Survey of Angel Investors in South East Asia
For the purpose of this survey, an Angel Investor is defined as any individual that has invested in the equity of a relatively early stage business that is founded by people who are not his family members. If you are an Angel Investor, your help in completing this survey is greatly appreciated. Your return will be anonymous and all information will be treated as CONFIDENTIAL and will not be disclosed to anyone besides the researchers. Thank You A/P Wong Poh Kam Director, Centre for Entrepreneurship A division of NUS Enterprise Background of Respondent: 1) Country of residence Singapore Malaysia Thailand 2) Age: <25 yr 25 – 34 35 – 44
3) Gender:
7) Have you been holding senior management positions in businesses before? Yes No
Indonesia Philippines Others, pls specify
If yes, pls indicate family owned business private companies government and/or government-link companies 45 – 54 55+ 8) Have you been involved in Venture Capital or investment fund management activities before? Yes Female No
Male 4) Education:
Angel Investing Experience 9) Approximately, how many angel investments have you made over the last 3 years?
Secondary School Polytechnic/diploma University 5) Current occupation
10) What was the typical size of your angel investment? 50%
18) Have you invested in any venture by staff/student of university/research institutes? Yes No
19) In general, what were your main motivations for angel investment? (Pls rank the following, 1 = most important, 3 = least important) expectation of high financial reward satisfaction/excitement of being involved in an entrepreneurial firm more fully use one’s skills/experience & more productive alternative to retirement 20) In general, what were your main investment criteria? (Pls rank the following, 1 = most important, 5 = least important) entrepreneur’s characteristics management team market potential competitive advantage good fit with my areas of investment preference 21) How actively were you engaged in angel investing activities over the last 3 years? a) Prospecting & evaluating on new investment
12) What has been your area of investment preference? prefer to invest in technology ventures prefer to invest in non technology ventures no preference 13) Did you typically: invest alone co-invest with other people mixture of both 14) Are you a member of a formal angel group that operates a common private equity fund an informal group that provides matching services, but where the members make investment decisions individually 15) Did you have angel investment outside your country of residence? Yes Where: 16) Did you typically serve on the board of director of your investee companies? Always Frequently Seldom Never 17) How were you introduced to the founders of your investee companies. (Pls indicate no. of cases) I knew the founder(s) personally before I was referred by other angels venture capitalists other business contacts family & friends others, pls specify: No
< ½ day per week on average up to 1 day per week on average up to 2 days per week on average > 2 days per week on average b) Mentoring & monitoring existing investee companies < ½ day per week on average up to 1 day per week on average up to 2 days per week on average > 2 days per week on average 22) Have you exited from any of your investee company yet? Yes No If yes, please indicate how many cases are of the following: companies have been liquidated company were acquired / merged in a trade sales my share was sold to other shareholders companies were IPOed
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23) Of the investee companies in your current portfolio, please indicate how many cases are of the following: companies are likely to be liquidated companies are surviving but have little prospect for profitable exit over the next 3 years (“living dead”) companies have good prospects for profitable exits over the next 3 years (IPO, acquisition, etc.) 24) On average, do you think that your return on all angel investment so far is negative <10% 10-19% 20-29% 30-49% >50% don’t know Angel Investing Plans and Concerns 25) Over the next 3 years, I plan to increase my angel investment activities about the same reduce my involvement in angel investment
26) On a scale of 1 to 5, how would you rate the following possible concerns you may have as an angel investor?
Strongly Disagree Strongly Agree
1 Difficult to gain access to attractive venture investment opportunities in my country Government policy & regulations not conducive for angel investment Entrepreneurs have unrealistic valuation expectation I am concerned about exit prospect under current market sentiments Most ventures lack good management team with business experience Most ventures lack proprietary technology/ intellectual property/ innovative edge Amount of investment required is too high I lack experience/skills in evaluating & structuring deals I lack experience/skills in mentoring & monitoring ventures I do not have enough time for mentoring & monitoring ventures Difficult to get follow-on VC investment I am unable to find deals that match my areas of expertise/investment interests There is too much money chasing too few goods deals ~ Thank You ~
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