Directory_Networks_2006 by lanyuehua

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									                                EUROPEAN DIRECTORY

                                        OF

                         BUSINESS ANGEL NETWORKS IN EUROPE




                                                         Version 1 December 2006
                                                  Prepared by the EBAN Secretariat
                                                                       c/o EURADA
                                                          Avenue des Arts 12 Bte 7
                                                                    B-1210 Brussels
                                                                T : +32 2 218 43 13
                                                                F : +32 2 218 45 83
                                                                 E : info@eban.org
                                                                  W: www.eban.org
EBAN is supported by :
‘Due to the private and confidential nature of the informal venture capital market, it is difficult to
collect comprehensive information compared to what is possible for the formal venture capital
market.


The data published in this document is based on the best knowledge of the EBAN Secretariat,
the contribution and good will of its members, and the collaboration of business angel networks
across Europe.


This document can be freely reproduced in order to support the development of the European
informal venture capital industry.


The 2001 and 2002 versions of this document had received financial support from the DG
Enterprise of the European Commission.


The EBAN Secretariat wishes to thank all of the organisations and individuals who have
contributed to this document.’




                                                   2
EBAN, the European Business Angel Network, was established by the European Association
of Development Agencies (EURADA – www.eurada.org) in collaboration with the European
Commission in 1999. EBAN is an independent body, financed by its members. As such, it is free
to pursue the best interest of its members with the sole objective of advancing the recognition of
the BA and BAN industry in Europe.


The membership of the Association is composed of:
   •   National federations of BANs
   •   Networks with a national coverage
   •   Regional and local networks
   •   Non-European networks with an interest in the European business angel scene
   •   Other interested entities having a direct involvement in promoting informal investment in
       Europe.


EBAN’s objectives are to:
   •   Represent the interests of the informal venture capital market and the matching
       platforms who help entrepreneurs and investors meet across Europe;
   •   Raise awareness about the concept of angel investing and spread good practices
       revolving around it across Europe;
   •   In general contribute to the improvement of the working environment of business angels
       and their networks.

Executive Committee

President of the Association: Anthony Clarke, London Business Angels (UK)
Vice-President of the Association: Claude Rameau, France Angels (F)

Members of the Executive Committee: Brigitte Baumann, MBAN (MT), Paolo Anselmo, IBAN (I),
Christophe Guisset, BAMS (B).

Board of Directors

Paolo Anselmo, IBAN, Italy                          Claude Rameau, France Angels, France
Martin Carr, Exemplas, UK                           Maria Nilsson, SVCA, Sweden
Anthony Clarke, London Business Angels, UK          Roger Piqué, CIDEM, Spain
Albert Colomer, BANC, Spain                         Ute Günther, BAND, Germany
Christian Stein, i2/aws, Austria                    Joao Trigo da Roza, APBA, Portugal
Arne-G. Hostrup, f.u.n NetzwerklNordbayern,         Sergio Povoas, Gersventure, Portugal
Germany                                             Christophe Guisset, BAMS, Belgium
Risto Kalske, SITRA, Finland                        Raymund Vorwerk, BANSON, Germany
Roland Kirchhof, BAAR, Germany                      Brigitte Baumann, Malta BAN, Malta
Philipp Oberli, ASBAN, Switzerland



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                          EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                               TABLE OF CONTENTS

List of business angel networks identified in Europe                                     5
Austria                                                                                 11
Belgium                                                                                 16
Czech Republic                                                                          26
Denmark                                                                                 30
Finland                                                                                 31
France                                                                                  34
Germany                                                                                 78
Greece                                                                                  99
Hungary                                                                                 102
Italy                                                                                   103
Latvia                                                                                  117
Luxembourg                                                                              118
Malta                                                                                   120
Norway                                                                                  122
Poland                                                                                  128
Portugal                                                                                134
Spain                                                                                   140
Spain - Catalonia                                                                       156
Slovenia                                                                                187
Sweden                                                                                  190
Switzerland                                                                             210
The Netherlands                                                                         222
United Kingdom                                                                          229
United Kingdom - Scotland                                                               269
Turkey                                                                                  272
Transnational networks                                                                  275
Russia                                                                                  278



  M        EBAN member           2006              Year of information update




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                              EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                         List of networks identified in Europe in mid-2006


*EuBAN, as a tri-national network, is mentioned in the Belgian, German and Dutch Statistics, but
counted only once for the total of networks.

          Networks having responded to our survey in 2006.

                                                       Name of BAN
Austria                                                                                       2
                     i2 - aws
                     AICO (Linz – Upper Austria)
Belgium              BeBAN                                                                    6
                     BAMS
                     Solvay Business Angels Connect
                     BAN Vlaanderen
                     EuBan
                     WABAN
Czech Republic                                                                                2
                     Angel Investor Association
                     Hidalgo Partners
Denmark              DVCA                                                                     7
                     Switzr – Midt/Nordjylland
                     RBAN Østjylland
                     RBAN Midt/Vest
                     BA Oresund
                     REBAN Syd
                     BA København
                     Novi Band of Angels Alborg
Finland                                                                                       1
                     Sitra PreSeed-Finance / Intro Service
France               France Angels                                                           35
                     Anjou Amorçage
                     Aurinvest - Paris/France
                     Aube Investissement – Troyes
                     Bordeaux Angels – in creation
                     Bourgogne Angels – Dijon
                     Chevaliers D'Entreprise – France
                     Club 3c – Toulouse
                     Club B2A Nord Pas de Calais
                     Club de Business Angels Alsaciens – in creation
                     Club Inv'est 77 – Melun
                     Fa Dièse1
                     Femmes Business Angels – Paris/France
                     Finance & Technologie - Paris/France
                     Grenoble Angels
                     GSO Investissement
                     Invest'95
                     Invest'Essor – 92

1
    From 2006 no longer classified as BAN but early stage VC fund.


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                  EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




          Invest'Y - Hedera – Versailles
          Irus Partenaires – Nantes
          Leonardo - Paris/France
          Logoden – Rennes
          Lorraine Business Angels – Metz
          Lyon Angels
          Mar-Tech & Finance - Paris/France
          Méditerranée Investissement - Nice
          Norm'Invest – Honfleur
          Octave – Lorient
          Paris Business Angels
          Provence Angels
          Savoie Business Angels - Chambéry
          Sophia Business Angels Club
          Start Me Up – Lyon
          Sud Angels – Montpellier
          Symbiose 53 – Laval
          Synergence – Angoulême
          Val de France Angels
          X.M.P Business Angels – Frances
          3A Venture
Germany   BAND                                                                  41
          BAAR-Business Angels Agentur Ruhr e.V.
          BACS Business Angel Club Schwaben
          BANKO e.V. Business Angels Netzwerk Rheinland
          BANO - Business Angel Nord Ost
          BANSON - Business Angel Netzwerl Süd-Ost Niedersaschsen
          BIC Leipzig
          BrainsToVentures GmbH
          Business Angel Fondsverwaltungs gmbh
          Business Angel Initiative Mittelhessen ev
          Business Angel Netzwerk Baden Baden
          Business Angel Netzwerk Bremen
          Business Angel Netzwerk Hamburg (HK)
          Business Angel Netzwerk Lausitz ev
          Business Angel Netzwerk Nordwestdeutschland e.V. (BANN)
          Business Angel netzwerk|nordbayern
          Business Angel Team gmbh
          Business Angel Venture GmbH
          Business Angel-Netzwerk Niedersachsen (BAN-NDS)
          Business Angels Club Berlin
          Business Angels FrankfurtRheinMain e.V. (BARM)
          Business Angels Initiative Südwestfalen - ASIO
          Business Angels Netzwerk Saarland
          Business Angels NRW e.V.
          Business Angels Pfalz e.V.
          Business Angels Rheinhessen
          Business Angels Weser Ems w.v
          CatCap GmbH
          EcatInvestor



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                     EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




             Forum Kiedrich gmbh
             icon innovation gmbH
             IHK-Expertenkreis Innovationsfinanzierung
             InnovationsCampus Wolfsburg
             Investoren für Unternehmen in Schleswig-Holstein e. V.
             MCG Beratungs und Beteiligungsnetzwerl Berlin Brandenburg
             Munich Business Angels AG
             NUK-Verband Neues Unternehmertum Köln-Bonn-Aachen e.V.
             Raphael - Sächsisches Business Angels Netzwerk e.V
             SABAA - in creation
             Venture Forum Neckar ev
             win - Wagniskapital für Innovationen NRW GmbH
             euBAN
Greece                                                                             1
             Mentoring Business Development Services SA
Hungary                                                                            1
             Business Angel Club
Ireland                                                                            1
             Business Angel Partnership
Italy        IBAN                                                                  11
             Ban Bologna
             Ban Brescia
             Ban Campania
             Ban Lazio
             Ban Puglia
             Ban Sardegna
             Ban Toscana Sud
             BAN Umbria
             BAN Alpe Adria
             BAN Nord-Ouest
             Club Milano Centro
Latvia                                                                             1
             CONNECT Latvia Business Angels Network (In creation)
Luxembourg                                                                         1
             Luxembourg Business Angels
Malta                                                                              1
             Malta BAN
Norway       NorBAN                                                                6
             Artic BAN
             BioBAN Oslo
             ICT BAN Oslo
             NorBAN London
             Partus
             Connect Norge - 5 regional networks below
             Connect Vest Norge
             Connect Nord Norge
             Connect Ostlandet
             Connect Mid Norge
             Connect Trondelag




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               EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




Poland                                                                       3
           PolBAN
           Lewiatan Business Angels
           SilBAN
Portugal                                                                     2
           Gesventure
           APBA
Slovenia                                                                     1
           Slovene Business Angel Club
Spain      CIDEM – Federation for Catalunya                                  12
           Alta Partners
           BANC (also member of ESBAN)
           BAXI
           Esfera UAB
           IESE BAN
           GIP Girona
           Parc La Salle
           PIMEC Capital
           UNIBA
           Xarxap
           Xip Aijec
           Xip Mataro
           ESBAN – National Federation                                       3
           ABANT
           BANCO Rioja
           BANG
           BAN CLM – Under construction
           CEEI Baleares – Under construction
           Creama – Under construction
           FER Rioja – Under construction
           Patronal Fade – Under construction
           Non affiliated                                                    6
           Alamut BAN
           BAN Madrid
           Debegesa – Under construction
           Extremadura Emprende
           IMPIVA Valencia – Under construction
           INFO Murcia – Under construction
           Madrid Capital – Under construction
           Patronal SEA – Under construction
           Proexca – Canarias
           UNIBAN – University Business Angels Network
           Red Malaga
           SODERCAN – Cantabria – Under construction
Sweden     SVCA / NUTEK                                                      23
           30up.com
           ALMI Stockholm Affärsängelnätverk - ALMIBAN
           Business Angels Syd
           Connect Hallands Affärsängelnätverk


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                      EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                  Connect Norr – Jämtlands Affärsängelforum
                  Connect Norrbotten
                  Connect Skånes Affärsängelnätverk
                  A2 - Connect Västs Affärsängelnätverk - 4 local networks
                  Connect Östra Sverige Privatinvesterare
                  DalaBAN
                  Delfinerna i Skåne (Almi Skåne)
                  Investment AB Spiltan
                  Kista Investment Network
                  MVI
                  North Sea Angels (NSA)
                  Privata Investerares Club
                  Roslagens Affärsänglar
                  Uppsala Privatinvesterarnätverk (UPPI)
                  X-Invest
                  Y Network
                  Värmlands Affärsängelnätverk
                  Västerbottens Delfiner
                  Östgötaänglar
Switzerland       ASBAN                                                             7
                  Bisange SA
                  Brains to Venture AG
                  Business Angels Schweiz
                  Club valaisan des Business Angels
                  MSM Invertorenvereinigung
                  Start Angels Network
                  Venturix AG
The Netherlands                                                                     4
                  Nebib
                  euBAN
                  ABN Amro Business Angel Programme
                  PPM Oost NV
UK                British Business Angels Association                               33
                  Advantage Business Angels
                  Angels for growth
                  Angel Bourse
                  BA Capital
                  BUBA
                  Beer and Partners
                  Business Link Devon and Cornwall
                  C2 Ventures London & Berkhamsted
                  Cambridge Angels
                  Cavendish Management Resources
                  East Midlands Business Angels Ltd
                  ENTRUST
                  Envestors
                  Enterprise 100 (London Business School)
                  Equus Capital
                  E-Synergy
                  Finance South East



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                    EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                Halo
                Katalyst Ventures Ltd
                Kingston Business Angels (KBA)
                London Business Angels
                Oxford Early Investments
                Oxford Investment Opportunity Network Oxfordshire
                Pi Capital Limited
                Solent Investment Opportunities Network
                SWAIN
                TECHINVEST
                Thames Valley Investment Network
                University of Warwick Science Park Limited
                Venture Site
                Winsec Corporate Exchange Ltd
                Xenos
                Yorkshire Association of Business Angels
Scotland        LINC Scotland                                                      1
Transnational   Go Beyond                                                          1
Total                                                                             211

Turkey                                                                             1
                Banatolia
Transnational   Icon Angels – International network                                1
Russia                                                                             2
                Techbusiness.ru
                Private Capital
Total                                                                             215




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                                EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                                                         AUSTRIA                                2006           M
1. Background

“i2-die Boerse für Business Angels” (i.e. i2-The Business Angel Network) is the first and only Austrian-
wide operating BAN. It was founded in 1997 and is part of the AWS, a state-owned specialised bank
that supports Austrian Companies.
Since July 2005 a regional business angel network operates in the region of Upper Austria and closely
collaborates with i2.

