Dear Reader

A Happy New Year to you all. I hope you all had a good break. We closed the office for 10 days and it was well worth it as we are now moving into a new phase of building and growing AngelNews. Look out for some exciting developments from now on. I am looking forward to seeing lots of you at “How to raise £5m from a VC” on 30th January and hope to meet many more of you at the various events we will be holding over the next 12 months.

I am delighted to announce that our latest Preferred Partner is Proctor & Gamble. We have known P&G’s Open Innovation team for a while and we will now be working closely with them to encourage high growth potential businesses to approach them with a view to doing deals whereby P&G will provide considerable support in exploiting resultant commercial opportunities. Over the next few months, P&G will be communicating how and who they can work with, but if you have a burning desire to win P&G as a customer and/or a partner, feel free to email us now Modwenna@angelnews.co.uk and we will try to help immediately.

So many people have joined up with AngelNews in recent months that it is probably worth mentioning again that all our Preferred Partners have been carefully selected and have chosen to work with us because they are as passionate as ourselves about helping our community to grow and develop.

Whether you are an angel or an entrepreneur, feel free to exploit what they have on offer whether it is tax and general business advice, insurance,  tech legal issues, legal issues, patent opportunities, financial PR office space or meeting rooms, gaps in your management team, innovation development and support,  flotation advice,  wide ranging support from Oracle, and/or the opportunity to work with P&G.  Feel free to click on any of these links and you will be able to email direct the relevant person who can help you.

This month we have yet again predicted the big issues for the angel world in 2008 and have added to our series on “How to make money out of angel investing” with an article on how to judge the management team. We are delighted to publish a letter from David Quysner, CBE, Chairman of Capital for Enterprise Ltd in response to last month’s article “Enterprise Capital Funds mmmm……” Hopefully this will encourage you to get in touch with your own views and I hope it will be the start of a healthy level of “letters to the editor” which, of course we will publish if we can.

Lastly, a call to action. If you enjoy what we do or feel we could be of interest to any of your friends and contacts, please forward this AngelNewsletter Online to them and encourage them to register at www.angelnews.co.uk .

Also, if there is a company that would like to exploit our ability to spread their news for free to our worldwide audience of investors (of all types) , global corporates, entrepreneurs, journalists, government officials and many many more, please ask them to go to www.angelnews.co.uk and register. It only takes 2 minutes and we are reliably told by entrepreneurs that the results can be very special indeed.

Best

Modwenna

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For more information on these stories look in the rest of the AngelNewsletter Online

Fast Facts

Start Date: 05/02/2008
Time: 09:00 - 20:00 GMT
Venue: Institute of Directors, 123 Pall Mall London SW1 Y5ED
Language: English
Level: Entry
Fee: €700.00 + VAT (approx. £480.00 + VAT) (incl. lunch/refreshments)
Directions: Map to 123 Pall Mall

Who Should attend?

• Potential investors who want to better understand what business angel investing entails
• Private investors who want to enhance their knowledge and skills
• Entrepreneurs who want to better understand what business angel financing entails

What will be covered?

An intensive workshop combining three of Go Beyond's most popular introductory events, one key indepth training module and finishing with a live investment event:

• Valuation Methods Module - Understand the most common methodologies used to determine the share value of a start-up (09:00-12:00)
• Half Day Training - Find out who business angels are and why they invest time and/or money in start-ups. This session contains a detailed overview of the angel investing process and best practices with accompanying concepts and case studies (13:30-17:30)
• Investment Event - Meet start-ups seeking financing and business angels (18:00-20:00)

How is the event delivered?

• An active business angel will lead the workshop and share their knowledge and experience with you
• A case study(ies) will be presented for analysis and review
• Observe how business angels entrepreneurs seeking financing interact
• Group discussion and Q&A and networking opportunities will feature throughout the day

For more information contact info[@]go-beyond.biz

TERMS AND CONDITIONS
A Code of Conduct which includes a confidentiality agreement must be signed in order to participate in this BAN event. The Go Beyond facilitator will provide these documents for signature prior to commencement

This event has been structured to provide maximum value and participation, therefore attendance is limited to 20 places

Email cancellations received up to 10 working days prior to event will be refunded in full. Email cancellations received between 10 working days and 72 hours (3 days) prior to event, may receive a credit to use on any of the other Go Beyond events or training modules. No refund will be accepted for cancellations received within 72 hours (3 days) of event

Please note: Angel investing is a high risk activity. Actual participation in investments and access to information memoranda regarding Go Beyond's proposed investment opportunities are restricted to those who meet local business angel criteria

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The great thing about writing the first AngelNewsletter of the year is that I have just had a holiday and am therefore in a freshly relaxed frame of mind. My thoughts at this time of year always turn to what the future might hold for our market place. The reasons why will be explained later.

