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We evaluate whether government intervention through the subsidization of business angel networks enhances regional economic growth. We show that, firstly, BANs reduce the information and financing problems entrepreneurial companies face. Secondly, these companies contribute to economic development and growth. Thirdly, there are positive indicators of future potential, such as an upward evolution in value creation and ability to raise follow-on financing. Finally, the programme has many positive indirect effects. This leads us to tentatively conclude that public BAN support is warranted. However, to make this conclusion more robust requires a longer-term evaluation.

Policies promoting informal venture capital generally and business angel networks (BANs) in particular have gained increased attention in recent years. As a consequence, BANs are now widespread across Europe. However, there continues to be a debate whether BANs should be supported with public money. This article discusses the possible rationale for governments to support BANs and what criteria to apply when evaluating such networks. The article is based on an in-depth observation study of the whole life cycle of a national BAN – the Danish Business Angel Network (DBAN) – and a comparison with a similar national angel network in Wales. Results show that applying traditional evaluation criteria for assessing BANs may provide only a partial picture. DBAN was squeezed between political pressures, impatience and lack of understanding of the broader benefits of an angel network. It was therefore left to die. This contrasts Wales where Xenos was shown more patience and persistence and it was rapidly integrated into the investment community. The implication is that lack of consistent funding, even in economic downswings, may erase the position and awareness of BANs in the capital markets. When governments consider whether to provide continuing support to BANs they should evaluate not only their immediate effectiveness but also whether BANs should be considered a part of the general small business support infrastructure. ; Policies promoting informal venture capital generally and BANs in particular have gained increased attention in recent years. As a consequence, Business Angel Networks (BANs) are now widespread across Europe. However, there continues to be a debate whether BANs should be supported with public money. This paper discusses the possible rationale for governments to support BANs and what criteria to apply when evaluating such networks. The paper is based on an in-depth observation study of the whole life cycle of a national BAN – the Danish Business Angel Network – and a comparison with a similar national ...

La figura del Business Angel ha ido adquiriendo relevancia en España en los últimos años, prueba de ello han sido las numerosas propuestas, de distinta naturaleza, presentadas en el Congreso de los Diputados, desde 2005 hasta 2013, en las que se ha reconocido la importancia de los Business Angels como canales alternativos a la financiación tradicional y figura de apoyo al emprendedor. En dichas propuestas, diferentes grupos políticos, en distintos momentos, han solicitado que se regulara el marco legal de la figura y el reconocimiento de incentivos fiscales. El presente artículo cuenta con tres partes claramente diferenciadas. En la primera se describe el largo camino recorrido hasta el reconocimiento de incentivos fiscales por parte del Estado, a los Business Angels en el Impuesto sobre la Renta, tal y como se deduce del Proyecto de Ley de Apoyo a los Emprendedores y su Internacionalización de julio de 2013, actualmente en fase de tramitación. En la segunda parte, se analiza el tratamiento que reciben estas inversiones en el Impuesto sobre Sociedades, Impuesto sobre Patrimonio e Impuesto sobre Sucesiones y Donaciones y, finalmente en la tercera parte, se profundiza en la tributación de los rendimientos de los Business Angels en el Impuesto sobre las Renta de las Personas Físicas, centrándose especialmente en las deducciones autonómicas, por adquisición de acciones o participaciones, previstas en este impuesto. ; Business Angels have become more important in Spain in the last years, as proved by the different proposals submitted in the Congress between 2005 and 2013. In these proposals Business Angels have been recognized as an alternative source of finance to traditional financing and an important support for entrepreneurs. In these proposals, different political groups, at different times, have requested a legal framework and tax incentives for Business Angels. This article has three parts. In the first part, describes the long way to the recognition of tax incentives on the part of the State, to the Business Angels in the Income Tax, as it emerges from the draft Bill to support entrepreneurs and their internationalization of July of 2013. In the second part analyzes the treatment received by these investments in the Corporation Tax, Property Tax and Inheritance Tax. Finally, the third part deepens in Income Tax, focusing especially on the deductions, approved by Autonomus Communities for acquisition of shares.