2. Statistics

                        1997    1998     1999      2000     2001      2002        2003        2004       2005
Number of                21      20       34        49       57        72          76          82    87(95) i2 + 16
Business Angels2        (37)    (35)     (47)      (81)     (83)      (96)        (91)        (90)    AICO = 103

Number of projects       n/a     n/a       n/a      n/a       n/a      427         341        358    318 (only i2)
submitted
Number of                 37     39        47        63       92       103          69        60      77 (i2) + 8
accredited projects                                                                                  (AICO) = 85
Number of deals           2       2         4        4         4        7         8        1               6
Average amount of        n/a     n/a       n/a      n/a       n/a      n/a     140.000€ 150.000€      261.000€
the deal

Number of BANs            1       1         1        1          1       1           1          1           2
Number of                 0       0         0        0          0       0           0          0           0
commercial BANs
Number of non-            1       1         1        1          1       1           1          1           2
commercial BANs
Number of national        1       1         1        1          1       1           1          1           1
BANs
Number of regional        0       0         0        0          0       0           0          0           1
BANs

3. BAN legal status

i2 is a support programme of the AWS GmbH (i.e. Ltd).

4. National association

i2 is the only Austria-wide operating BAN and also supports the implementation of regional BANs. The
first regional BAN called AICO was founded in 2005 in Upper Austria.

5. Lobbying

The BAN stays in contact with almost all organisations involved in the process of founding companies
and entrepreneurship in general (universities, science parks, lobbying organisations, business plan
competitions, etc.).

6. EU support

Between Sept. 1999 and Sept. 2002 i2 was co-funded by the European Union in order to strengthen its
activities.

7. EBAN members
So far i2 is the only member of the EBAN in Austria.



2
    Numbers in brackets include all members of i2 (Business Angels, strategic and institutional investors).


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                                EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                                                   i2 – AWS                                        2006       M
Contact person                                                              Christoph Kolb
Contact details                                                             Ungargasse 37
                                                                            Austria Wirtschaftsservice GMBH
                                                                            1030 Vienna
                                                                            T: +43 1 501 75 511
                                                                            F: +43 1 501 75 907
                                                                            E: c.kolb@awsg.at
                                                                            W: www.business-angels.at
Type of network                                                             National network
Date of creation                                                            1997
Employees                                                                   3.5
Legal status                                                                Part of AWS GmbH (i.e. Ltd)
Hosting organisation                                                        AWS
Formal partner organisations                                                Ministry of economics
Commercial/for profit network                                               No

Funding sources in 2005
                                                         12%
                                                                                  Fees

                                                                                  National
                                                                                  funding


                                          88%



                              1997     1998      1999      2000      2001     2002        2003      2004    2005
Number of Business             21       20        34        49        57       72          76        82      87
Angels3                       (37)     (35)      (47)      (81)      (83)     (96)        (91)      (90)    (95)
Number of projects             n/a      n/a       n/a       n/a       n/a      427         341       358     318
submitted
Number of accredited            37       39        47        63       92       103            69     60       77
projects
Number of women                                                                                               4
investors
Number of members                                                                                             20
recruited during the year
Number of women                                                                                               2
recruited during the year
Number of deals                 2         2        4         4         4         7         8        1        6
Average amount of the          n/a       n/a      n/a       n/a       n/a       n/a     140.000€ 150.000€ 261.000€
deals

Operating Model
i2 matches innovative projects or companies with Business Angels and other investors who want to hold
a stake in the company and provide their expertise. The BAN screens submitted business plans and
presents those which meet the requirements to the Business Angels in a standardized way. All investors
and entrepreneurs who participate in the BAN are known in person.
The BAN is open to projects of all sectors/industries and all phases of the companies life-cycle although
a focus is set on the start-up-phase.
Additional services like networking events for investors and workshops are offered.




3
    Numbers in brackets include all members of i2 (Business Angels, strategic and institutional investors).


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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




Matching products of the network:
   • Mail presentation of the projects to private investors
   • Presentations by entrepreneurs in person in front of investors

How are clients acquired?
  • Through various existing contacts of the AWS
  • Presentation of the BAN to organisations which operate in the field of founding companies
  • Networking
  • Website
  • Information events, seminars and workshops
  • Public relation (e.g. articles in local and national media)
  • Partnerships and established networks with universities, academies/colleges, science parks,
     local banks, financial institutions, accountants, lawyers, lobbying organisations.

Sectors of investment in 2005

                                                                   ICT
                                                         33%
                                                                   Health
                             50%                                   related
                                                                   Manufacturin
                                                                   g
                                                     17%

BAN specialisation
None

Fees
o Entrepreneurs are charged a fee of 390€ for the matching service (reimbursed if no contact to an
   interested Business Angel)
o 1% of the investment is charged as a success-fee.
o Business angels are charged a fee of: 90€, institutional and strategic investors 390€ (for 1 year).

Co-investment scheme
None

Other investment vehicle for angels
The AWS can issue a guarantee for a loan in the same size like the investment (this support
programme is called double equity) and a guarantee for a part of the investment itself (called equity
guarantee).

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
Approx. 100 jobs

How do angels exit their investments? n/a

Investment information

Name of       Sector of        Date of            Amount       Number of                  Date    Multiple of return for
company       activity         investment         invested (€) angels                     of exit investors (i.e. times
                                                               involved                           return on money)
n.s.          Robotics         2005               20.000       2                             -              -
n.s.          IT               2005               6.000        1                             -              -
Emcool        Medicine         2005               770.000      several                       -              -
NGR           Recycling        2005               500.000      1                             -              -
APT           Automotive       2005               200.000      2                             -              -
Netural       IT               2005               70.000       1                             -              -



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                             EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                                   Angel Investment Club OÖ                                               2006
Contact person                                                  Andreas Mitterlehner
Contact details                                                 Angel Investment Club OÖ
                                                                c/o tech2b Gründerzentrum GmbH
                                                                Hafenstraße 47- 51
                                                                A- 4020 Linz
                                                                T: +43 (0) 732/ 9015- 5627
                                                                E: office@aico.cc
                                                                W: www.aico.cc
Type of network                                                 Regional
Date of creation                                                July 2005
Employees                                                       1/2
Legal status                                                    n/a
Hosting organisation                                            tech2b Gründerzentrum GmbH
Formal partner organisations                                    n/a
Commercial/for profit network                                   No

Funding sources

                                     16%

                                                                        Fees from
                                                                        angels

                                                                        Fees from
                                                                        entrepreneur
                                                                        s

                                                          84%


                                                                                             2005
Number of projects accredited                                                          8 presentations
Number of Angels                                                                               16
Number of women investors                                                                      0
Number of members recruited during the year                                                    1
Number of women recruited during the year                                                      0
Number of deals made                                                                           0
Average amount of the deal (€)                                                           (3 in closing)

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Articles in the regional or national press
   • Other (please specify): most of new members by personal contact

BAN specialisation
All the projects are on a very high technological level. Our members are real BusinessAngel (smart
“money”).

Fees
o Fees charged to entrepreneurs: 400€/project
o Fees charged to business angels: 1000€/business angel/year


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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story: n/a




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                              EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                                             BELGIUM
                                                                                                        2006
1. Background

Since 1998, seven BANs have emerged in Belgium. These networks were set up in the period 1998-
2001. They guaranteed a complete coverage of the Belgian area: 4 networks in Flanders, 2 in Wallonia
and 1 in Brussels. In the beginning of 2004, the 4 Flemish networks merged into 1 Flemish network:
BAN Vlaanderen.
As per today, Belgian counts 4 networks: 1 network in Flanders, 2 in Wallonia and 1 in Brussels.
The international (inter-regional) network Euban (B-D-NL) operates in the eastern part of the country.

2. Statistics

                                             1998      1999     2000      2001     2002     2003*   2004**   2005
Number of BANs                                 1         4        6         7        7        7        5       5
Number of Business Angels                     0         n/a      n/a       n/a      n/a      n/a     160      n/a
Number of deals                                0         1       19        39       31        37      29      49
Number of accredited projects                 0         n/a     260       370      273       229     136      186
Number of commercial BANs                      0         2        2         2        2        2        1       1
Number of non-commercial BANs                  1         2        4         5        5        5        4       4
Number of national BANs                        0         0        0         0        0        0        0       0
Number of regional BANs                        1         4        6         7        7        7        5       5
National association                           0         0        1         1        1        1        1       1

*Up to 2003, 7 networks were operating in Belgium, 4 in Flanders and 3 in Wallonia and Brussels.
**Including Euban

3. BAN legal status

In Belgium, 4 out of 5 networks are not for profit organisations. The other one is a commercial BAN.
Not-for-profit does not mean that these are public organisations: some are created together with
development agencies, others are emanations of business schools, of business innovation centres and
of private investors.

4. National association

The 5 Belgian networks all join forces in BeBAN, the Belgian Association of Business Angels Networks.
Its main goal is the promotion of the visibility of business angel finance and business angel networks. A
code of conduct was elaborated and subscribed by all existing networks.
BeBAN became the facilitator in setting up cooperation between all Belgian BANs and other
governmental, public and private organizations active in the field of risk capital. For instance, in 2002 a
new product, the “business angel+”-loan, was launched by the national Participation Fund to give a
favourable subordinated loan collateral to a BA-input realized through a BAN.

The BeBAN contact details are:
Mr Reginald VOSSEN, Chairman BeBAN
C/o BAN Vlaanderen vzw
Maastrichterstraat 63; 3500 HASSELT (B)
E: r.vossen@banvlaanderen.be; W: www.ban.be

5. Lobbying

Since 2000 and mid 2001, the Belgian BANs used BeBAN as a platform to discuss with the Finance and
Banking Commission in order to clarify the scope of BAN intervention and the compatibility of their
action with Belgian legislation on public issues and the obligation to make a prospectus. Because of this
legislation business proposals cannot be submitted to more than 50 people and business angel
networks cannot ask for money from the entrepreneurs looking for money in their function as a
matchmaker. If this would be the case, entrepreneurs are obliged to write a prospectus.




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                              EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




6. National/regional Support

All BANs in Belgium have secured financial support from their regional government. This support varies
from region to region because of the fact that the economical policy is a regional (not a national)
competence.
The support of all regional authorities constitutes an official recognition of the contribution of Business
Angels to the stimulation of the Belgian economy.
In Wallonia, a guarantee scheme for BA-investments was installed through Sowalfin.

7. EU support

The European Commission supported several initiatives:

        Awareness actions
Ten awareness seminars have been conducted in the late 90’s. They were co-ordinated by the Réseau
des Jeunes chambres économiques. Seminars were held in Bruges, Kortrijk, Gent, Antwerp, Leuven,
Hasselt, Brussels, Mons, Liège and Wavre.

        Feasibility studies
Two feasibility studies were co-funded in Belgium: one done by GOM Vlaams Brabant and NCMV and
another done by PYTHAGORAS n.v. , a private company.

       Pilot projects
DG Enterprise supported one pilot project in Belgium. The beneficiary was the Vlerick Leuven Gent
Management School.

       ERDF-support
One network was supported through the European Regional Development Fund. The beneficiary was
Limburg BAN vzw, which merged into the new Flemish network: BAN Vlaanderen.

         Interreg III
3 Belgian organizations (BAN Vlaanderen, SOCRAN and WfG Ostbelgien), together with a German
(AGIT) and a Dutch (LIOF) partner started the Interreg-project Euban in January 2004. EUBAN is a tri-
national network in the Euregio Meuse-Rhine, which aims to generate more BA-activity in this region
and to enhance cross-border investments through BA’s. Euban is partially subsidised through Interreg
III-funds.

8. Dissemination of the BAN concept

The Dutch-speaking economic daily newspaper Financieel Economische Tijd published articles on
BANs operating in Flanders. So did the French-speaking daily L’Echo for the Walloon networks. Many
articles were originally inspired by the BAN's initiatives and by the efforts of Mr Rudy AERNOUDT, a
Belgian European Commission official.

