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[http://www.gesventure.pt/vcit2006/eng/includes/left.htm]
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Biatrice Jauffrineau
Founding President of FemmesBusinessAngels
 1-
Did you spot any visible obstacles for women to enter
regular business angels networks?
Yes, obstacles are rather "invisible" but they do exist:
- women don't even think about becoming business angels: we
inform them about this possibility;
- some (very few) serious and professional women have made
some attempt to enter "mixed" networks but have been
regarded as "not serious";
- women themselves don't dare;
- most women are inexperienced as business angels so they
prefer to start in "friendly" environments, which for them
are rather "without men”;
- women , in general, get jobs with bad salaries (even
executives) so their liquid capital at the age of about 50-
when they have gained some managerial experience- is less
than for men;
- very few women have sold their own enterprise, which is
usually the profile of the typical "business angel" and
- women are generally (according to most studies on the
subject) more risk
averse than men.
2- In which aspects do you think your
network is different from others?
Our network is different from others because the atmosphere
is more friendly while the professional level is the same as
in other networks (our entrepreneurs say). There are more
beginners...
In FemmesBusinessAngels, investors really want to help
entrepreneurs and create jobs and value for their region,
more than get a high ROI. They want to feel "useful" (= as
former answer). Investments are so far smaller (risk
aversion, less money...), but not that much. Women are also
more attracted by services, ecology, environment, etc. than
high tech, more by "quality than quantity".
3- What do you do to promote and bring
women to your network ?
I communicate in Entrepreneurs fairs, answer to journalists,
send mailings, organize monthly (public) meetings, and one
yearly big "femmes business angels" evening. Get friends of
members more and more often...(cooptation).
 Raymund
Vorwerk
BANSON, German Business Angels Network
1- What is the relation between
business angels and institutional investors in Germany? Is
there cooperation between these two different markets?
In my opinion there is quite seldom cooperation. Mostly VCs
and Institutional Investors join a venture during after-seed
or after-startup financing. I don't know a VC who financed
seed during the last year. Business Angels on the other hand
typically invest in the earliest possible stage.
The biggest problem with VCs is that they try to tie the
business angel to the company with their engagement. So, the
business angel gets diluted and is (therefore) not able to
come to an exit. This (typical) behavior of VCs is nonsense
from an economical point of view. Business angels are
specialist in early stage financing. They must have an
opportunity to get their money back during the second
financing round, so that they can re-invest it into new
entrepreneurs.
2- Is business angels activity
recognized and supported by government authorities?
Yes it is recognized, especially with our German Business
Angel Organisation (BAND). BAND is sponsored by the German
Government. Even local business angel networks are
(sometimes) sponsored by regional government.
 Philippe
Guichandut
Executive Director, European Microfinance Network, France
1- Is microcredit financement
stricktly focused in supporting small projects to be created
or is it also seen as a financement tool for small companies
already working?
Not at all. In fact each operator will decide what will be
its target group. They can decide that it will be only
existing companies (mainly micro enterprises) or to be
created or both together. Worldwide microcredit will support
certainly more existing micro entrepreneurs than new
enterpreneurs. In Europe you find various types of support.
2- Do you think there is still many
people unaware of this tpye of credit?
Yes at two levels. I guess that more people are getting
aware about micro credit in developping country. The vast
majority of people who heard about micro credit believe that
it applies only for "poor countries". Very few are aware
that micro credit started also in Europe few years ago. But
thanks to the International year of microcredit in 2005 and
the work of EMN members in various European countries, more
and more people are getting aware about it.
 Maria
Nilsson
Business Angel Relations at the Swedish Private Equity &
Venture Capital Association
1- What is the relation between
business angels and institutional investors in Sweden? Is
there cooperation between these two different markets?
Historically there has been very little interactivity
between VC firms and business angels but, going forward, the
two groups are likely to increase their cooperation. As the
VC firms today tend to invest at later stages (start-up and
expansion rather than seed), the business angels are often a
new business' first external investor. The two investor
groups therefore tend to meet in later financing rounds when
the VC firms enter an investment.
Different initiatives have been launched to increase and
improve the interactivity between these two investor groups,
for example:
- The Swedish Venture Capital Association membership base
now encompasses VC firms as well as business angel networks.
The association thereby can work for knowledge sharing and
networking between the two investor groups.
- Some VC firms actively search for competent business
angels to add to their advisory boards etc.
2- Is business angels activity
recognized and supported by government authorities?
Yes, the last few years the government, through "the Swedish
Development Agency", has recognized the business angels'
important role in the funding of early stage businesses. The
agency has supported a number of BANs in starting their
activities. Sweden consequently has a relatively large
number of active BANs. The Development Agency also supports
research in the area of business angels.
3- What is the story of Business
Angels activity in Sweden ?
The total number of business angels is estimated to be
between 3000-5000 investors.
It is estimated that the Swedish business angels invest
around 215 MEUR per year (approximately half of the Swedish
VC firms' investments).
There are approximately 15 active business angel networks in
Sweden comprising approximately 650 business angels.
Dr. Márk Paprika
Business Angels Network, Hungary
 1-
What is the relation between business angels and
institutional investors in Hungary? Is there cooperation
between these two different markets?
Business angel activities in Hungary are in lack of any
formal co-ordination at present. BAs perform their
activities separately from each other. Unfortunately there
isn't any widely known forum for BAs, therefore they are
quite invisible for institutional investors. This is the
main reason for having no significant formal relation or
real co-operation between the two markets.
2- Is business angels activity
recognized and supported by government authorities?
The situation in this question is twofold in Hungary. On the
one hand, governmental programmes emphasize more and more
equity financing, VC and BA activities, as desirable new
ways of financing small and medium sized enterprises. On the
other hand, we're still in lack of effective governmental
measures to advance the development of these markets.
Instead, partly public funds were established to provide
investments in the volume of BA investments (up to 1 million
EUR). These funds can't replace the necessary integration
and co-ordination of BA activities in Hungary.
3- What is the story of Business
Angels activity in Hungary?
The first angel investments date back to the early 90s,
after the transition. The first angels in Hungary were
mainly Hungarian investors living in Western Europe. The
exact size of the BA market is undiscovered at present,
optimistic estimations mention about 150-200 active and
potential business angels in Hungary today. The demand of
small and medium sized enterprises for BA financing has been
rising in the last 5 years, but it is still very challenging
to mediate between demand and supply. Hungarian Venture
Capital and Private Equity Association (HVCA) had started a
Business
Angel section in 2000, but it was wound up in 2003. The
first initiative for an informal forum of business angels
was launched in 2000, when the Hungarian Association for
Innovation and a public foundation organized the Business
Angel Club. The Club has organized several events and
investment forums, but couldn't effectively address the
target group of business angels, usually 1-2 angels are
represented on these events. The reason for that hides
mainly in the lack of necessary human and financial
resources behind the management of the Club.
There aren't any Business Angel Networks operating in
Hungary, although the demand has already developed for that:
angels are seeking attractive projects, companies are
looking for financing for promising innovations, but the two
sides usually don't seem to speak the same language,
adequate mediation is desirable.
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