But first I should reflect on whether our predictions for 2007 came anywhere close to what happened? I am pleased to say that I did not do too badly. I predicted that an angel group would float on the stock market and Braveheart Ventures did. I also predicted that lending under the SFLGS would be weak, which it was, although my prediction that there would be mutterings that it should be wound up was wrong.

In terms of sector interest, the environmental opportunity rose in perceived attractiveness in the minds of angel investors, as predicted. No stats are out yet on what sectors were hot by angels, but the Venture Index www.venture-index.co.uk should be able to provide us with data shortly. Then we will find out if my other prediction that wireless applications would also be popular proved true or not. I suspect I was too narrow here and should have highlighted the general media opportunity, encompassing Web 2.0.

The good news is that some angel groups, notably TVIN are now developing sector focused investment meetings. And it is telling that one of the sectors TVIN has chosen is the environment and another is media. We have also seen the launch of the Environmental Investor Network another environmentally focused angel group. In the future such groups will be able to give us a clear steer on what sectors or sub sectors are proving hot. It is good that at last the angel market is looking at investment in the same way as the City does, not confining itself to geographic or investment size boundaries.

I was right that investors would increasingly want to syndicate their investments and that this has meant that overall funding amounts are growing. From Xenos in Wales to London Business Angels activity levels are high – by September 2007 London Business Angels had raised £6.7m for companies – a personal record which included a £2m round for an environmental deal – Bac2 and its fuel cell technology.

My predictions about government policy were bold, but even I could not possibly have guessed that we would see such a regressive step as the changes to CGT. It is a pity government did not soften the blow with a few changes to the EIS scheme to make it simpler.

And still no move on Employers’ NI, which means I am not going to shut up about it. Government must address the issue of why companies that create a high volume of net new jobs are, plain and simple, taxed for the pleasure of doing so.

The DTI has been replaced with BERR. I am glad that it has not been sidelined because I am a believer in having a governmental department that supports enterprise. Not that this will stop me from challenging their actions as any good citizen should do! It will be interesting to see who is appointed as the CEO of Capital for Enterprise – a new face or someone we all know. The Enterprise Capital Funds will continue to be a focus of interest, but I was pleased that one prediction of last year – that private sector funds would emerge to compete with the ECFs - proved true; YFM Group launched The Chandos Fund.

I think I was wrong in my prediction that we would start to see subscale angel funded companies operating in similar areas merging to achieve economies of scale. Perhaps signs will emerge in 2008? But it is good news that the debate about the angel/VC disconnect seems to have quietened down. Indeed it’s great that so many angels will be attending our event on 30th January on how to raise £5m from a VC!

Finally I predicted that up to a dozen new angel networks would be created in 2007. I am not sure what the final tally was but I suspect if I included investment groups being run as a sub set of angel networks I would not be too far off. I will let you know more next month when I have been to our trade association conference and can check on the numbers.

On balance I guess I was about 50% right in my predictions which emboldens me to make a few predictions for 2008. Here they are.

Sector interest – my big prediction is that we will see the commencement of the debate around social enterprise. With everyone from Bill Gates to Tom Hunter spending their accumulated wealth on charitable activities, surely people are going to start questioning whether the red blooded capitalism of previous generations will start to be replaced with a new form of “social capitalism”? There are already signs, with many companies playing up both green credentials and marketing themselves on the fact that they have a social modus vivendi – manifesting itself in the donation of a % of revenue or profits to charity. Maybe angels and VC should start to demand a statement of “social strategy” in investment pitches? This is a wave that is not going to recede, by the way. Our children simply will not let it.

My other big prediction for the hot sector of 2008 is the area of people connectivity – especially around transport. Whether this is around the car, the plane, space travel or simply taking the headaches away from the big transport groups such as the train operators I do not know, but the entrepreneurs will present the solutions not me.