In 2000, RTBF (the French-speaking public TV corporation) dedicated an edition of its weekly magazine
ECO to the concepts of Business Angels and BANs in the Walloon Region.

Economic magazines such as Trends/Tendance and PME/KMO have published several pieces on BA
and BAN activities in Belgium in both French and Dutch.
In May 2001, BeBAN organised a congress on “BAs: accelerators of economic growth” to state clearly
the role of BA financing among other financial actors. Some 150 market players attended.

The start-up of BAN Vlaanderen in February 2004 raised a lot of attention in all national media (TV,
newspapers, business magazines…) and enhanced the knowledge about the existence of BANs. A
large publicity-campaign with commercial spots, advertisements and a region-wide road show expanded
the BAN-concept throughout Flanders.

9. EBAN members
BAMS
BAN Vlaanderen



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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                                                    BAMS                                              2006     M
Contact person                                                          Christophe Guisset
Contact details                                                         Champ Vallée 17C
                                                                        B-1348 Louvain la Neuve
                                                                        T: +32 (0) 10 48 50 20
                                                                        F: +32 (0) 10 48 50 21
                                                                        E: mail@bamss.com
                                                                        W: www.bams.be
Type of network                                                         Regional network
Date of creation                                                        1999
Number of Employees                                                     3
Legal status                                                            Limited Company
Formal partner organisations                                            BeBan, BAN Vlaanderen, ING Bank
Commercial/for profit network                                           Yes

Funding Sources


                                                                          R e g io n a l f u n d s
                                       10%
                                                                          F e e s fro m
                                                               50%        B u s in e s s A n g e ls
                               40%
                                                                          F e e s fro m
                                                                          e n tre p re n e u rs




                                                    2000          2001         2002           2003      2004   2005
Number of projects submitted                         30            50           50             40        40     40
Number of Angels                                     30            40           50             50        50     70
Number of companies financed                         3              6           10              9        14     15
Number of women investors                                                                                        5
Number of members recruited during the                                                                          25
year
Number of women recruited during the year                                                      3
Number of deals made                                 8        9      16      19      23       16
Average amount of the deal                        103.125€ 70.576€ 71.015€ 69.597€ 72.400€ 133. 225€

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Sponsors




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Sectors of investment


                                                                      ICT

                                34%                     34%           Retail and
                                                                      services
                                                                      Health related

                                                                      Manufacturing
                                                      6%
                                        26%



BAN specialisation
None

Fees
o Fees charged to entrepreneurs: 300-500€
o Fees charged to business angels: 425€

Co-investment scheme
BAMS ANGELS FUND, 30 Business Angels gathered in a fund that invests only if several of its
members will co-invest. (Total investment per deal from 500k to 1M€). www.angelsfund.be

Other investment vehicle for angels
The “Business Angels plus loan”. Partnership with an organisation from the federal government. Loan of
1250.000€ if Business Angels invest at least the same amount. It has to be asked through then network.
Business Angel can also partially guarantee their investments.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                         BAN VLAANDEREN
                                                                                             2006          M
Contact person                                               Reginald Vossen
Contact details                                              Maastrichterstraat 63
                                                             3500 Hasselt
                                                             T: +32 (0) 11 30 02 60
                                                             F: +32 (0) 11 30 02 58
                                                             E: r.vossen@banvlaanderen.be
                                                             W: www.ban.be
Type of network                                              Regional network
Date of creation                                             2004 – Result of the merger of 4 regional
                                                             networks in the Flanders region of Belgium
4 regional antennas                                          Antwerpen, Gent, Hasselt/Leuven, and
                                                             Kortrijk.
Number of employees                                          6
Legal status                                                 Non-profit organisation
Commercial/for profit network                                No

Funding sources


                                                                         R e g io n a l f u n d s

                               15%       5%                              F e e s fro m
                                                                         B u s in e s s A n g e ls
                                                                         F e e s fro m
                             20%                            60%          e n tre p re n e u rs
                                                                         O th e r (s p o n s o rs )




                                                                                                    2004    2005
Number of projects submitted                                                                         64*    103
Number of Angels                                                                                     75     120
Number of women angels                                                                                        4
Number of members recruited during the year                                                                  57
Number of women recruited during the year                                                                     3
Number of deals made                                                                               8         23
Average amount of the deal                                                                      108.000    91.200

*398 Submitted to BAN Vlaanderen, and 103 submitted by the network to the investors.

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • 2 big general meetings bringing 70 companies to ca. 150 BAs
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Special actions to target groups
   • Yearly BA “get together” day


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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




    •   Yearly Angel-Academy

Sectors of investment
                                                                      ICT
                                           4%
                                                         26%          Biotech
                               26%
                                                                      Energy

                                                              4%      Retail and
                                                                      services
                                                             4%       Manufacturing

                                          36%                         Food industry




N.B: Due to our high number of members we provide capital in large number of sectors.

BAN specialisation
No specialisation.

Fees
o Fees charged to entrepreneurs: 300€
o Fees charged to business angels: 375€/year + eventually a success fee

Co-investment scheme
Co-investment scheme operating: www.fonds.org

N deals                                                  5
N deals involving angels                                 5

Estimate of the number of jobs created as a result of the network activity over the last 3 years
187

How do angels exit their investments? n/a

Success story: n/a




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                                                     WABAN                                                     2006
Contact person                                            Alix Housiaux
Contact details                                           Business Innovation Centre
                                                          242 Chaussée d’Ath
                                                          B-7850 Enghien
                                                          T: +32 2 397 02 20
                                                          F: +32 2 395 62 12
                                                          E: ah@waban-b2a.org
                                                          W: www.waban-b2a.org
Type of network                                           Regional network for the Walloon region.
Date of creation                                          2000 – Since October 2004 not-for profit association
                                                          (ASBL)
Number of Employees                                       1
Hosting organisation                                      Groupement d’Intérêt Economique des Centres
                                                          Européens d’Entreprise et d’Innovation Wallons (GIE
                                                          des CEEI) - Economic grouping of Interest of the
                                                          Walloon European Centres of Enterprise and
                                                          Innovation (GIE of the CEEI)
Commercial/for profit network                             No

Formal partner organisations:
Since mid-2002, WABAN has developed a partnership with the Club B2A called « WABAN B2A Nord
Pas de Calais ». It is a cross border business angel network covering the cross border areas of the
Walloon Region (B) and the Nord Pas de Calais (F), aiming to contribute to the development of cross
border risk capital, and to foster the creation and development of innovative projects looking for finance.
This network was created following the initiative of both regions, through two operators, the Economic
grouping of Interest of the Walloon European Centres of Enterprise and Innovation (GIE of the CEEI)
and the Regional Chamber of Commerce and Industry of Nord Pas de Calais.
The network benefits from a financial support from the ERDF, the Walloon Region, the Economic
grouping of Interest of the Walloon European Centres of Enterprise and Innovation (GIE of the CEEI),
the association APARTE, EDF (Electricité de France) and ANVAR (French Agency for Innovation).

Funding Sources



                                    20%                                      R e g io n a l fu n d s
                                                              40%
                                                                             E u ro p e a n F u n d s
                                                                             G IE o f C E E I
                                    40%




                                                                                         2003           2004     2005
Number of projects submitted (BP)                                                        +/-10           4        25
Number of Angels                                                                          30             29       30
Number of women investors                                                                                          -
Number of members recruited during the year                                                                       12
Number of women recruited during the year                                                                          -
Number of deals made                                                                       n/a          n/a        2
Average amount of the deal                                                                 n/a          n/a    625.000€*
*1 deal by waban and 1 by b2a




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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




Matching services of the network:
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment (for WABAN and Club B2A)


                                               2%                      ICT

                                                             34%       Food
                                  32%
                                                                       Retail and
                                                                       services
                                                                       Manufacturing

                                                            4%         Health related
                                             28%




BAN specialisation
None

Fees
o No fees charged to entrepreneurs.
o Fees charged to business angels: 300€ (WABAN)
o No fees for Waban-B2A

Co-investment scheme
None

Other vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
30

How do angels exit their investments? n/a

Success story n/a




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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




                                                    euBAn                                                    2006
euBAN, the euregional Business Angels network aims to provide a solution to improve the framework
conditions of early-stage SME finance in the EUREGIO Maas-Rhine. Five partners have joined forces to
form the cross-border business angels network:

• Aachen region (AGIT) www.agit.de
• Belgian Limburg (BAN Vlaanderen) www.banvlaanderen.be
• Dutch Limburg (Industriebank LIOF) www.liof.nl
• province of Liège (SOCRAN) www.socran.be
• German-speaking community of Belgium (WFG Ostbelgien) www.wfg.be

The euBAn coordination office is based with AGIT.

Contact person                                                Mirella Feldmann
Contact details                                               c/o AGIT mbH (coordination office)
                                                              Technologiezentrum am Europaplatz
                                                              52068 Aachen
                                                              T: +49 (0) 241 963-1026
                                                              F: +49 (0) 241 963-1033
                                                              E: m.feldmann@agit.de; info@euban.net
                                                              W: www.euban.net
Type of network                                               Regional network, EUREGIO Meuse-Rhine
                                                              (Belgium/Germany/Netherlands)
Date of creation                                              01.01.2004
Number of Employees                                           1
Hosting organisation                                          AGIT mbH (coordination office) Partners (see
                                                              above)
Commercial/for profit network                                 No

Funding sources



                                                                          R e g io n a l fu n d s
                                           5%

                                                                          E u ro p e a n F u n d s
                                45%                         50%
                                                                          S p o n s o r: A G IT




*Regional funds:
            - 25% Walloon Region (B)
            - 12.5% Province of Limburg (NL)
            - 7.5% NRW (D)
*European Funds: INTERREG IIIA
*euBAN foresees to charge fees to business angels in the future.

                                                                                2004                       2005
Number of projects submitted                                                     24                         30
Number of Angels                                                                 17                         50
Number of women investors                                                                                   1
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                               0                         3
Average amount of the deal                                                         -                 50.000 – 100.000€




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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




Matching services of the network
   • Investment forums and fairs
   • Database of contacts
   • Newsletter or information bulletin
   • Meetings
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Giving lectures in regional service clubs

Sectors of investment




                                 33%
                                                                       Manufacturing


                                                                       Biotech
                                                            67%




BAN specialisation
None

Fees
o No fees charged to entrepreneurs
o No fees charged to entrepreneurs (yet)

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                   CZECH REPUBLIC                                                 2006
1. Background

Since the fall of communism in the then Czechoslovakia and now The Czech Republic, there have been
several attempts to create an informal marketplace to match private investors and investee companies.
Although over the past 14 years several transactions which could be classified as Business Angel deals
have been done, there has not been a structured approach which would marry up the best practices
from advanced European and US markets.
The primary problem is the lack of awareness of both the investment process and the implications for
both sides of the equation and without this awareness the deals which will be taking place are likely to
be rather random and haphazard.

2. Statistics

                                                                                           2005    2006
Number of BANs                                                                               2       2
Number of Business Angels                                                                           300
Number of deals                                                                                    15-20
Number of accredited projects
Number of commercial BANs
Number of non-commercial BANs
Number of national BANs
Number of regional BANs
National association


3. BAN Legal Status

AIA is a not-for profit company

4. National Association

AIA

5. Lobbying

Lobbying has been carried out by making presentations at various SME conferences in Prague and
Brno, several presentations to the main Venture Capital players and the Ministry of Trade and Industry,
Czechinvest, major commercial banks and Cesko Moravska Zarucni a Rozvojova Banka (CMZRB).
The lobbying has included the attempt to obtain tax breaks for investors and to provide support for both
investors and investees from the Structural Funds and from the CMZRB in the form of soft loans to
match the Angel investment. The American Chamber of Commerce, through their connections with the
small business association, have had discussions with the Ministry of Finance regarding the
development of SMEs. There has also been contact with the Czech Venture Capital Association
(CVCA).

6. National and Regional Support

None

7. EU support
EU support has been confirmed with the launch of the EASY project, aimed at bringing together investor
organisations involved in early-stage investment across Europe. By improving the connectivity among
early stage investor organisations and enabling them to share best practices and tools the project
wishes to improve their effectiveness at supporting the growth and expansion of innovating businesses
across Europe.

