遇上你的天使——?jiǎng)?chuàng)業(yè)者至美好的期待

BUSINESS ANGELS

ACCAF9知識(shí)點(diǎn)- Business Angels天使投資人

商業(yè)天使是小企業(yè)的融資的一個(gè)重要組成部分。本文章主要著重于商業(yè)天使在提供融資時(shí)所扮演的角色，其投資的方式和它所期待的商業(yè)與非商業(yè)的回報(bào)。

Business angels are normally interested in businesses with high-growth potential and with owners who are committed to realising this potential. This means that ‘lifestyle’ businesses, where owners are not focused on maximising returns, are unlikely to be of interest. In pursuit of high returns, business angels are normally prepared to take high risks. They will usually take an equity stake in a business but may also advance loans as part of a total financing package. In some cases, they may even offer a loan as an alternative to an equity stake, although this is less common.

天使投資人一般對(duì)于具有高增長(zhǎng)潛力的項(xiàng)目比較感興趣，但是也要承擔(dān)高風(fēng)險(xiǎn)，通常天使投資人會(huì)獲得公司股份，但是，為了降低風(fēng)險(xiǎn)，有時(shí)也將一部分投資以貸款形式給予被投企業(yè)。

Business angels are usually prepared to invest somewhere between £10,000 and £250,000 in a business, but larger sums may be made available through a business angels syndicate. A UK study undertaken in 2000–2001 found that the majority of investments made by business angels were below £50,000. Most equity investments are for a minority stake in a business but where a syndicate of business angels is providing significant amounts of finance, a majority stake may be taken.

商業(yè)天使對(duì)每個(gè)項(xiàng)目的投資一般在£10,000 到£250,000之間，有時(shí)也會(huì)通過聯(lián)合出資投出一筆較大的金額，但可能會(huì)拿走被投企業(yè)較大的股份。

Business angels help to plug the ‘equity gap’ that many small businesses experience, which falls between the equity that the owners are able to raise themselves and the minimum level of equity investment that private equity firms are normally prepared to consider. Business angels tend to invest in early-stage businesses but may also invest in more mature businesses, such as those seeking finance for expansion, management buyouts, or business turnarounds.

天使投資人幫助解決融資需求缺口，他們傾向于投資初創(chuàng)階段的公司，也投一些尋求資本，提升產(chǎn)量和收入的成熟公司。

While business angels are recognised as a significant source of finance for small, unquoted businesses, the exact scale of their investments is difficult to determine. This is because they are under no obligation to disclose how much they have invested. It has been estimated, however, that in the UK, the investment made by business angels in start-up businesses is eight times that made by private equity firms.

對(duì)于小公司來說，商業(yè)天使的投資是一筆大額資金，然而對(duì)于非上市公司，準(zhǔn)確的投資數(shù)額確實(shí)難以確定的，因?yàn)樗麄儧]有披露投資數(shù)額的義務(wù)。但是據(jù)估計(jì)，在英國天使投資人對(duì)于初始階段公司的投資往往是私募股權(quán)公司的八倍。