The last area that will become increasingly hot is overseas angel investing. Green shoots are already apparent. I have just heard about a deal with an Italian investing in a French airplane company (through the EASY Project – see ad). As language and regulatory barriers break down, angel groups rise to consistent standards and syndicate investment becomes more commonplace the risks of investing outside your home patch will fall. Wobbly sentiment about various economies around the world will also drive cash rich angels who can offer capital at an attractive cost towards the best entrepreneurs, wherever they are. Also, hubs of sector expertise (wireless mobile in Finland for example) will entice investors over and above mere geographic proximity.

When it comes to predicting what government might do, I write in the expectation of being wrong footed! But I do predict the announcement of a review of the EIS scheme will resultant changes to be implemented in 2009/10. I hope that government will commission research on debt funding for really high growth potential companies. Lastly I continue to dream of the massive reduction of Employers’ NI on net new job creation – you never know perhaps Mr Darling will find that this is a neat way to stimulate economic activity where it is most needed.

Will you be able to fill your boots in 2008? Well there will be some great deals out there, pricing will be in the favour of the angels especially in the early stage arena as the credit crunch plays itself out and many of the seed funds come to the end of their investing periods, but expect to face competition from a new source. Everywhere the AngelNews team goes in the market we see smart representatives from the global corporates looking for great deals and the strategy they are pursuing is to trade not invest in these businesses. So angels beware - the new threat is not VC or even an economic slowdown, it is people offering “investment” with a zero cost of capital, no equity dilution and a route for entrepreneurs to achieve revenue, profits and an early exit opportunity in one fell swoop. So, if you do want to fill your boots, the message is – get in early and stick close to management, so you can ride this wave too.

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But often when you don’t have the resources to hire anyone, it’s a case of all hands to the pumps until circumstances change. So that means doing the job yourself, which is no easy feat. The only other option is not to bother at all – and in today’s competitive business environment, that is as good as raising the white flag.

That said, getting good coverage is difficult at the best of times – just ask the professionals, who do it full time.

However, there is a simple, cost-effective way of tackling that publicity deficit.

Our workshop, How’s my PR? will tell you what journalists actually want from businesses and how you can do it.
It is run by journalists from the Financial Times, Daily Mail and Sunday Times, BBC and others, who know the media business inside-out.

Among the things that they will tell you are:

• How and when to pitch a story
• What information is needed
• How best to ‘react’ when something in your area happens
• What things like ‘sidebars’ and ‘forwards’ are, and why they matter
• The importance of pictures and graphics
• How the new-look newsrooms offer more opportunities, especially for small businesses
  …And much more

Also, you will get the chance to rub shoulders with the people who matter on newspapers and broadcasting – the commissioning editors. Find out what they want and how you can provide that.

Even if you use PR agencies, this course is still a valuable insight into the media, how it works and, more importantly, how it can work for you.

Next Date: Feb 12
Price: £395
Venue: City of London
Time: 10am-5pm

To book, or for further information, contact Lol Laverty at info@writebetter.co.uk or phone 0208 275 9401.

www.writebetter.co.uk

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I have no doubt that you can find a myriad of books on constructing the perfect management team for an entrepreneurial company. So I am not going to use this article to reiterate what many people who are more expert than I can say about this topic. Suffice it to say you will need sales people, “production” people, finance people, personnel people etc etc and, of course, a boss to co-ordinate them all, if you are ever going to have an investment with real value. Bear in mind that the team you back is rarely the exact team you will have in place when you will reach the exit, so one must always set the start in that context.

You can tell for yourself whether the teams you want to back have the collective skills on paper needed to build their businesses, though I do suggest that you identify from day one where the holes are and set a timetable for finding the people to fill them. Remember to factor the structure of the board and the advisers into this equation. And do some checking to see if what is on the CV is really what you think it is – everyone nowadays “bigs up” their image.

The crux of the “management” issue is not really how the team looks on paper, but how they will perform TOGETHER to deliver results once you have handed over your investment. As a bright angel investor I know always says, “your best relationship with your investee management team will be the day before you hand over your money!” On this basis the timing you have allocated to judge the team will be taking place at exactly the time when they most want you to believe that they are the perfect team with not a real problem in sight.