8. Contact
See AIA.


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                             ANGEL INVESTOR ASSOCIATION                                   2006           M
Contact person                                                  Renee LeMoine
Contact details                                                 Na Prikope 15
                                                                110 00
                                                                Prague 1
                                                                T: +420 272 143 515
                                                                F: +420 272 143 516
                                                                E: renee.lemoine@aia.cz
                                                                W: www.aia.cz
Type of Network                                                 National Network
Date of creation                                                Formally registered on 7th of January 2005 but
                                                                existing since January 2004
Number of Employees                                             Only volunteers (board members are not paid
                                                                as well as the management team, which is
                                                                provided by partner organization)
Legal status                                                    Non-profit association
Formal partner organisation                                     Myall Consulting Europe
Commercial/for profit network                                   No

Funding sources




                                                                         Sponsors

                                          100%




                                                                                                      2005
Number of Business Angels                                                                             445
Number of projects                                                                                     48
Number of women investors                                                                              1-3
Number of members recruited during the year
Number of women recruited during the year
Number of deals made
Average amount of the deal

Matching services of the network:
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other- through the network of partners




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Sector of investment



                                       15%                              ICT

                                    5%
                                                                        Biotech

                                                                        Retail and
                                                                        services
                                                       80%




BAN specialisation
None

Fees
o Success fee charged to entrepreneurs, dependent on level of successful investment.
o No fee charged to business angels

Co-investment scheme
None

Other investment vehicle for angels
Family and friends

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?
Through venture capital or second round financing.

Success story n/a




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                                                     RAAL                                             2005           M
Contact person                                                   Jiří Janák
Contact details                                                  tr. Gen. Píky 9
                                                                 613 00 Brno
                                                                 T: + 420 545 223 982
                                                                 F: + 420 545 223 989
                                                                 E: info@investori.cz jiri.janak@investori.cz
Website                                                          www.investori.cz
Date of creation                                                 1997
Number of employees                                              4
Type of network                                                  n/a
Legal status of the BAN                                          GmbH / Ltd.

Funding sources




                                                5%                        F e e s fro m
                                                                          B u s in e s s A n g e ls

                                                                          F e e s fro m
                                                      95%                 e n tre p re n e u rs




                                                          2000          2001             2002           2003       2004
Number of Business Angels                                  2             2                3               3         4
Number of projects                                         8             12               16             10         18
Number of deals made                                       1             2                2               2          3
Average amount of the deal                               50.000        50.000           60.000        4.000.000   75.000

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises

Fees
o Fees charged to business angels: 100€-500€
o Fees charged to entrepreneurs: 100€-500€

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story: n/a




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                                               DENMARK

1. Background
                                                                                                  2005     M
In 1999, the Danish Government conducted a survey on the feasibility of creating a network for private
individual investors in Denmark.
The survey revealed that there was a need for creating meeting points, which could bring private
investors and innovative and investment seeking entrepreneurs together. The survey also showed that
the meeting points were better off being placed in decentralised areas and locally in close co-operation
between the investors and investment seeking firms. On the other hand it also came clear that a
centrally located organisation was needed in order to co-ordinate the co-operation and contact among
the local meeting points. The Danish state therefore decided to finance the creation of a Danish
Business Angel Network with 673.000 Euro for a period of 3 years (2000-2002) and Euro 640.000 for
the period 2003 – 2005. DBAN became a part of the DVCA in spring 2004, the Danish Venture Capital
Association, www.dvca.dk
The Danish Venture Capital Association (DVCA) was established in 2000 by a group of people
interested in innovation, entrepreneurship and private equity funding. Today DVCA has about 60
member companies representing venture capital as well as a number of related professions.
In 2004, 94 business angels joined the association.

2. Statistics

                                                               2000         2001           2002    2003   2004
Number of BANs                                                   1            4              6       8    8(+2)4
Number of Business Angels                                       10           30             65     200      94
Number of deals                                                  0            1              8      60     n/a
Number of accredited projects                                   1            25             65      60     160
Number of commercial BANs                                        0            0              0       0       0
Number of non-commercial BANs                                    1            4              6       7       8
Number of national BANs                                          1            1              1       1       1
Number of regional BANs                                          0            3              5       6       7
National association                                             1            1              1       1       1

3. BAN legal status

All the networks set up in Denmark now by the DVCA (previously by DBAN) are private entities public
funded.

4. National association

DVCA acts as the national association coordinating the activities of the 7 local networks.

5. Lobbying

As a branch organisation, an important issue for DVCA is lobbying towards the political system in order
to improve the conditions for start-up companies, business angels and venture capital. In 2003 DVCA
handed in 10 new proposals to improve market conditions. 5 proposals have been accepted by the
Danish Government.

6. Dissemination of the BAN concept

DVCA has had several articles in the national press as well as presentations and road shows.

7. EU support

None.



4
    DVCA will establish two sectoral networks around Autumn 2004: AgroBAN and CreativeBAN.


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                                            FINLAND
                                                                                                        2006
1. Background

BA activities in Finland emerged as organised structures in 1996 initiated by a matching service of
SITRA, which is an independent public foundation under the supervision of the Finnish Parliament.
SITRA is a nation wide organisation that aims to promote the economic prosperity and the future
success of Finland through its activities. For the first 5 years the BA activities were built moreover on
BAs own activity, aided by a database on potential target companies. The concept was restructured in
2001: the new concept of pre-seed finance was launched in May 2001, including two major instruments:
LIKSA and INTRO. LIKSA is a programme for the professional completion of business plans, funded by
SITRA and Tekes. INTRO is a marketplace for business angels and other venture capitalists to meet
technology companies in the start-up or restructuring phase. This well functioning platform has shown
that far too many investments fail due to start-ups’ lack of marketing & sales professionalism. As an
answer to this, since the beginning of the year 2004, INTRO also offers a channel (DIILI) for marketing
& sales professionals to look for a new ‘entrepreneurial’ career in companies presented at the INTRO
marketplace on sweat equity basis.

2. Statistics

                            1996     1997      1998      1999      2000      2001      2002     2003   2004   2005
Number of BANs               (1)      (1)       (1)       (1)       (1)       (1)       1         1      1      1
Number     of   Business                                                       -        90       207    253    286
Angels
Number of deals                                                                 -          12   22     34     47
Number of accredited                                                            -          35   87     128    165
projects
Number of commercial                                                            -          0     0      0      0
BANs
Number of national BANs                                                         -          0     0      0      0
Number of regional BANs                                                         -          -     -      -
National association                                                            -          1     1      1      1

(1) During the period 1997-2001, the BA activities of SITRA can be presented as follows:
    • BA: between 60 and 150
    • n. of deals: between 8 and 12 per year
    • n. of accredited projects: between 60 and 100

3. BAN legal status

INTRO is an initiative started and conducted by SITRA, involved in private investors’ venture capital
activities, with a clear vision to empower public/private partnerships.

4. EBAN members

SITRA is a founding member of EBAN.




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                                   SITRA
         Finnish National Fund for Research and Development                                     2006          M
Contact person                                                 Tuula LAITINEN
Contact details                                                P.O.Box 160 (Itämerentori 2)
                                                               FI-00181 Helsinki
                                                               Finland
                                                               T: +358 9 6189-9429 / +358 9 618 991
                                                               F: +358 9 6189 9277
                                                               E: tuula.laitinen@sitra.fi
                                                               W: www.sitra.fi/preseed
Type of Network                                                National network
Date of creation                                               2001 (Initial start 1996 as Sitra Matching-
                                                               service)
Number of Employees                                            7
Legal status                                                   Part of SITRA
Hosting organisation                                           SITRA
Formal partner organisations                                   TEKES, National Technology Agency, for
                                                               LIKSA programme (development of
                                                               professional business plans).
Commercial/for profit network                                  No

Funding sources




                                                                         Public/National
                                                                         Funds

                                                  100%




                            1996 1997 1998 1999 2000                         2001          2002 2003 2004 2005

Number of projects          20      60       80      100        100                        35    87     128   165
submitted                                                           Reorganisation
Number of Business          20      60       80      130        140      of                90    207    253   286
angels
Number of women             n/a     n/a     n/a      n/a        n/a           all           4     7      7    12
investors
Number of members           20      40       20          50      10           BA           90    117    46    41
recruited during the year
Number of women                                                           network           4     3      0     5
recruited during the year
Number of deals made         2       8        8          10      12       activities       12    22     34    47

Matching services of the network:
   • Internet Presentations
   • Bulletin / Newsletter (both printed and email)
   • Investment Forums
   • Personal introduction (on a one to one or one to group basis)




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How are clients acquired?
   • Information events / seminars
   • Direct mailings
   • Visits to enterprises
   • Articles in the local / national Press
   • Established co-operation with local institutional investors

Sectors of investment
                                          5%                            ICT


                                                                        Biotech

                           35%                                 44%
                                                                        Retail and services


                                                                        Manufacturing


                                     7%                                 Other
                                               9%
                                                                        (construction,


BAN specialisation
None

Fees
No fees charged to business angels or entrepreneurs

Co-investment scheme
Investments made through INTRO are mainly based on co-investments by business angels or business
angel groups and/or venture capital funds.

Website for more information: www.sitra.fi/intro/eng

N deals                                                   43
N deals involving angels                                  28

Other investment vehicle for angels

Knowledge investments through DIILI
INTRO also offers a channel (DIILI) for marketing & sales professionals to look for a new
‘entrepreneurial’ career in companies presented at the INTRO marketplace on sweat equity basis. This
channel serves a renewable group of approx. 100 knowledge investors. These investors also typically
invest a small amount of money in the company whose entrepreneur team they join, since this seems to
motivate them. By now, over 20 DIILI knowledge investments have been realised. Often this has also
resulted in a successful financing round for the company.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments n/a

Success story: n/a




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                                                      FRANCE                                   2006
1. Background

The first associative network, named Léonardo, was set up at the beginning of nineties. The first local
network (non-profit) initiative in this field was taken by an association of young entrepreneurs called
Club Essor 92, and by André Jaunay in Hauts de Seine in 1998, under the name of Investessor. France
Angels, the national association, was set up in 2001 in order to develop the number of BANs in France.

2. Statistics

                                        1997 1998 1999 2000 2001 2002 2003    2004 2005
Number of BANs                            1    3    4   13   32    -  48(35)5  40    38
Number of Business Angels                n/a  n/a  n/a  n/a  n/a  n/a   n/a    n/a 1316
Number of deals                           0    0    1   n/a  n/a  n/a   n/a    n/a  157
Number of accredited projects            n/a  n/a  n/a  n/a  n/a  n/a   n/a    n/a  579
Number of commercial BANs                 1    2    3    4  5-10 5-10   n/a    n/a   1
Number of non-commercial BANs             0    0    1    5   16   18    n/a    n/a   37
Number of national BANs                   1    2    3    3   n/a  n/a   n/a    n/a   4
Number of regional BANs                   0    1    1    1   n/a  n/a   n/a    n/a   34
National association                      0    0    0    0    1    1     1      1     1

3. BAN legal status

In France, almost all BANs are associative BANs. Also notable in this country is that, for tax purposes, a
number of private investors have created investment companies that manage their personal stakes in
start-ups.
In France, several local saving mobilisation instruments (such as loans without interest and/or
guarantee and Love Money) are to a certain extent comparable to Business Angel activities, even
though they do not share the exact same characteristics.

In 2003/2004, a new legal framework was adopted in order to support entrepreneurship. Part of the
legislation concerns the fiscal environment of investment made by private individuals in start-up
enterprises: the tax deduction system was improved and a new type of investment company with fiscal
advantages (SUIR: Société Unipersonnelle d’Investissement à Risque) was created.

4. National association

FRANCE ANGELS, the national association of local BANs that was created in April 2001, tries to highly
increase the number of business angels in France in order to stimulate entrepreneurship in France.

5. Contact

Contact person: FRITZ Nicolas
16, Rue de Turbigo
75002 Paris
T: 33 1 44 82 77 77
F: 33 1 44 82 77 76
E: contact@franceangels.org
W: www.franceangels.org




5
 48 organisations claimed to be networks, while France Angels evaluated the real number of networks
around 35.


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6. Funding sources (2004)


                                                                          Sponsors
                                                          2%
                               30%
                                                                          Conference &
                                                                          trainings programs

                                                              68%         Fees from business
                                                                          angels and
                                                                          entreprises




Sponsors: CDC Entreprises (Groupe Caisse des Dépôts), DCASPL (Ministery for SMEs), Ministry for
Research and new Technologies, Salmon Foundation.

7. Lobbying

The national network has established contacts with the relevant Ministries in order to discuss BA and
BAN status, to improve legislation and to promote the BA concept.

8. Dissemination of the BAN concept

France Angels provides tools to BANs (website, information centre, guide…).

France Angels has created the concept of “business angels school” in order to set up or to develop
business angel networks, by informing and training business angels. 35 schools has been organised
since 2001.
France Angels has also created a special 4 days training program for people who are interested in
setting up BANs or who want to have a better understand and to work with business angels (1 or 2
seminars organised per year).

