roundtable


Harris agreed, but added: “I want my management team to be appropriately paid, invested in the business, but there also has to be suitable incentivisation to be commercial and grow – a proper balance between remuneration and incentivised performance.


Carswell suggested UK investors were often “too gentlemanly and relaxed” in their approach. “We support a good idea, give an entrepreneur some money. They go off with it and a year later come back and say they need some more money or the business failed. We fail to provide input or monitor our investment. We need to be much more commercial, more on the ball, and founders need to be on proper contracts with sanctions if they don’t perform.”


Is co-funding an angel option?


Sikorski suggested greater angel capitalisation might be achieved through a specified co-fund – an organised network of various funders, investing alongside but led by an angel group. He shared his vision of a Henley CoFund invested in by, for example, the University of Reading might be feasible.


While not discounting the idea, Hopkinson raised the obvious angel query. “For angels, a lot will depend on where the other money is coming from.”


Sikorski described the Henley CoFund as attracting investment from family offices, institutional investors, European Investment Funds, specialist selected VCs, the proposed National Investment Fund to be launched by the British Business Bank as well as high-net-worth individuals (HNWIs), depending upon the agreed fund criteria. But, it would definitely have an authorised FCA- regulated fund manager running it.


Becoming an angel … or finding one


Rodriguez questioned the ability of affluent or HNWIs to become business angels – and fund-seeking businesses to find angels.


“Did we know how to be angels? You learn by trial and error. Have we been on training courses? – No. Have we learned by scoring goals and own goals, gaining golden nuggets of information at networking events? – Yes.”


He suggested structured awareness, training and education would benefit the angel funding sector overall.


Malone agreed, noting that many fledgling businesses had no idea how to seek out or choose an angel.


Harris stated that due diligence (DD) should be an accepted two-way process


THE BUSINESS MAGAZINE – MAY/JUNE 2018


in any angel investment – the potential funder checking out the business suitability, and the loanee establishing the angel’s credentials.


Sikorski revealed that the UKBAA offers a range of training courses for angels including ‘Introduction to Angel Investing’ accredited for Continuing Professional Development (CPD) and the recently launched e-learning course on ‘How to be an angel’ that leads to a ‘Diploma in Angel Investing’ accredited qualification.


Well publicised ‘angel-hubs’ combining education, networking and social activities, at venues such as Henley Business School, might help overcome the lack of awareness and knowledge about the angel sector, he suggested.


There was broad support from the roundtablers.


Carswell said the CCG already ran sponsored networking and social events, as did other angel groups around the UK. “It does engender good camaraderie, people talk business, ideas emerge and things happen from such events.”


Rodriguez concurred, suggesting an angel-hub ‘knowledge library’ would also be useful.


Sikorski highlighted the UKBAA’s announced support for an online depository of angel information.


Harris: “Anything that improves angel networking or the opportunity to talk to and learn more about companies, without becoming funding pitches, would be very useful.”


Keeping social activities separate from business pitching, the informal from the formal, was vital for the ongoing acceptance of those attending, Hopkinson stressed. Surrey Investment Club, he noted, had successfully created a friendly ‘team of investors’ atmosphere.


How do we attract and involve more female angels?


Sikorski spotlighted the failure to involve and deploy the full UK angel investment capacity of affluent women and female HNWIs – currently estimated at below 15%.


During a brainstorming session, the roundtable considered and broadly agreed a range of initiatives including refreshing contacts and giving talks to existing women’s business networks, being more pro-active with invitations to angel events and seminars, angel mentoring opportunities, and wider publicity about angel investing by women.


Tim Carswell Peter Hopkinson


Jurek Sikorski


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