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Italian Business Angels

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luigi marcone

on 17 March 2013

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Transcript of Italian Business Angels

Master of Science Thesis of:
Student ID: 1249671 Investment Policies and Behavior of Italian Business Angels: an Empirical Analysis The Research Advisor: Prof. Vincenzo Capizzi
Discussant: Prof. Stefano Caselli Università Commerciale Luigi Bocconi Economics Faculty
Master of Science Program in Management Who are They? Definition A Business Angel is an individual:

Who invests his own money DIRECTLY in an UNQUOTED company.

Usually at the SEED or START-UP stage.

Usually taking an ACTIVE INVOLVEMENT in the business. Role Funding Sources During a Company's Life Cycle Difference between BA and VC Research Questions Motivations and Role in financed companies

Barriers to investment

Efficiency of Business Angel Networks

Female Business Angels Incentives to Business Angels Methodology And Sample Sample: 34 semi-structured interviews with Italian Business Angels Interview Questions 1. Briefly describe your professional profile and your profile as an angel investor. 2. What are the motivations that lead you to invest in unlisted companies? How much does the component of financial returns count? 3. How many investments did you undertake in your career as a business angel? How many just in the last 3 years? 4. What type of role do you tend to have in the businesses that you finance? 5. What are the barriers or problems that you encounter in the investment process? Do you manage to invest as much as you wish or are there funds that you are not able to allocate? 6. Do you believe that angel networks are useful/efficient? Why are you part of one? (or why are you not part of one?) 7. There are considerably less female angels than men. What do you think is the reason for this? Do you believe that women are somewhat disadvantaged in the investment process? 8. Some studies show that women business angels are more prone in investing in ventures proposed by other women. Do you agree with this statement? 9. How could it be possible to promote and foster the activity of business angels in Italy? Results Descriptive Statistics Gender Angel Networks Educational Background Experience Analysis of Research Questions Motivations A.Y. 2011-2012 Categories of Motivations Top 5 Non-Financial Motivations Role Motivations / Role and Experience Serial BA: Performed more than 3 investments in their career Motivations of Serial and Non-Serial Angels Relation between Role and Experience Barriers Top 5 Barriers Fund Allocation Business Angel Networks Investment through BANs Female Business Angels Male Responses Female Responses Are female Business Angels disadvantaged in the investment process? Policies Policies and Incentives Fiscal Incentives
Co-Investment Schemes
Loss Sharing Schemes Development Decree Innovative Start-Up: Constituted by less than 48 months
Revenues < €5 million
Cannot distribute profits
property rights of at least one technological invention Main Provisions: Fiscal deduction of 19% of the funds invested in an Innovative Start-Up (€k 500 maximum).

More flexibility in fixed-term work contracts.

Ability of receiving finance through "Crowd Funding".

Pay employees with financial instruments (which is tax free) Policies According to Italian Angels Conclusions and Main Findings Complementing research in Italy - Motivations, Serial/Non serial Angels, Females among BAs

Evaluate the main Italian BANs

Development Decree seems to meet generally what BAs think they need

Despite the economic conditions and various barriers most BAs are able to invest as much as they would like.

Policy suggestions - Fiscal deduction of capital Losses, Co-Investment schemes, Filling the Information GAP

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