Financing High-Growth Firms

Financing High-Growth Firms

The Role of Angel Investors You do not have access to this content

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Author(s):
OECD
Publication Date :
20 Dec 2011
Pages :
156
ISBN :
9789264118782 (PDF) ; 9789264118775 (print)
DOI :
10.1787/9789264118782-en

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This report covers seed stage financing for high growth companies in OECD and non-OECD countries with a primary focus on angel investment. The paper provides an overview of angel financing, including a description of how it has evolved in OECD and non-OECD countries and policy interventions taken within some countries.

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    Foreword
    This report covers seed and early-stage financing for high-growth companies in OECD and non-OECD countries with a primary focus on angel investment. Angel investment is the primary source of outside equity financing and support for start-ups in a number of countries, yet it is frequently overlooked as angel investors are often not visible. Following the recent financial crisis and continued difficult economic environment, angel investors have been playing an important role in filling financing gaps left by banks and venture capital firms. This report provides an in-depth look into angel investment, including definitions, data and processes. It reviews developments around the world and identifies some of the key success factors, challenges and recent trends. It then discusses policy measures for promoting angel investment, with examples from countries which have been active in this area. As part of the background research for this project, over 100 people were interviewed from 32 countries.
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    Executive summary
    Access to finance for new and innovative small firms involves both debt and equity finance. Even before the recent financial crisis, banks were reluctant to lend to small, young firms due to their perceived riskiness and lack of collateral. The financial crisis widened the existing gap at the seed and early stage with bank lending to falling start-ups and venture capital firms moving to later investment stages where risks are lower.
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    Overview of financing for seed and early-stage companies
    This chapter reviews the methodology of the project that resulted in this report. It also briefly outlines various forms of financing, both debt and equity, for seed and early-stage companies which is meant to provide background for the remainder of the report which focuses on angel investment. The section on debt financing describes a pilot OECD Scoreboard on SME and Entrepreneurship Financing Data and Policies. The equity section discusses informal as well as formal investment and discusses the role of venture capital.
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    Angel investment
    This chapter provides definitions of key terms in angel investment as well as an overview of the angel investment process. This includes individual angel investment, investment through groups or business angel networks (BANs) and the emerging category of "super angels". The chapter also discusses the relationship between angel investors, venture capitalists, incubators, universities and other players in the entrepreneurial ecosystem. The chapter then provides an overview of available data on the angel market in OECD and non-OECD countries. It also discusses the data and definition issues in the angel market, including the challenges of measuring the "visible" and estimating the "invisible" portions of the market. Examples and case studies provide further elaboration of angel investment models and approaches.
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    Trends and developments in the angel market around the world
    This chapter provides an overview of the findings from interviews conducted with experts, angel investors and others in the process of conducting the research for this project. It provides an overview of the key success factors for angel investing and some of the challenges for the further development of the angel market. The chapter also provides an overview of recent trends and developments in the angel market followed by a review of developments in markets across the world. Topics covered include exit markets and the concept of "early exits", "lean start-ups", accelerators, online tools, crowd funding, cross-border investing, and impact investing.
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    The role of policy in facilitating angel investment
    This chapter reviews policy approaches for seed and early-stage financing and discusses some potential next steps for the OECD's work in this area. It provides an overview of different types of public interventions. It then focuses on specific public policies for promoting angel investment, providing examples from countries around the world. These include both supply and demand-side measures. On the supply side, these include tax incentives, coinvestment funds, support to angel associations, networks or groups and the training and development of angel investors. On the demand side, these include investment readiness for entrepreneurs and developing the entrepreneurial ecosystem.
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    Annex A. List of interviewees
    The following people participated in interviews and/or provided background material for the project. Over 100 interviews were conducted to date with people in 32 countries across the world. The majority of the interviews took place by telephone and were, on average, about 45 minutes long.
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    Annex B. List of national angel associations/federations of networks
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