9. EBAN members

France Angels
Femmes Business Angels

***********************************************************************************************************
Below is the list of networks operating in France in Mid-2005. More detailed information is available on
the website of the French Federation of Networks www.franceangels.org



Consolidated data: Information received from 30 networks (38 in operation in Mid 2005)

Number of members (business angels): 1316

Number of projects received: 3656

Number of projects presented to investors: 579

Number of projects financed (deals): 157

Total investment for the period (Thousand euros) over the last 12 months: 15.304.000€

Average amount of the investment: 97.500€




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                                      Anjou Amorçage                                                     2006
Contact person                                             Christine CARMES
Contact details                                            8 Boulevard du Roi René – BP 60626
                                                           49100 Angers
                                                           T: + 33 2 41 20 54 83
                                                           E: christine.carmes@angers.cci.fr
Type of network                                            Covering the « Department »
Date of creation                                           End of 2000
Number of employees                                        0 (personnel seconded by the CCI)
Legal status                                               SCR – Société de Capital Risque (Risk capital
                                                           company)
Hosting organisation                                       Chamber of Commerce and Industry (CCI)
                                                           Angers
Partner organisation                                       -Angers Technopole (incubator : support for
                                                           selection of projects)
                                                           -Network of local banks (financial source,
                                                           participation in investment committees and
                                                           board of directors)
                                                           -Local Enterprise network (financial source,
                                                           participation in investment committees and
                                                           board of directors)
                                                           -OSEO and other schemes supporting the
                                                           financing of innovative companies.
Commercial/for profit network                              No

Funding sources
   - CCI of the Maine et Loire Department
   - Entrepreneurs
   - Local banks as sponsors

                                                      2001        2002       2003          2004   20052006
                                                                                                       (a)
Number of project received                    11       7                       10        2      28     20
Number of projects submitted                   4       3                        3        5       3      1
Number of business angels                      0       0                       0         0    0         0
Number of women investors                      0       0                        0        0       0      0
Number of members recruited during the year    0       0                        0        2       0      0
Nuumber of women recruited during the year     0       0                        0        0       0      0
Number of deals made                           1       1                        0        2       3      -
Average amount of the deals                 38.000€ 37.000€                    -€     41.000€ 43.333€   -

(a) 1rst of January to 31st August 2006

Services offered by the network
   • Matching
   • Investment club

How are members recruited?
   • Articles in the regional or national press
   • Partnership with local banks and other financial institutions
   • Local network (entrepreneurs…)




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Sectors of investment


                                   12,5%


                                                                        ICT
                           12,5%
                                                                        Biotech
                                                                50%
                                                                        Health related

                                                                        Manufacturing
                               25%



Specialisation
Not a business angel network as such, rather a seed capital fund supported by the Chamber of
Commerce and Industry (CCI)of the Department (Maine et Loire) in partnership with banks and local
enterprises.
Risk capital company intervening in the seed phase on innovative projects.

Fees
n/a

Co-investment scheme
Partnership with other structures financing innovation (OSEO, other regional risk capital companies,
business angel networks…).

Number of deals made                                      3
Number of deals involving business angels                 3

Other investment vehicle
Creation at the end of 2005 of an informal business angel club (13 members) managed by the CCI of
Angers.

Estimate of the number of jobs created as a result of the network activity over the last 3 years :
30

How do angels exit their investments ?

  N exits    MBO/LBO Trade sale Flotation/IPO                    Other            Bankruptcy   Other
                                                               investors
     3                       In                 1                                      1
                          progress

Success story
n/a




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                                                 Aube Investissement
                                                                                                      2006
Contact person                                                   François Dieudonné
Contact details                                                  Technopole de l'Aube
                                                                 10430 Rosières
                                                                 T: +33 3 25 75 27 76
                                                                 E: contact@aube-investissement.com
Type of network                                                  Regional
Date of creation                                                 n/a
Number of employees                                              0
Legal status                                                     Risk Capital Company SCR
Hosting organisation                                             Technopôle de l’Aube
Partner organisations                                            Shareholders
Commercial/for profit network                                    Yes

Funding sources




                                                                              Shareholders
                                                                              of the SCR




                                                        100%


                                                        1998 1999 2000 2001 2002 2003 2004 2005 2006
                                                                                                 (a)
Number of project received
Number of projects submitted
Number of business angels
Number of women investors
Number of members recruited during the
year
Nuumber of women recruited during the
year
Number of deals made                                                                                     5
Average amount of the deals
(a) 1st of January to 31 August 2007

Services offered by the network
   • Personal introduction
   • Investment club
   • Investor/entrepreneur meetings

How are clients recruited?
   • Organisation of events
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Partnership with local banks or other financial institutions
   • Personal contacts

Sectors of investment: n/a




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BAN Specialisation
None

Fees
o Fees charged to entrepreneurs : acquisition of shares
o No fees charged to business angels

Co-investment scheme
None

Other investment vehicle
n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years :
n/a

How do angels exit their investments?


N exits     MBO/LBO        Trade sale        Flotation/IPO           Other investors      Bankruptcy   Other

   2                                                                          1               1

Success stories
n/a




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                                         CLUB INVEST 77                                            2006
Contact person                                            Gilles VACHER
Contact details                                           14, avenue de Saria – Immeuble Saria B
                                                          77700 SERRIS
                                                          T: +33 1 64 63 43 43
                                                          E: contact@clubinvest77.com
Type of network                                           Local (Departement 77)
Date of creation                                          July 2000
Number of employees                                       0
Legal status                                              Association Loi 1901
Hosting organisation                                      CAPEX Conseil Chartered Accountants
Formal partner organisation                               - Seine et Marne Développement, Agence de
                                                          Développement Economique du Conseil Général ;
                                                          (logistical support for room renta land publicity)
                                                          - Chamber of Commerce and Industry of Seine et
                                                          Marne, logistical support
                                                          - Melun Val de Seine Initiatives, local initiative
                                                          platform for the Communauté d'Agglomération
                                                          Melun Val de Seine; Club Invest 77 is a member
                                                          of MVSI, one member is president and the other
                                                          member.
                                                          - Boutique de Gestion Paris Ile de France,
                                                          (providing help to entrepreneurs) support for
                                                          website maintenance– Representation in the
                                                          Board of Directors

Commercial/for profit network                             No

Funding sources




                                                                        Membership
                                                                        fees




                                                 100%



                                                   2001 2002          2003        2004    2005    2006
                                                                                                   (a)
Number of project received                          30        37        30          33    55       41
Number of projects submitted                        20        20        10           7    14        0
Number of business angels                           10        13        16          16    22       26
Number of women investors                            1         2                     3     4        4
Number of members recruited during the year         10         3        3            0     6        4
Nuumber of women recruited during the year           1         1        0            1     1        0
Number of deals made                                 2         0        2            1     4        3
Average amount of the deals                         n/a        -    33.500€ 80.000€ 121.750€ 101.666€
(a) 1st of January to 31st August 2006




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Services offered by the network
   • Personal introduction
   • Investment club
   • Investor/entrepreneur meetings
   • Internet services

How are clients recruited?
   • Organisation of events
   • Articles in the regional and national press
   • Partnership with local banks and other financing institutions
   • Word to mouth

Sectors of investment


                                      14%



                                                                     Retail and
                                                                     services

                                                                     Other:
                                                                     clothing line
                                                                     for golf
                                                        86%




BAN specialisation
None

Fees
o No fees charged on entrepreneurs
o Fees charged on business angels : 150€/annum

Co-investment scheme
None

Other investment vehicle
Risk capital company “Business angels 77”

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
35

How do angels exit their investments?
n/a

Success stories
n/a




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                                          Finance et Technologie                                              2006
Contact person                                                      Frédéric Devaivre
Contact details                                                     2 route de la Noue
                                                                    91190 Gif sur Yvette
                                                                    T: +33 1 64 86 58 38
                                                                    E: info@finance-technologie.com
Type of network                                                     Regional and national
Date of creation                                                    21 December 1998
Number of employees                                                 1 full time and 1 part time
Legal status                                                        Association Loi 1901
Hosting organisation                                                -
Formal partner organisations                                        - Regional Council Ile De France (subsidy)
                                                                    - Regional Council Essonne (subsidy)
                                                                    - Chamber of Commerce and Industry Essonne
                                                                    (logistical support)
                                                                    - Local collectivities according to events and
                                                                    initiatives
                                                                    - Actors involved in financing innovative
                                                                    enterprises: OSEO, incubators, critt, …(sourcing
                                                                    and logistical support).
Commercial/for profit network                                       No

Funding sources

    -    European Social Fund in the future for Business Lab (programme for entreprise creators)
    -    National funds: Ministry for SMEs in the future
    -    Regional funds: DRIRE, Ile de France Region, Regional Council Essonne
    -    Membership fees from business angels and entrepreneurs

                                         2000          2001         2002          2003          2004   2005     2006
                                                                                                                 (a)
Number of project received            350     307      270      219      225                                    114
Number of projects            60       87      71       65       47       61                                     29
presented
Number of Business Angels     10       30      40       30       30       30       35
Number of women investors     0        1        1        1        1        1        3
Number of members             10       20      20        5        5        5       10
recruited during the year
Number of women recrutied     0         0       0        0        0        0        2
during the year
Number of deals               2        3       6        3        3         4        2
Average amount of the deal 155.000€ 83.333€ 301.500€ 150.000€ 383.333€ 190.000€ 100.000€

(a) 1st January to 31st August 2006

Services offered by the network
   • Newsletter or information bulletin
   • Personal introduction
   • Investor/entrepreneur meetings
   • Internet services
   • Specific services for business angels investing in high-tech

How are clients recruited?
   • Organisation of events
   • Targeted publicity
   • Articles in the regional or national press
   • Partneships with associations of entrepreneurs




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Sectors of investment

                                    20%                               ICT

                                                                      Energy
                               5%

                               5%                                     Health related


                                                             70%      Manufacturing




BAN specialisation
Innovative technologies

Fees
o Fees charged on entrepreneurs : depending on mode of presentation between 50 and 200€
o Fees charged on business angels: 200€

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?

N exits    MBO/LBO        Trade sale       IPO              Other investors               Bankruptcy   Others
   8                                                 3 (following rounds by VCs)              5

Success stories
n/a




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                                             Femmes Business Angels                                     2006             M
Contact person                                                 Béatrice Jauffrineau
Contact details                                                9 Rue Fondary
                                                               75015 Paris
                                                               T: +33 1 45 77 99 82 / 06 63 82 16 02
                                                               E: contact@femmesbusinessangels.org
                                                               W: www.femmesbusinessangels.org
Date of creation                                               November 2003
                                                               Activity start January 2004
Number of employees                                            0.5
Type of network                                                Regional, Ile de France in from 2003 to 2006
                                                               National network starting end of 2006
Legal Status                                                   Association loi 1901, not-for-profit
Hosting organisation                                           -
Partner organisation                                           Conseil Régional d’ Ile de France
                                                               Ministry for SMEs:
Commercial/for profit network                                  No

Funding sources
   - National funds: Ministry for SMEs: 100.000€/3 years
   - Regional funds: Regional Council for Ile de France (subsidy of 1000€/project submitted to
      angels, and 30.000€/annum)
   - Membership fees: 150€ /member
   - Entrepreneurs fees: 50€/project presented
   - Other: registration fees for events and meetings. In the future, revenue from training.
      Sponsorship opportunities: in progress.

