had not made any investments in the 2008/09 tax year. th

60、e number ofangels is therefore not a good indicator of the market as a significant minority may be inactive in thesense of not making any new investments in any particular year. amongst those who had invested,amounts ranged from less than 10,000 to over 500,000. however, more than three-quarters hadinv