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Richard Hargreaves
How To Become A Business Angel
Читать книгу How To Become A Business Angel - Richard Hargreaves - Страница 1
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Страница 1
Publishing details
About the Author
Preface
Introduction
Страница 6
Chapter 1: The Basics Introduction
The importance of angels Angels
The scale of angel financing
Angels and innovation
Where angels fit within the financing spectrum
Friends and family
Banks
Venture capital
Government-sponsored funds
The angel investor
Government stimulus for angel investing
Why angels are attractive investors How entrepreneurs compare angels and VCs
How angels and VCs differ
1. Angels invest their own money whereas VCs invest other people’s money structured into a fund
2. Angels are quick decision makers. They don’t need to consult others when they invest – in contrast to VCs
3. Angel syndicates can be difficult to pull together because they make decisions independently of each other whereas a VC writes one cheque once he and his colleagues have agreed to invest
4. Angels will usually opt for a simple investment structure (the EIS requires it) and ask for simpler controls on decision making as the venture develops
5. Angels can add value from their own experiences and contacts. All VCs say they can but it is not always true
6. Angels are less punitive in their approach to further investment when things don’t go well
Case Study
Learning point
Summary
Chapter 2: Deciding Whether to be an Angel Introduction
Are angel investments for you? Published research on UK angels
1. Investment outcomes
Enhancing the returns using EIS
A model to illustrate the effect of EIS reliefs on angel investing
2. Characteristics of UK angel investors
3. Strategies which improve investment outcomes
Requirements to be an angel
1. Accept the risks
2. Spread the risks
3. Invest systematically
4. Take advantage of available tax reliefs
5. Invest mostly in things you understand
6. Do some due diligence
7. Only invest when you like and respect the management
8. Plan to offer your experience when and where it may be of value to a venture but don’t impose it
9. Avoid investing good money after bad when things don’t go to plan
10. Enjoy being an angel
Portfolio considerations
Modern portfolio theory
The relevance of the theory to the angel investor
How big should a portfolio be? How many investments?
How much to invest in each?
Whether to invest more
Other portfolio issues
Other approaches to investing in unquoted companies
Funds
Venture Capital Trusts (VCTs)
Enterprise Investment Scheme (EIS) funds
Approved and Unapproved funds
Pros and cons of EIS funds and VCTs
Prospectus EIS deals
Loans to companies
Case studies 1. Cautionary tales
Learning point
2. An example of an angel portfolio
Portfolio
Progress to date
Involvement
Learning point
3. An example of an excellent EIS prospectus offer
Learning point
4. A rogue EIS operator
Learning point
Summary
Страница 74
Chapter 3: Finding Investment Opportunities Introduction
Matching entrepreneurs and angels
The importance of deal flow
How to find opportunities Contacts
The unsolicited deal
The internet
Cautionary note
Crowd funding
Angels dating companies
LinkedIn
Angel networks and syndicates
Fees
FSA rules
Self-certifying
The Angel CoFund
Summary
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