Die Bedeutung von kleinen und mittleren Unternehmen für eine Marktwirtschaft steht außer Zweifel. Neben wettbewerbs- und angebotspolitischen Funktionen ist der arbeitsmarktpolitische Stellenwert vor allem junger innovativer Unternehmen hervorzuheben. Während Großunternehmen in den letzten Jahren zu einem Stellenabbau neigten, werden gerade durch Existenzgründungen neue Arbeitsplätze geschaffen. Dennoch scheitern viele Existenzgründungen in den ersten Jahren. Eine Ursache hierfür ist in der fehlenden Deckung des Kapitalbedarfs zu sehen. Trotzdem in Deutschland neben staatlichen Förderprogrammen eine Zunahme weiterer Finanzierungsmöglichkeiten durch Eigenkapital zu verzeichnen ist, steht gerade in den Anfangsphasen den Unternehmen zu wenig Eigenkapital zur Verfügung. In Großbritannien und den USA ist zwischenzeitlich hierfür ein Markt für informelles Beteiligungskapital durch Privatinvestoren entstanden, der einen großen Anteil an der Frühphasenfinanzierung junger Unternehmen ausmacht. Daher soll in diesem Papier diskutiert werden, welche Vorzüge informelles Beteiligungskapital besitzt. Nach einer kurzen Definition von kleinen und mittleren Unternehmen sowie einer Erläuterung des theoretischen Bezugsrahmens (Kapitel 2) werden im Kapitel 3 zunächst informelles Beteiligungskapital und insbesondere die sogenannten Business Angels vorgestellt. Mit Hilfe ausgewählter Beurteilungskriterien wird anschließend im Kapitel 4 untersucht, inwieweit Business Angels zu Verringerung der Marktunvollkommenheiten bei der Innovationsfinanzierung beitragen können. Hierbei wird durch einen Vergleich mit formellem Beteiligungskapital deutlich, dass mit Hilfe von Business Angels die Informationsprobleme junger Unternehmen zu bewältigen sind. Daher erscheint es zweckmäßig, die Schaffung eines Marktes für Business Angels in Deutschland, bspw. durch entsprechende Netzwerke bzw. einer Börse für informelles Beteiligungskapital, zu forcieren.

La figura de los Business Angels y de las redes de Business Angels en España es de reciente implantación si se compara con otros países europeos como Reino Unido o Francia. No obstante, esta figura va tomando cada vez una mayor importancia en territorio español.

Abstract

Financing is a critical issue for the survival and development of small and medium‐sized enterprises. Business angels play a key role in financing these enterprises, especially innovative ones with high growth potential. Business angels fill the gap between founders, family, and friends on one side, and institutional venture capital funds on the other side, as a financing source. Business angels invest a large amount of money in seed, start‐up, and early‐stage enterprises.


Business angels are important for small and medium‐sized enterprises because they provide more than money. They are hands‐on investors and contribute their skills, expertise, knowledge, and contacts in the businesses they invest in. They are wealthy persons with great business experience, willing to invest and offer their wealth and knowledge to owners and to entrepreneurs to start or develop their businesses.


Business angels like to remain anonymous, so many ideas cannot be implemented. To address this issue, many countries establish business angel syndicates and networks to facilitate the process of matching entrepreneurs and business angels.


Copyright © 2009 John Wiley & Sons, Ltd.

This paper highlights the importance of business angel networks, as a tool of stimulating an entrepreneurial culture and small business financing. It also sheds light on current practices and the dimensions of business angels in Europe. A study made in 1998 for the European Commission suggests that the potential for investments by business angels is estimated to be between 10 and 20 billion € [Euro] per year. This can be compared with the 3 million Euro in seed and startup investments made in 1999 by the venture capital industry. A remarkable difference, which deserves further attention. This particular inquiry includes a brief benchmarking exercise on informal private investor networks, known as business angel networks. The background for this study is the underlying thesis that the potential for investments through business angels is insufficiently developed. Implications for policy makers and future research are discussed.

The paper aims at investigating and comparing the factors determining investment decisions by business angels (BAs) from the viewpoints of BAs and startups in Vietnam based on a framework synthesized from a literature review and primary data from in-depth interviews conducted with 8 startups and 15 angel investors. The results show that the startups' founder, working team, financial issues, product and market, and strategy related to exit and the roles of BAs are startup-related factors determining BAs' investment in Vietnam. For BA-related factors, the BAs' experience, investment objectives and preferences, and culture are key determinants. The novelty of the paper is to find out the gaps between the perspectives of BAs and startups, and the difference between Vietnamese and foreign BAs' viewpoints. The finding is that BAs, more strictly than startups, assess their business plan, financial state, product, market, and targeted consumers. Startups neglect the exit strategy and role of BAs in invested startups. In addition, foreign and domestic BAs have different opinions on startups' market scale, and expectation of profits and BAs' roles in startups. The paper ends by providing some implications for Vietnamese startups to attract more angel investment, focusing on improving the quality of human resources, developing a profitable, honest, and realistic business plan, and setting up a long-run vision towards the global market. Doi: 10.28991/ESJ-2023-07-02-07 Full Text: PDF