                                                                                             2004     2005      2006
                                                                                                                 (a)
Number of projects received                                                                   90       150       180
Number of projects submitted                                                                  35        34        25
Number of business angels                                                                     25        42        60
Number of women investors                                                                   idem      idem      idem
Number of members recruited during the year                                                   20        21        22
Number of women recruited during the year                                                   idem      idem      idem
Number of deals                                                                                5         6         6
Average amount of the deals                                                                17.400€   32.666€   35.833€

(a) 1st of January to 31st August 2006

Services offered by the network
   • Newsletter or information bulletin
   • Database of contacts
   • Personal introductions
   • Investment club
   • Investors/entrepreneurs meetings
   • Directory
   • Training

How are clients recruited?
   • Organisation of events
   • Newsletters
   • Articles in the regional and national press
   • Word to mouth: co-optation by the members




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Sectors of investment (as per June 30th 2006)

                                             9%                            ICT

                                                                           Retail and
                               19%                                         services
                                                                           Manufacturing

                                                                58%        Distribution
                                   9%                                      Media

                                        5%



BAN specialisation
None

N.B: membership exclusively constituted of women

Fee
o Fees charged on entrepreneurs: 50€/project presented
o Fees charged on business angels: 150€/annum

Co-investment scheme
Investment club: 18 members have invested 4500€ each: total amount to invest 81.000€
Investments made: around 10.000€ each

Number of investments made                                  3
Number of investment involving angels                       3

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
367 jobs created or retained between 2004 and 2006

How to angels exit their investments?
No exits yet

Investment information

  Name of the         Sector of                Date of investment          Amount          Number of BA involved
   company              activity
Canicrèche        Distribution,              Février 2005                  25.000                   1
                  franchise
Stelae            Software editor            Autumn 2004 and               100.000                  4
                                             beginning 2005
Acropolis         Telecoms                   End 2005 and June             161.000                  4
Télécoms                                     2006
Filapi            Distribution /             September 2005                57.000                   1
                  service

Success stories
n/a




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                                                     FA Dièse
                                                                                                                2006
Contact person                                                    Isabelle de Baillenx
Contact details                                                   12 cours Xavier Arnozan
                                                                  33000 Bordeaux
                                                                  T : +33 5 56 44 04 07
                                                                  E : idebaillenx@fadiese.fr
Type of network                                                   National
Date of cration                                                   July 2001
Number of employees                                               0
Legal status                                                      SAS – Fiscal status of SCR
Hosting organisation                                              -
Formal partner organisation                                       -
Commercial/for profit network                                     Yes

Funding sources




                                                                                Fees charged to
                                                                                entrepreneurs




                                                       100%



                                                                                    2002      2003      2004   2005   2006
                                                                                                                       (a)
Number of projects received                                                         100           100   100    50       0
Number of projects submitted                                                         7             8     3      1       0
Number of business angels                                                           11            11    16     18
Number of women investors                                                            2             2     2      2
Number of members recruited during the year                                                              5
Number of women recruited during the year
Number of deals                                                                       4           3      3      0
Average amount of the deals

(a) 1st of January to 31st August 2006

Matching products of the network
n/a

How are clients recruited?
n/a

Sectors of investment
                                               10%
                                                                                  ICT

                                                                                  Biotech

                                     30%                              50%         Retail and
                                                                                  services
                                                                                  Manufacturing

                                               10%




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                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




BAN specialisation
None

Fees
n/a

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
n/a

Success stories

Name of the     Sector of       Date of           Amount         N angels         Date of exit Multiple of
company          activity     investment                         involved                      return
  NEOTIC          NTIC           2003            150.000€                          New fund           X3
                                                                                    raising)




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                                        Grenoble Angels
                                                                                                       2006
Contact persons                                           Jean-Louis Brunet
                                                          Agnès Dang
Contact details                                           Chambre de Commerce et d'Industrie de
                                                          Grenoble
                                                          1, place A; Malraux – BP 297
                                                          38016 GRENOBLE CEDEX 01
                                                          Jean-Louis Brunet
                                                          T : +33 6 08 90 47 69
                                                          E: jloubrunet@aol.com
                                                          Agnès Dang
                                                          T : +33 4 76 28 25 02
                                                          E: agnes.dang@grenoble.cci.fr
Type of network                                           Local
Number of employees                                       1 part time
Legal status                                              Association Loi 1901
Hosting organisation                                      Chamber of Commerce and Industry of Grenoble
Formal partner organisation                               France Angels
                                                          Grenoble Alpes Creation: incubator for sourcing
                                                          Rhönes Alpes Creation: risk capital company, for
                                                          joint project financing
                                                          City of Grenoble: Local collectivity, financial
                                                          partnerhip in creation
                                                          Bank: Banque Populaire des Alpes: financial
                                                          partnership in creation and training management

Commercial/for profit network                             No

Funding sources
   - National funding: Ministry for SMEs, 71.500€/3 years
   - Regional funding: in progress – with the Communauté d’Agglomération Grenobloise and the
      Rhone-Alpes region
   - Membership fee from angels: 150€/annum
   - Other: City of Grenoble: 5000€ subsidy per project (in progress)
            Banque Populaire des Alpes: 5000€ subsidy per project (in progress)

                                                                                          2005       2006
                                                                                                      (a)
Number of projects received                                                            20             27
Number of projects submitted                                                            6             11
Number of business angels                                                              33             41
Number of women investors                                                               1              1
Number of members recruited during the year                                            33              8
Number of women recruited during the year                                               1              0
Number of deals                                                                         3        3 (en cours)
Average amount of the deals                                                         166.666€          n/a

(a) 1st January to 31st August 2006

Services offered by the network
   • Database of contacts
   • Personal introductions
   • Investment club
   • Investor/entrepreneur meetings
   • Internet matching service
   • The club has a collaborative platform available on the internet,
       www.grenobleangels.grenobleecobiz.biz Which proposes the following :
           - a public space enabling to attract new projects and new business angels



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           -   a private space for club members to: analyse investment projects jointly and to follow in
               real time the progress made; life of the club (agenda of the meetings, minutes, list of
               members classified according to their competence, list of club partners, library and
               resources

How are clients recruited ?
   • Organisation of events
   • Articles in the regional and national press
   • Partnership with banks and other financial institutions
   • Collaborative online platform
   • Personal contacts of members

Sectors of investment


                                   15%
                                                                               ICT



                                                                               Retail and
                                                                 55%           services
                           30%

                                                                               Manufacturing




BAN specialisation
None
The majority of the members are specialised in High Tech.

Fees
o No fees charged to entrepreneurs
o Fess charged on business angels: 150€

Co-Investment scheme
None

Other investment vehicle
Risk Capital Company

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
20 for the 3 companies financed to date.
73 to be created within the next 3 years for these same companies.

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                         Club INVESTESSOR                                                 2006
Contact person                                              Claude Boulot
Contact details                                             146 rue du Château
                                                            92100 Boulogne-Billancourt
                                                            T: +33 6 62 56 65 55
                                                            E: investessor@neuf.fr
Type of network                                             Voluntary local network (Ile de France/Hauts de
                                                            Seine)
Date of creation                                            June 1998
Number of employees                                         0.5 (limited duration contract for the webmaster)
Legal status                                                Association Loi 1901
Hosting organisation                                        -
Formal partner organisations                                Conseil Général 92
                                                            92 Entreprendre
                                                            CCIP du 92
                                                            Oséo-Anvar Ile de Fance Ouest
                                                            Ile de France Développement (risk capital)
                                                            Scientipole Initiatives
Commercial/for profit network                               No

Funding sources
- Regional funds : Ile de France
- Membership fees from angels
- Fees from entrepreneurs: 100€ per project presented to the BA


                                  1998 1999 2000 2001                 2002         2003     2004   2005    2006
                                                                                                            (a)
Number of projects received**                                                               n/a    39*      42
Number of projects submitted        7       27     27        22        20            27      22     20      15
Number of business angels          40       91     112      106       102           110     125    135     124
Number of women investors                                    1         0             1       1      2        2
Number of members recruited        40       55      59       19        8             17      22     40      20
during the year
Number of women recruited                                                             1      0      1           0
during the year
Number of deals                     5       7        8       7         2       8        9       7           n/a
Average amount of the deals        n/a     n/a      n/a     n/a     61.500€ 137.500€ 76.666€ 71.428€        n/a

(a) 1st January 2006 to 31st December 2006
* Estimation (serious difficulties within previous hosting organisation)
**Projects received after pre-selection though a telephone interview on basic criteria (financial need
<250.000€, close geographical location, business plan ready…)

Services offered by the network
   • Database of contacts
   • Personal introductions
   • Investor/entrepreneur meetings
   • Internet services
   • Debates/Forum reserved to BA members with speakers to present on fiscal issues,
       shareholder’s agreements, testimonies from BA and entrepreneurs.

How are clients acquired ?
   • Articles in the regional or national press
   • Targeted mailings
   • Website of the network
   • Word-to-mouth




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                             EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




Sectors of investment

                                         2% 2% 2%                          ICT

                                                                           Retail and
                                                                           services
                                                                           Manufacturing
                                                               50%
                               44%
                                                                           Energy

                                                                           Health related




BAN specialisation
None

Fees
o Fees charged to entrepreneurs: 100€
o Fees charged to business angels: 40€ membership fee of 10€/meeting

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
In 2005: entrepreneurs having raised finance represented 46 jobs and foresee the creation of an
additional 70 approx. within the next 2 years.

How to angels exit their investments?
n/a

Information about investments realised to date

  Name of the                 Sector of activity                       Date of             Amount    Number of BA
   company                                                           investment                        involved
DEVERYWARE           Geolocalisation platform – GPS and            December                180.000€ 3
                     mobile telephone communication                2004
L' ENVIE             Fast-casual food chain centered around        December                90.000€   > 10 BA
                     vegetables and taste                          2005
MOBILEMEET           Multi-thematic proximity meetings             Q1 2006                 80.000€   1
                     over mobile phones.




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                                                            INVEST Y                                                   2006
Contact person                                                      Janine MEURIN
Contact details                                                     25 rue du Maréchal Foch
                                                                    78000 VERSAILLES
                                                                    T: +33 1 39 02 75 75
                                                                    E: ecrire@invest-y.com
Type of network                                                     Local
Date of creation                                                    2001
Legal status                                                        Association
Hosting organisation                                                -
Formal partner organisations                                        Ile de France Region
                                                                    DRIRE
                                                                    Bank : Caisse d’Epargne
Commercial/for profit network                                       No

Funding sources
Membership fees from entrepreneurs and angels

                                        2001        2002        2003        2004                    2005                 2006
                                                                                                                         (09)
Number of projects received +- 30     50       90      90                                            90                   105
Number of projects            10      12       22       7                                                                  5
submitted
Number of business angels     15      25       35      43                                            61                   63
Number of women investors              3                4
Number of members
recruited during the year
Number of women recruited
during the year
Number of deals                2       3        2       2                                             0                   1
Average amount of the       50.000€ 46.666€ 122.500€ 65.000€                              50.000 Additional funding     100.000
deals                                                                                      injected in an enterprise
(a) 1st January to 31st August 2006

Services offered by the network
   • Newsletter or information bulletin
   • Database of contacts
   • Personal introductions
   • Investor/entrepreneur meetings
   • Internet matching services

How are clients acquired?
   • Organisation of events
   • Newsletter
   • Cooptation

Sectors of investment
                                                13%             12%                ICT

                                                                                   Biotech
                                        13%                             12%
                                                                                   Energy

                                                                                   Retail and services

                                        13%                             13%        Manufacturing

                                                                                   Leisure

                                                        24%                        Wholesale trade



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BAN specialisation
None

Fees
No fees charged to business angels and entrepreneurs.

Co-investment scheme
Risk Capital Company+ business angels + regional investment funds.

Number of investments made with this scheme               3

Other investment vehicle
Risk Capital Company

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                               SCR Irus Partenaires                                       2006
Contact person                                                   Henry de Champsavin
Contact details                                                  BP 79035
                                                                 8 rue de Gorges
                                                                 44090 Nantes cedex 1
                                                                 T: +33 240356942
                                                                 E: hdechampsavin@irusinvest.com
Type of network                                                  Regional
Date of creation                                                 2002
Number of employees                                              0
Legal status                                                     Risk Capital Company (SCR)
Hosting organisation                                             -
Formal partner organisation                                      - Some projects are evaluated in partnership with
                                                                 Pays de Loire Développement in Nantes or
                                                                 Bretagne Jeune Entreprise in Rennes in view of
                                                                 co-investment opportunitities.
                                                                 - Institutional investors from regional banks.
Commercial/for profit organisation                               Yes

Funding sources




                                                                                  Equity from
                                                                                  shares in
                                                                                  companies
                                                                                  financed




                                                    100%




                                                                              2002        2003   2004   2005   2006
                                                                                                                (a)
Number of projects received                                                     50        100    200    200    250
Number of projects submitted                                                     5         15     15     15     15
Number of business angels                                                       25        25     29     29      29
Number of women investors                                                       0          0      0      0       0
Number of members recruited during the year                                     25         0      7
Number of women recruited during the year
Number of deals                                                                  2          2     0      3      2
Average amount of the deals
                  st
(a) 1st January – 31 August 2006

Services offered by the network
   • Newsletter or information bulletin
   • Database of contacts
   • Personal introductions
   • Investor/entrepreneur meetings
   • Internet services

How are clients recruited?
Shareholders’ personal networks of contacts.



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Sectors of investment


                                 20%                                           ICT
                                                              30%
                                                                               Retail and
                                                                               services
                                                                               Manufacturing
                           15%
                                                                               Health related


                                                          20%                  Other
                                   15%




BAN specialisation
None

Fees
No fees charged to business angels and entrepreneurs.

Co-investment scheme
Each shareholder of the Risk Capital Company can co-invest in projects submitted to the Board of
Directors. This way the investments of the SCR are at the minimum doubled by direct investments from
the SCR’s shareholders.

Number of investments made with this scheme               100%
Number of investment involving angels                     100%

Other investment vehicle
Risk Capital Company

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                                      LOGODEN                                       2006
Contact person                                               ELIOT Jean-Claude
Contact details                                              15 rue du Chêne Germain
                                                             35510 CESSON SEVIGNE
                                                             T: +33 6 75 05 45 47
                                                             E: contact@logodenparticipations.com
Type of network                                              Regional
Date of creation                                             January 2005
Number of employees                                          0
Legal status                                                 Association Loi 1901
Hosting organisation                                         -
Formal partner organsiations                                 Technopôles de Bretagne
Commercial/for profi network                                 No

Funding sources




                                                                          Membership
                                                                          fees from
                                                                          business
                                                                          angels


                                                    100%


                                                                                                    2005
Number of projects received                                                                          29
Number of projects submitted                                                                         18
Number of business angels                                                                            12
Number of women investors                                                                             0
Number of members recruited during the year                                                           3
Number of women recruited during the year                                                            0
Number of deals                                                                                       3
Average amount of the deals

Services offered by the network
   • Database of contacts
   • Personal introductions
   • Internet services
   • Investor/entrepreneur meetings

How are clients recruited?
Through proposition from the members and upon agreement from the Board of Directors.