It is a well worn phrase, but none the less important for that, that a class A team with a class B opportunity will tend to outperform the class B team with the class A opportunity.

Some angels are excellent judges of people, but I am certain that no-one would like to claim the title of being the person who always gets it right. Looking around the successful angel deals and listening to the experts has taught me some things though and I use this article to encourage you all to consider what I have written and then to have your say! Entrepreneurs too are invited to speak up!

So here goes...

The quick and dirty route to judging a management team – in 10 simple steps.

1. First impressions can be misleading so go and meet them all together at their place of work
   what is their body language as they sit together - is the inventor looking out of the window and does this mean he is thinking how to improve the “product” or is he imagining himself on a beach far away?
   is anyone a bully?
   what do the other staff who are not in the meeting think – are they a bit tight-lipped- if so why?
   if you were a customer would you trust these people?
   if you were a supplier would you go the extra mile for them?
   can they “follow through?”
   who is really the team leader?
   when it comes to management style bear in mind you are likely to care less if you are being a passive investor rather than a proactive one. However, an arrogant idiot will probably still be an arrogant idiot in two years time, when you ring him to ask for something, even if you have not had regular contact with him in the meantime.
   Remember that you should be getting more excited about backing them the more you meet them, not less!
2. Find out what really motivates them.
   Great entrepreneurs always say that they were compelled to fulfill the dream and it was that, not the money that motivated them to succeed. I won’t say this is a disingenuous comment, but if they are any good they will enjoy making money and turning a profit as part of their dream.
   What is really driving them? Poverty in childhood? A desire to get back what has previously been lost? The need to found a dynasty? Proving someone wrong? Saving the world (or part of it)? No-one else is going to employ them, but lots of people love the customer service they offer? They may be rich but are their friends richer?
3. Are they “in love” with the business?
   Are you a stepping stone to VC money en route to a quick sale or are they really wanting to build a dynasty because their parents failed to do that for them? Both are good answers by the way.
   Avoid anyone who just wants employment or a pension.
   They need to be a bit obsessive and compulsive, but they also need to be able to switch off or you will have a team that gets ill.
4. Check out how they deal with you.
   are they interested in you or just your money?
   do they understand your needs and wants, especially regarding the exit?
   will they listen to you and trust you when times get tough or will they blank you?
   imagine yourself in their shoes and how important you will be to them in 2 years time Then decide if you care how they will be treating you then.
5. Don’t trust the fact that a gang (any gang) of angels or a VC is enthusiastically chasing the opportunity.
   look instead for people in the background – be they existing investors, advisers or non execs who are publicly or privately supporting the team.
   try to meet with some of them – are they people you want to hang out with and/or who can help to deliver the goods or are they trophies or just useless?
   when you find existing “excellent” investors in the shareholder base, they are often a sign of a good quality management team and, (you never know) they may come in useful to you for another deal one day.
6. It sounds trite but are the team “good blokes”?
   Successful entrepreneurs that I know ALWAYS have a surfeit of true charm and can sell ice to Eskimos but this is not the same as them claiming you as their best and most important friend. All great entrepreneurs are unfailingly polite when they meet you.
7. Forget how they dress.
   Look instead to see if they are well kempt – i.e are they REALLY clean and does their image hang together – if they are not proud of their own body image, they won’t be proud of looking after the business’.
   …. but if they cannot communicate who they are and what they are doing in about 1 minute, start to worry.
8. Tell everyone who matters that you are going to credit and police check them and say that they can email you privately if they have anything to tell you before you do the checks.
   honest people will let you know if they have had a problem and confess; rogues will try to fudge the issue.
   then credit check them anyway.
9. Are they dyslexic, left handed, creative, insecure, a bit impulsive – and all the other range of characteristics which are common in entrepreneurial teams? Is there a completer and finisher in the team who will round up and close the initiatives of the others?
   Beware of those who are they using efficiency to hide laziness or lack of imagination.
10. Find out the truth about how they got together.
    In seed and start-up deals do not ignore the “sole” entrepreneur. Many entrepreneurial teams who will pitch together are not so close as you might think, sometimes the sole entrepreneur’s “team” is his workforce.

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EASY Investment Forum, Italy, 25th-26th February 2008
Conference Centre of Palazzo delle Stelline, in the heart of Milan

After three successful events in 2007 (Paris, Helsinki and Estoril), we are pleased to announce that the first EASY Investment Forum of 2008 will be held in Milan, Italy.

