遇上你的天使——创业者至美好的期待

BUSINESS ANGELS

ACCAF9知识点- Business Angels天使投资人

商业天使是小企业的融资的一个重要组成部分。本文章主要着重于商业天使在提供融资时所扮演的角色，其投资的方式和它所期待的商业与非商业的回报。

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.

天使投资人一般对于具有高增长潜力的项目比较感兴趣，但是也要承担高风险，通常天使投资人会获得公司股份，但是，为了降低风险，有时也将一部分投资以贷款形式给予被投企业。

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.

商业天使对每个项目的投资一般在£10,000 到£250,000之间，有时也会通过联合出资投出一笔较大的金额，但可能会拿走被投企业较大的股份。

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.

天使投资人帮助解决融资需求缺口，他们倾向于投资初创阶段的公司，也投一些寻求资本，提升产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.

对于小公司来说，商业天使的投资是一笔大额资金，然而对于非上市公司，准确的投资数额确实难以确定的，因为他们没有披露投资数额的义务。但是据估计，在英国天使投资人对于初始阶段公司的投资往往是私募股权公司的八倍。