Sectors of investment (2005)




                                    33%
                                                                          ICT



                                                                          Health
                                                                67%       related




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BAN specialisation
None

Fees
o Fees charged to business angels: 150€/annum

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                                         Lorraine BA                                       2006
Contact person                                                 Catherine Mertz
Contact details                                                13 rue Claude Chappe
                                                               57 070 Metz
                                                               T: +33 387763636
                                                               E: cmertz@synergie-ceei.com
Type of network                                                Regional
Date of creation                                               10 February 2005
Number of employees                                            1
Legal status                                                   Association
Hosting organisation                                           CEEI Synergie (structure supporting the creation of
                                                               companies)
Formal partner organisations                                   Regional Council of Lorraine (financial partnership)
Commercial/for profit network                                  No

Funding Sources
- Regional funds: annual subsidy of 45.000€ and co-funding from Chamber of Commerce and Industry
- Membership fees= 150€/investor

                                                                                                    2005       2006
                                                                                                                (a)
Number of projects received                                                                          22         10
Number of projects submitted                                                                         12          5
Number of business angels
Number of women investors                                                                            0          0
Number of members recruited during the year                                                          11         3
Number of women recruited during the year                                                            0          0
Number of deals                                                                                      1          2
Average amount of the deals                                                                          ?          ?
(a) 1st January – 31st August 2006

Services offered by the network
   • Personal introductions
   • Investor/entrepreneur meetings
   • Internet services

How are clients acquired?
   • Organisation of events
   • Visit to enterprises
   • Articles in the regional/national press
   • Partnerships with local banks or other financial institutions
   • Personal network of contacts of the members.

Sectors of investment



                                          33%
                                                                                 ICT


                                                                                 Manufacturing
                                                                       67%




BAN specialisation
None




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Fees
o Fees charged to business angels: n/a
o No fees charged to entrepreneurs

Co-investment scheme
Investment Company called “LBA Invest SAS” was created. One has to be a member of the BAN to
become a member of this investment company.

LBA also has good contacts with SADEPAR and the Institut Lorrain de Participation – financed by the
Regional Council.

Number of investments with this scheme                    1
Number of deals involving BA                              1

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                                      MedInvest
                                                                                                              2006
Contact person                                                      Hervé BAUJARD
Contact details                                                     950 chemin de St Etienne
                                                                    06570 Saint-Paul
                                                                    T: +33 6 18 65 34 36
                                                                    E: hbaujard@mageos.com
Type of Network                                                     Regional : Provence-Alpes-Cote d’Azur (PACA)
Number of employees                                                 None
Legal status                                                        Association Loi 1901
Hosting organisation                                                Association Méditerranée Investissements
Formal Partner Organisations                                        Incubator East PACA
                                                                    Incubator Belle de Mai
                                                                    FEIR Entreprendre Network
                                                                    Réseau Entreprendre
Commercial/for profit network                                       No

Funding sources




                                                                                     Fees from
                                                                                     business
                                                                                     angels



                                                           100%

                                                                                                     2005     2006 (a)
Number of projects received                                                                            30        25
Number of projects submitted                                                                           8         4
Number of business angels                                                                             15        15
Number of women investors                                                                              0         0
Number of members recruited during the year                                                           15         5
Number of women recruited during the year                                                              0         0
Number of deals                                                                                        1         2
Average amount of the deals                                                                         30.000€   90.000€
(a) 1st January to 31st August 2006

Services offered by the network
   • Database of contacts
   • Personal introductions

How are clients acquired?
   • Targeted publicity
   • Partnership with local banks or other financial institutions
   • Network website
   • Prescriptions




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Sectors of investment



                                                                      ICT
                                    33%                        34%

                                                                      Retail and
                                                                      services
                                                                      Manufacturing


                                                 33%

BAN specialisation
None

Fees
o Fees charged to business angels: 50€
o No fees charged to entrepreneurs

Co-investment scheme
Partnership with France Angels is used in order to involve other networks in the financial rounds
necessitating superior amounts.

Number of investments with this scheme                     2
Number of deals involving BA                               2

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
2

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                        Paris Business Angels
                                                                                                          2006
Contact person                                             Cyril de Maleprade
Contact details                                            16 rue de Turbigo
                                                           75002 PARIS
                                                           T: +33 1 44 82 77 73
                                                           E: contact@parisbusinessangels.com
Type of network                                            Local
Date of creation                                           July 2003
Number of employees                                        2
Legal status                                               Not-for-profit association (Loi 1901)
Hosting organisation                                       -
Formal partner organisation                                - Ile de France Développement – Regional seed
                                                           capital fund ; Associate member of Paris Business
                                                           Angels for co-investment purposes
                                                           - Passer le Relais : Enterprise transmission
                                                           service from the Chamber of Commerce and
                                                           Industry of Paris. The objective is to support
                                                           enterprises in transmission with a growth
                                                           potential.
Commercial/for profit network                              No

Funding sources
- European funding through the participation in the EASY project (Innov 9)
- National funding: Label received from the Ministry for SMEs
- Regional funding: Mairie of Paris and Ile de France Region
- Fees from business angels: 200€/annum

                                                                                           2004    2005     2006
                                                                                                             (a)
Number of projects received                                                             212         276     200
Number of projects submitted                                                             39          40      30
Number of business angels                                                               17          36       52
Number of women investors                                                                2           5        6
Number of members recruited during the year                                              17         26       22
Number of women recruited during the year                                                2           3        1
Number of deals                                                                         10          13        1
Average amount of the deals                                                           80.700€     45.384€ 150.000€
(a) 1st January to 31st August 2006

Services offered by the network
   • Newsletter or information bulletin
   • Personal introductions
   • Investor/entrepreneur meetings
   • Internet services
   • Fiscal and legal training programmes
   • Access to the database of enterprises in transmission of the CCIP
   • Participation in meetings of companies going on the public market

How are clients acquired ?
   • Organisation of events
   • Articles in the regional/national press
   • Partnership with local banks and other financial institutions
   • Co-optation
   • Participation in rountables during fairs and events organised around the theme of financing
      young enterprisers.




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Sectors of Investment

                                         9%


                                                                           ICT

                                                                 47%       Biotech
                           35%
                                                                           Retail and
                                                                           services
                                                                           Manufacturing

                                              9%




BAN specialisation
None

Fees
o Fees charged to business angels: 200€/annum
o No fees charged to entrepreneurs

Co-investment scheme
Partnership signed in May 2006 with the seed fund Ile de France Développement.

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
(jobs concerned with the individual investments)

                                                2004      2005
                                                127       210

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                           Savoie Angels
                                                                                                   2006
Contact person                                             Daniel MONCHAL
Contact details                                            Savoie Technolac
                                                           BP 234
                                                           73374 LE BOURGET DU LAC CEDEX
                                                           T: +33 4 79 25 36 34
                                                           E: contact@savoie-angels.com
Type of network                                            Local
Date of creation                                           2006
Number of employees                                        0
Legal status                                               Association
Hosting organisation                                       Savoie Technolac, Technopôle de la Savoie
Formal partner organisation                                Savoie Technolac, Technopôle (logistical support
                                                           and human resources)
Commercial/for profit network                              No

Funding sources
- National funding: Label received form the Ministry for SMEs
- Fees from business angels
- Sponsors

                                                                                                    2006
                                                                                                     (a)
Number of projects received                                                                          15
Number of projects submitted                                                                          6
Number of business angels                                                                            50
Number of women investors                                                                             2
Number of members recruited during the year                                                          50
Number of women recruited during the year                                                             2
Number of deals                                                                                       0
Average amount of the deals
(a) 1st January to 31 August 2006

Services offered by the network
   • Newsletter or information bulletin
   • Database of contacts
   • Personal introductions
   • Investor/entrepreneur meetings
   • Internet services

How are members recruited?
   • Organisation of events
   • Newsletter
   • Partnership with local banks or other financial institutions

Sectors of investment n/a

BAN specialisation
None

Fees
o Fees charged to business angels: 50€
o No fees charged to entrepreneurs

Co-investment scheme
None




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Other investment vehicle
Risk Capital Company (SCR) in creation.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
No exits yet

Success stories
n/a




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                                      Sophia Business Angels                                    2006
Contact person                                             Mario Anid
Contact details                                            E: mario@sophiabusinessangels.com
Type of network                                            Local and international
Date of creation                                           July 2002
Number of employees                                        0
Legal status                                               Association 1901
Hosting organisation                                       -
Formal partner organisation                                -
Commercial/for profit network                              No

Funding sources




                                                                          Fees from BA



                                                  100%


                                                                                               2006 (a)
Number of projects received                                                                      40
Number of projects submitted                                                                     12
Number of business angels                                                                        40
Number of women investors                                                                         2
Number of members recruited during the year                                                       7
Number of women recruited during the year                                                         0
Number of deals                                                                                   3
Average amount of the deals                                                                    200000
(a) 1st January to 31st August 2006

Services proposed by the network
   • Database of contacts
   • Personal introductions
   • Investment clubs
   • Investor/entrepreneur meetings
   • Internet services

How are members recruited?
   • Organisation of events
   • Co-optation by existing members

Sector of investment
The majority in ICT. 1 deal in marine rental, 1 in wind energy platforms, and 1 in beverages

BAN specialisation
Investment preferences in ICT but not exclusively.

Fees
o Fees charged to business angels: 500€
o No fees charged to entrepreneurs

Co-investment scheme
None


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Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
No exits yet

Investment information

Name of the Sector of        Date of               Amount              Number of           Information
 company     activity      investment            investment                 BA
                                                                         involved
Innovacard    Smart      End of 2002        Several rounds for         3          VC funding raising twice
              Card                          a total investment                    the amount raised for the
                                            of 300.000€                           first financial round. No
                                                                                  exit yet.

Success stories n/a




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                                                      Start Me Up                                              2006
Contact person                                                            Johann NICOLAS
Contact details                                                           Chez REP
                                                                          15 rue du Dauphiné BP 369
                                                                          69 960 Corbas
                                                                          T: +33 4 72 21 53 53
                                                                          E: johann.nicolas@s-m-u.net
Type of network                                                           Régional : Rhône-Alpes + Paris
Date of creation                                                          2000
Number of employees                                                       1
Legal status                                                              Société Anonyme
Hosting organisation                                                      REP (Company producing elements to inject
                                                                          rubber)
Formal partner organisation                                               -
Commercial/for profit network                                             Yes

Funding sources




                                                                               Fees from BA



                                                           100%


                                                           2000       2001       2002         2003      2004    2005 2006
                                                                                                                      (a)
Number of projects received                                 60         100        90               95   100     120   50
Number of projects submitted                                10         15         13               15    13      6*    3
Number of business angels                                   10         10         10               10   10       15   15
Number of women investors                                   2           2          2                2    2        2    2
Number of members recruited during the                      0           0          0                0    0        0    0
year
Number of women recruited during the                         0           0         0               0     0       0    0
year
Number of deals                                            2             0        4       3        1             0    0
Average amount of the deals                             131.500€         0     79.250€ 190.333€ 75.000€          -    -
(a) 1st January – 31st August 2006
*Change in selection procedure or projects

Services proposed by the network
   • Database of contacts
   • Personal introductions
   • Investor/entrepreneur meetings

How are members recruited?
   • Personal network of contacts




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Sectors of investment

                                          35%

                                                                       ICT


                                                               100% Retail and

                                 9%
                                                                       services

                                                                       Manufacturing




BAN specialisation
None

Fees
o Entrance fee into the network: 75K€ (once)
o No fees charged to entrepreneurs nor business angels

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?

