• EXECUTIVE SUMMARY 3
  • 1. INTRODUCTION 4
  • 1.1. AIM OF THE REPORT 4
  • 1.2. STRUCTURE OF THE REPORT 5
  • 2. POLICY CONTEXT 5
  • 2.1 EFFICIENT AND INTEGRATED CAPITAL MARKETS 5
  • 2.2 ROLE OF BUSINESS ANGELS 7
  • 2.2.1. Definitions and operating model 7
  • 2.2.2. Business angel financing 8
  • 2.2.3. Types of business angels 10
  • 2.3 BUSINESS ANGELS IN EUROPE 11
  • 2.3.1. Business angel investments 11
  • 2.3.2. Business angel networks 12
  • 2.3.3. Number of networks 14
  • 2.4 EUROPEAN POLICY CONTEXT 14
  • 2.4.1. Risk Capital Action Plan 14
  • 2.4.2. Results of the pilot action on business angels 15
  • 2.4.3. Helping innovative companies 17
  • 3. BENCHMARKING FRAMEWORK 17
  • 3.1. MODEL OF INTERACTION 17
  • 3.2. BENCHMARKING APPROACH FOR BUSINESS ANGELS 18
  • 4. PUBLIC POLICY AND THE OPERATING ENVIRONMENT 19
  • 4.1. ENTREPRENEURIAL CULTURE 19
  • 4.2. TAXATION 20
  • 4.2.1 Introduction 20
  • 4.2.2 Capital gains taxes in the Member States 20
  • 4.3. REGULATORY ENVIRONMENT 23
  • 4.3.1 Administrative hurdles 23
  • 4.3.2 Policy development 24
  • 5. PARTNERSHIP WITH BUSINESS ANGEL NETWORKS 24
  • 5.1. RAISING AWARENESS 24
  • 5.2. TRAINING OF ANGELS AND ENTREPRENEURS 25
  • 5.3. INVESTMENT READINESS 27
  • 5.4. QUALITY AND INTEGRITY OF NETWORKS 28
  • 5.4.1 Codes of conduct 28
  • 5.4.2 Setting up and operating angel networks 30
  • 5.4.3 Inclusiveness 30
  • 5.5 FINANCING ANGEL NETWORKS 31
  • 6. MATCHING ANGELS WITH ENTREPRENEURS 32
  • 6.1. MATCHING PROCESS 32
  • 6.1.1. Network practices 32
  • 6.1.2. National matching services 33
  • 6.2. LEVERAGING EFFECTS THROUGH COOPERATION 34
  • 6.2.1 Cooperation with other types of investors 34
  • 6.2.2 Integrated approach 36
  • 6.3. CROSS-BORDER ACTIVITIES 37
  • 7. CONCLUSION AND RECOMMENDATIONS 38
  • 7.1. CONCLUSIONS OF THE ANALYSIS 38
  • 7.2. RECOMMENDATIONS 39