英国天使基金运营报告-（）.ppt

7. SUMMARY This report is the first attempt to responds to the many calls – led by the Bank of England in its Annual Review of Small Firm Finance – for more robust data on business angel investment activity. Obtaining better data is, of course, problematic given that business angels are largely anonymous, the market is largely unorganised and invisible and hence there is no access point to the entire market. However, over time the market has become more organised. For example, business angel networks (BANs) have been created to provide a mechanism for investors and entrepreneurs seeking finance to meet. Some angels have joined together to create investment syndicates of greater or lesser formality to have the capacity to make bigger investments and follow-on investments. Thus, part of the market is now visible, enabling the investment activity which is channelled through these various portals to be documented and measured. Such information provides important insights into the operation of the market which is of value to both practitioners and policy-makers and if replicated gives valuable information on investment trends. The information of investment activity in the visible market can also be used to estimate the size of the overall market. This study draws upon three sources of information to provide an insight into business angel investment activity in the UK in 2008/09. First, it draws on a survey of those business angel networks that are members of the British Business Angel Association (BBAA). Second, it uses information on the investments made by angels who were registered with one of these networks. This is complemented by statistics on the investments made by angels and angel groups affiliated to LINC Scotland. Third, it has access to a short survey of individual business angels. The visible market comprises BANs, organised angel groups and other types of portals. The BBAA has a me