It was Istanbul, during the Iceland volcano that I got my first gig as Master of Ceremonies for the European Business Angel Network’s Awards Gala; that was 2010. Today I got the email inviting me back, this time in Moscow, April 23-24.
I’m thrilled to be invited.
Make plans to join me; register here.
Karen Wilson
It’s not easy tracking angel investment data, so says Karen Wilson in her new book written for the OECD, Financing High Growth Firms, The Role of Angel Investors. I’ve seen her present her research at conferences in Warsaw, Ottawa and Cambridge; today she’s assembled all of it into the book.
Would you be surprised to learn that angel investing is larger than venture capital? Probably not surprised that the lack of exits hurts both.
She doesn’t shrink from dispelling myths, such as university-based startups and how they are less successful attracting angel investors. She discusses the entrepreneurial culture of many countries that make up her body of research.
The book would be a great guide for policy makers; they’d avoid many mistakes by listening to Karen.
It’s Part III of a three-part series on Research.
Listen to Karen: Stream, Flash player or iTunes
Paulo Andrez
Think angel investing is only about investing locally?
Portugal’s Paulo Andrez might have you thinking twice…
We’ve crossed paths in Madrid, Istanbul and Warsaw; he’s involved in research for EBAN.
These interviews are often arranged for early mornings, and especially when calling from Los Angeles to Europe, but I miscalculated the time and this call started before dawn, leaving my co-host, San Diego’s David Barach, well, leaving him out for the first part of the interview.
David Barach
At EBAN we are lobbying the European Investment Fund, and we expect that EIF will launch an initiative of 1 Billion Euros for the period 2014-2020, for Co-Investment Funds in Europe. This will make a revolution in several countries in Europe, because many governments will co-invest along the EIF and BAs, and we believe that the total investment capacity will reach 5 billion euros.
It’s Part II of a three part series on Research. Listen to Paulo: stream
Nelson Gray
“Four farmers get together to form an angel group; they think, ‘let’s invest in something other than farming.’ Today that angel group is listed on the equivalent of the NASDAQ in Scotland.”
He’s a member of two angel groups, Braveheart and Archangel. He’s got great stories to share, in part because he’s been at angel investing for so long. In 2008, EBAN named him Business Angel of the Year. Meet Nelson Gray.
As usual, we cover a lot of ground, but Nelson’s got one point in particular: the need for early exits.
Show #345
As the 11th Annual EBAN (European Business Angel Network) Congress in Warsaw winds down, I chat with several old friends and new.
Meet Charlie Sidman, top left, of ECS Capital Partners and the Maine Angels. Andy Kureth, bottom center, Editor-in-Chief of the Warsaw Business Journal was a busy MC for the conference. Lagoon Capital‘s Ari Korhonen, right, shared a panel with me in Istanbul last year; he’s investing at a busy pace – he’ll describe his results as an early stage investor in Finland.
Hans Severiens Award recipient John May pulls me aside to meet Konstantin Fokin of the Russian Business Angels and host of next year’s Congress in Moscow. I catch up with Francisco Banha, President of the Portugal FNABA, who shares his vision for the World Business Angel Association, and Jochebed Heiland of the Netherland’s Ministerie van Economische, top center, for a few minutes each. Pera‘s UK-based Jim Penberthy, top right, describes his investments in sub-Sahara Africa and Eastern Europe. Lastly, Peter Braun, bottom right, describes what he and 2009 Business Angel of the Year Award recipient, Connie Boersch, have organized at Mountain Club.
It’s a whirlwind tour of early-stage investing across Europe.
Show #335 (53:56) Listen: Stream or Flash player
While I’m out in the lobby interviewing Peter, EBAN Managing Director Claire Munck is being recognized for organizing this, her last Congress. I will miss her.
For just a few minutes I enjoy the great privilege of kicking off the Awards Gala, inviting a toast to celebrate the Congress. Photo: EBAN, which I photo from one of the monitors in the lobby.
After the Congress it’s time for a tour of old Warsaw.
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The Impact Investing panel during the afternoon of Day 1 at EBAN in Warsaw.
Tech Coast Angels’ Dave Berkus on Extending the Runway.
Brigitte Baumann kicks off the conference.
Mark LaRosa accepts the “Breakthrough Service/Tool Award” for Angelsoft.
Francesco Marini Clarelli, right, accepts the Business Angel of the Year Award.
Assigned to Table 3 at the Gala Awards dinner last night I knew I’d have a good view of the stage. What I didn’t count on was being seated next to the man of the evening, Francesco Marini Clarelli of the Italian Angels for Growth in Milan and the 2011 Business Angel of the Year. In his acceptance speech he hoped that the recognition the award would bring would be good for his local angel group and grow the membership and its impact throughout Italy. After the congratulations and time for him to step out and share the news with his wife, he returned to the table to share his story.
He was lucky, 25 years ago on his first investment he enjoyed a 40x return. Good you’d think, but there was a downside; he thought he had the golden touch; he was a natural, so he continued to make early-stage investments, but the outcomes proved that many were bad decisions. He was making mistakes, but at least he was playing with ‘house’ money, as they say in Las Vegas, or Monte Carlo. Failure being a great teacher, he persisted and learned. He said he never saw a company fail from a poor business plan, a bad strategy, always mistakes of the team. Finding the effective entrepreneur is the critical component of his success. And who can argue with that?
Pianist Pawel Wakarecy entertains to conclude the evening.
Business Angels Netwerk vLaanderen’s Reginald Vossen points out the shadow.
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