This important cross- border event aimed at the early stage investment market is being hosted by META Group with AIFI (Italian Private Equity and Venture Capital Association) and IBAN (Italian Business Angels Network Association) representing an exciting opportunity for both investors and entrepreneurs.

This event offers business angels, seed funds and early stage VC funds from across Europe the chance to identify investment opportunities in 22 selected European companies representing the following four sectors:

• Med-tech and Healthcare (technologies and service applications for health and medicine)
• Design (products across all sectors which focus on design)
• Transportation and logistics (technologies and service applications)
• Cleantech (environment and energy technologies)

Entrepreneurs wishing to apply to participate in the EASY Investment Forum event will need to comply with the following core requirements:

• Sector: The business is within one of the above four sectors
• Products/Services: The business has a strong USP - Unique Selling Point in the sector.
• Market: The business must show that it has an effective market strategy with existing/identified customers.
• International strategy and objectives: The business must show that it has both a clear international strategy for seeking international investment and clear international market objectives
• Business Model: The business model/concept has potential for scaleable growth investment:
• Investment: Not seeking more than €2m Euros in this round and has clear and demonstrable objectives for using the international investment

Core requirement:

The business needs to demonstrate that it has existing interest for investment from either business angel, seed or venture capital fund. The event especially welcomes applications from women entrepreneurs.

All the selected companies will receive coaching for preparation for the event and further specific preparation the day before the Investment Forum event presentation.

The deadline for receipt of applications is scheduled for the 17th January 2008.

Please register to the EASY Investment Forum by clicking HERE

The Easy Investment Forum in Milan on 25-26 February 2008 is aimed at investors interested in seeking cross-border investment opportunities in internationally focused businesses across Europe seeking up to 2m€ in the above 4 sectors.

You will receive details of all of the 22 selected companies in advance and see pitch presentations from each of the companies, including the opportunity to meet and network with fellow early stage investors from across Europe and with a view to potential syndications.

If you are interested in participating, please register to the EASY Investment Forum by clicking HERE or contact info@earlystageinvestors.org This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Please find here the Forum Brochure

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If you had been investing back in January 1983, the month that Lotus 1-2-3 was released for IBM computers and that seatbelt use for drivers and front seat passengers became law in the UK, these are the sort of opportunities that would have been on offer to you!

Did you back any of them or do you know someone who did? Perhaps you know what happened to them for some other reason. If so, please let us know – we would love to find out (email replies to modwenna@angelnews.co.uk).

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One day a venture capitalist gets out of work and on his way home he suddenly remembers that it's his daughter's birthday.

He pulls over to a toy shop and asks the saleslady, 'How much for one of those Barbie's in the display window?'

The saleslady answers, 'Which one do you mean, sir?

We have:

Work Out Barbie for £19.95,
Shopping Barbie for £19.95,
Beach Barbie for £19.95,
Disco Barbie for £19.95,
Ballerina Barbie for £19.95,
Astronaut Barbie for £19.95,
Skater Barbie for £19.95,
and Divorced Barbie for £265.95'

The amazed investor asks: 'You what?! Why is the Divorced Barbie £265.95 and the others only £19.95?

The annoyed saleslady rolls her eyes, sighs, and answers:

'Sir...,

Divorced Barbie comes with: Ken's Car, Ken's House, Ken's Boat, Ken's Furniture, Ken's Computer and..... one of Ken's Friends.

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Dear Modwenna

I read with interest the piece in your newsletter on enterprise funding by Government-backed VC funds. As Chair of the Capital for Enterprise Board (CFEB), which advises the Department for Business on its interventions in the SME finance markets, I feel that I should respond to some of the points you have made.

I am of course pleased to note your initial remarks, and agree that ECFs and other government-backed funds perform a valuable role. Indeed, many hundreds of companies across the UK have benefited from them.

However, some of your subsequent remarks are surprisingly negative and I would like to address these so far as possible.

The first concerns Dawn Capital and your suggestion that this Group’s award of an ECF requires explanation. The position as I see it is quite straightforward. Dawn presented a high quality bid in the Pathfinder round and was named as one of six funds that would become ECFs. This was subject, as in all cases, to finalising legal agreements, to raising the required level of private funding and to any other matters that might arise prior to closing. For a number of reasons, including the impact of a significant change in its personnel, Dawn withdrew. This was the proper course of action in the circumstances and was taken in the knowledge that any future bid would have to be in a new, fair and open competition with other bidders. In the event, having strengthened their management team and made other changes, Dawn were able to present an attractive proposal in the second round and were chosen as one of the best three bids.

You raise a question as to the length of time taken for due diligence, given that some of the managers selected have an established reputation. There may of course be a slight contradiction between this and the concern you earlier expressed for the interests of the taxpayer!

Initially, the due diligence process involved giving due consideration to 30 bids, many of high quality. More intensive due diligence was then carried out on a shortlist. We do not rely on reputation but need to see evidence of performance and potential and to test claims and assumptions. This is particularly so because ECF proposals, even for experienced managers, may involve new personnel, a different style or emphasis of investment, larger deal sizes or other changes that need to be fully understood. This is a time-consuming but essential process. I believe, however, that the teams selected accept this and would confirm that, during due diligence, they were helped to address important issues that they had not always considered sufficiently.

Your article goes on to suggest that the award of ECFs has so far favoured London and the South East and that there is a bias against the regions. As I am sure you know, the detailed bidding criteria make clear that no region or sector is favoured over any other and I will state categorically that we wish to see the benefit of ECF funding available throughout the country. This does not mean that we have to have an ECF manager in every region. ECFs will be chosen on merit and we will not in any circumstances prefer a bid merely because of its geographical base or focus. Nor would we expect any fund to choose investments on this basis. In fact, we expect funds to go where they find the best deals and I note that most of the current funds have no geographical constraints.

On a related topic, you raise some questions regarding Capital for Enterprise Limited (CfEL), which it is intended will take over the delivery and management of all BERR’s funds, including ECFs, RVCFs and SFLG with effect from the beginning of April. The idea of a company to deliver the Government’s ECF and related programmes has been in the public domain for a considerable time and to a large extent the CFEB has been its precursor. I will chair the new entity, which will also have a Board member from the Shareholder Executive and three independent non-executive directors with relevant experience. These non-executive posts will be advertised early in the New Year.

CfEL will be a non-departmental public body, wholly owned by government. It will provide its services to BERR on an arm’s length basis through a commercially structured Investment Management Agreement, acting in much the same way as any fund manager. It will not itself own the assets and liabilities that it manages, which will remain within Government.

Like any fund manager, CfEL will be governed by the investment mandate agreed with its client, in this case BERR. Government will set policy, which will be informed by CfEL: CfEL will deliver it and this will be the company’s focus for the foreseeable future. Some of the existing BERR team will transfer to CfEL and there will also be external recruitment.

You raise two further matters, SFLG and the RVCFs. As regards SFLG, this is a tool provided by Government to participating lenders, allowing them to fund businesses that meet their normal commercial criteria save only for the absence of security. The capital provided to companies under the scheme is from the lender’s balance sheet: Government has a contingent liability for the guarantees of this debt that it provides. The Government’s equity programmes and the SFLG have different funding streams and they do not compete for capital.

You are correct that there are no plans for further Regional Venture Capital Funds (RVCFs) or Early Growth Funds (EGFs). I see the ECF programme as the natural successor to RVCFs. It can target the same types and stages of business but provides for higher investment levels where necessary. ECFs might also be used to target the earlier stages of finance typically provided by EGFs but, of course, could not do so in quite the same way.

The ECF programme is a result of considerable learning from previous programmes and detailed consultation with stakeholders over a prolonged period of time. I expect that it will continue to develop in response to market conditions and I believe that it merits the support of the SME community. We are working hard to ensure that the programme will meet its objectives and we are willing to listen to constructive comment and to enter into debate with all interested parties. Your article was disappointing in its generally unjustified criticism and I hope that I have answered your queries. Should you or any of your readers have other points to raise, I would happy to try to answer them.

Yours sincerely

David Qynsner
Chairman, Capital for Enterprise

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We know you all want to meet each other, get more out of us and our Preferred Partners and generally make AngelNews work for you. So we have decided to up the ante on the number of events we would like to invite you to. Here is a list of them. We do hope you will be able to make it to one soon.

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