N exits      MBO/LBO           Trade Sale         IPO               Other                 Bankruptcy   Other
                                                                    investors                          (capital
                                                                                                       reduction)
     6                                1                                      1                3            1

Success stories
n/a




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                                                 Sud Angels                                       2006
Contact person                                                           Claude JACQUEMIN
Contact details                                                          10 Parc Club Millenaire
                                                                         34 000 Montpellier
                                                                         T: +33 4 67 20 44 85
                                                                         E: contact@sud-angels.fr
Type of network                                                          Regional
Date of creation                                                         2006
Number of employees                                                      0
Legal status                                                             Risk Capital Company (SCR)
Hosting organisation                                                     -
Formal partner organisation                                              Club des Ambassadeurs du Sud
                                                                         Association Loi 1901
Commercial/for profit network                                            Yes

Funding sources
- No funding sources to finance the day-to-day management of the network
- Fees from business angels

                                                                                          2005     2006
                                                                                                    (a)
Number of projects received                                                                          50
Number of projects submitted                                                              20         20
Number of business angels                                                                 19        19
Number of women investors                                                                  1         1
Number of members recruited during the year                                                -          -
Number of women recruited during the year                                                  -          -
Number of deals                                                                            -         4
Average amount of the deals                                                                       50.000€
(a) 1st January 2006 to 31 August 2006

Services proposed by the network
   • Database of contacts
   • Personal introductions
   • Investor/entrepreneur meetings
   • Investment clubs

How are members recruited?
   • Organisation of events
   • Partnership with local banks and other financial institutions

Sector of investment
n/a

BAN specialisation
None.

Fees
o No fees charged to entrepreneurs nor business angels
Business angels are shareholders of the risk capital company.

Co-investment scheme
None.

Other investment vehicle
None




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Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
n/a

Success stories
n/a




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                                          Symbiose 53                                               2006
Contact person                                                        Laval Dévelopement
                                                                      Jean Héaummé ou Marcel Thomas
Contact details                                                       BP 1405
                                                                      53 014 Laval Cedex
                                                                      T: +33 02 43 49 86 00
                                                                      E: marcel.thomas@laval-
                                                                      developpement.asso.fr
Type of network                                                       Local
Date of creation                                                      2000
Number of employees                                                   0
Legal status                                                          Local investment club
Hosting organisation                                                  Laval Développement Development
                                                                      Agency
Formal partner organisation                                           -
Commercial/for profit network                                         No

Funding sources
- No funding sources to finance the day-to-day management of the network

                                                                                           2005     2006 (a)
Number of projects received
Number of projects submitted
Number of business angels                                                                             27
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals                                                                                        7
Average amount of the deals                                                               40.000€
(a) 1st January 2006 to 31 August 2006

How are members recruited?
Networks of contacts.

Sectors of investment

                                          9%


                                                                      ICT



                                                                      Manufacturing

                                                      100%


BAN specialisation
None (except geographical specialisation).

Fees
No fees charged to entrepreneurs nor business angels

Co-investment scheme
With Normandie Investissement (Bank Crédit Mutuel)

N deals                                                  5
N deals involving angels                                 5


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Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
n/a

Success stories
n/a




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                                            SYNERGENCE                                              2006
Contact person                                                M. Jean-Claude Mary, Président – Mme Sophie
                                                              Chrétien, Animatrice
Contact details                                               M. J-C Mary
                                                              T : +33 6.85.11.36.69
                                                              E: jcmary@novenci.com
                                                              255, avenue du Général de Gaulle – 16800
                                                              Soyaux
                                                              Mme Sophie Chrétien :
                                                              T : +33 6.85.93.27.71
                                                              E : schretien@charente-developpement.com
                                                              Charente Développement, 7 rue du Secours,
                                                              16000 Angoulême
Type of network                                               Local/regional
Date of creation                                              December 2003
Number of employees                                           4
Legal status                                                  Association loi 1901
Hosting organisation                                          Charente Développement – Developing Agency
                                                              of Charente
Formal partner organisation                                   Entreprendre en Poitou-Charentes
                                                              Medef
                                                              CGPME
                                                              Charente Initiative – Local Initiative Platform
                                                              Chamber of Commerce and Industry
                                                              IRPC( local incubator)
                                                              PCE-PCI
Commercial/for profit network                                 No

Funding sources
- Regional funds: Regional Council of Charent: 1000€/file presented to the investors
The Regional Innovation Fund could be supported by the Risk Capital Company
- Membership fees: Individuals: 100€; Legal person: 200€; Sustaining members 400€
- Contribution from the Development Agency: ¼ time for Project Manager; ¼ time for Secretariat and office.

                                                                                           2005     2006 (a)
Number of projects received                                                                 16        19
Number of projects submitted                                                                10         8
Number of business angels
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals                                                                              1
Average amount of the deals                                                               20.000€
(a) 1st January 2006 to 31 August 2006

Services proposed by the network
   • Newsletter or information bulletin
   • Personal introductions
   • Investor/entrepreneur meetings

How are members recruited?
   • Organisation of events: Business Angel school, Innovation meetings..
   • Newsletter
   • Targeted publicity
   • Visit to enterprises
   • Articles in the regional or national press
   • Links with partners/animation of the innovation network




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Sectors of investment




                                                                    Manufacturing



                                               100%


BAN specialisation
None

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: 400€

Co-investment scheme
None (at the moment)

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
n/a

Success stories
n/a




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                                   XMP Business Angels                                                 2006
Contact person                                                     François CHERRUAU
Contact details                                                    12, rue de Poitiers
                                                                   75007 PARIS
                                                                   T: +33 6 07 62 32 05
                                                                   E: cherruau.françois@neuf.fr
Type of network                                                    National
Date of creation                                                   18 December 2004
Number of employees                                                1 Secretary 2 afternoons per week
Legal status                                                       Association loi 1901
Hosting organisation                                               Maison des Polytechniciens, 12, rue de
                                                                   Poitiers, 75007Paris
Formal partner organisation                                        -
Commercial/for profit network                                      No

Funding sources
- Association of alumni from Grandes Ecoles: Polytechnoqie, Ecole des Ponts, Ecole des Mines.

                                                                                            2005     2006 (a)
Number of projects received                                                                  51         46
Number of projects submitted                                                                 21         33
Number of business angels                                                                    44         53
Number of women investors                                                                     0          0
Number of members recruited during the year                                                  44         18
Number of women recruited during the year                                                    1           0
Number of deals                                                                               5          3
Average amount of the deals                                                               200.000€   215.000€
(a) 1st January 2006 to 31 August 2006

Services proposed by the network
   • Newsletter or information bulletin
   • Database
   • Personal introductions
   • Investor/entrepreneur meetings
   • Internet sevices

How are members recruited?
   • Organisation of events
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press

Sectors of investment




                                                                              ICT




                                              100%




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BAN specialisation
Specialised by grouping alumni from French scientific Grande Ecoles.

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: 150€

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments?
n/a

Success stories
n/a




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                                          GERMANY                                                2006         M
1. Background

The first German BAN was set up in 1998. The same year also saw the creation of BAND, a national
organisation whose objective is to raise awareness about the importance of regional BANs as factors of
the emergence of a new entrepreneurial culture. BAND is sponsored by the Federal Ministry for
Economics and Technology and by leading state agencies as well as by bodies from the financial sector
and the industries. These original sponsors mainly formed the membership. BAND developed strong
relations with potent media-partners. BAND has most recently restructured the membership to include
Business Angel Networks. The Board has changed in 2000 and the headquarters moved to Essen,
North Rhine-Westphalia. BAND provides information for entrepreneurs and Business Angels and the
general public about Business Angel culture and acts as speaker for their interest. BAND provides and
organizes further education for all players in the market of Private Equity.

2. Statistics

                                        1998 1999 2000 2001 2002 2003                           Mid 2004   2005
Number of BANs                            0    -   43    36  40   40                               40       40
Number of Business Angels                0    n/a  n/a  750 1200 1025                            1025      about
                                                                                                           1000
Number of deals                            0        1         n/a    n/a       n/a        n/a     n/a       n/a
Number of accredited projects              0       n/a        n/a    n/a       n/a        n/a     n/a       n/a
Number of commercial BANs                  0                          1         3          4       4         4
Number of non-commercial BANs              0        0          1     35        37         36      36        36
Number of national BANs                    0        0          0      1         1         n/a     n/a       n/a
Number of regional BANs                    0       n/a        n/a              30         n/a     n/a       n/a
National association                       0        1          1       1        1          1       1         1

3. BAN legal status

BANs operating in Germany are set up as either public sponsored associations, non-profit associations
or private enterprises.

4. National association

As indicated above, the German association BAND was set up as early as 1998 to conduct an
awareness campaign on the concepts of Business Angels and BANs in the regions.

Contact:
Dr. Roland Kirchhof
Dr. Ute Günther
Semperstr. 51
45138 Essen
Germany
T.: + 49 201 89 415 –60; F.: + 49 201 89 415 –10
www.business-angels.de; band@business-angels.de




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5. Lobbying

BAND is namely conducting actions to secure a more attractive tax status for Business Angels and fight
against tax discrimination against investment in the shares of unlisted companies compared to other
forms of tangible or intangible investment.

6. Dissemination of the BAN concept

BAND has established its website as the prime source of information about Business Angels culture and
issues a quarterly newsletter BAND has achieved the collaboration of 3 media-partners and organizes
the annual German Business Angels Day. BAND provides jumpstart information for new networks
through a BAND starter-kit. BAND organizes seminars and conferences to various topics relevant to
Angel Investors and entrepreneurs and has several working groups of Business Angels and Business
Angel Network managers dealing with important topics as syndication, taxes and financing of networks.

7. EU support

n/a

8. EBAN members

BAND
BAAR
netzwerk|nordbayern
BANSON
Venture Forum Neckar e.V.




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                        BUSINESS ANGELS AGENTUR RUHR e.V.                                         2006       M
                                     (BAAR)

Contact person                                               Dr. Roland KIRCHHOF
                                                             Dr. Ute GÜNTHER
Contact details                                              Semperstr. 51
                                                             45138 Essen
                                                             Germany
                                                             T: +49 201 89 415 -30
                                                             F: +49 201 89 415 -10
                                                             E: info@baar-ev.de
                                                             W: www.baar-ev.de
Type of network                                              Regional Network: operates nationwide with focus
                                                             on the Ruhr region
Date of creation                                             December 1999
Employees                                                    3 (part-time work)
Legal status                                                 eingetragener Verein
Formal partner organisations                                 Member of Business Angels Netzwerk
                                                             Deutschland e.V. (BAND)
                                                             Member of EBAN
Commercial/for profit network                                No

Funding sources




                                                                            Membership
                                                                            fees

                                                    100%




Membership fees charged to Business Angels, intermediaries and other organisations in the
membership like VC’s, credit institutions etc.

                                        1999 2000 2001 2002 2003                              2004         2005
Number of projects of submitted          n/a  80   150  40  150                           57 (enterprise   200
                                                                                          presentations)
Number of Angels                          20      60         90    80       90                 59          60
Number of women investors
Number of members recruited during
the year
Number of women recruited during
the year
Number of deals made                      0        8        6       3      n/a                  5           3
Average amount of deals                  n/a      n/a      n/a     n/a     n/a                 n/a         N/a

Matching products of the network:
  • Monthly investment forums
  • Personal introduction (on a one-to-one basis)
  • Special meetings for turnaround cases
  • Cooperation with Business Angels Forum Deutschland, the BAND Internet matching tool

How are clients acquired?
  • Information events / seminars / awareness
  • Direct mailing advertisement



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   •   Articles in local / national Press
   •   Established co-operation with local banks / financing institutions / accountants/founder network

Sectors of investment n/a

BAN specialisation
None

Fees
Symbolic presentation fee only for those entrepreneurs presenting at the BAAR Forums.

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story

Name of company      Sector of       Date of           Amount         Number of            Date of   Multiple of
                      activity     investment          invested         angels              exit     return for
                                                          (€)          involved                      investors (i.e.
                                                                                                     times return on
                                                                                                     money)
Pegasus-Mail         Services      December           25.000          1                Probably      n/a
Dienstleistungs                    2001                                                2006
GmbH




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                         BUSINESS ANGELS CLUB BERLIN e.V.                                               2006
Contact person                                                  Peter Matthies, Member of the Board
                                                                Ingrid Abel
Contact details                                                 Bundesallee 171
                                                                10715 Berlin
                                                                T: +49 (30) 21 25 48 84
                                                                F: +49 (30) 21 25 48 83
                                                                E: info@business-angels-berlin.de
                                                                W: www.business-angels-berlin.de
Type of network                                                 Regional
                                                                Berlin, Brandenburg
Date of creation                                                July 2005
Employees                                                       2
Legal status                                                    registered society (Club),
                                                                foundet Dec. 2004
Hosting organisation                                            Investitionsbank Berlin
Formal partner organisations                                    BBAF Business Angels Fonds Ges. mbH
                                                                (founded May 2005)
Commercial/for profit network                                   No

Funding sources

                                                                       Regional Funds
                                            5%
                                    10%
                                                                       Fees from
                                                                       business angels
                                                                       Other



                                                   85%




                                   1998 1999         2000       2001      2002 2003       2004   2005     Mid -
                                                                                                          2006
Number of projects submitted         2        7       35         36        30       30     24      29      35
Number of Angels                     8       22       35         57        42       48     33      40      46
Number of women investors                                                                                   0
Number of members recruited                                                                        3        6
during the year
Number of women recruited                                                                          1        0
during the year
Number of deals made                 -        -       6      6              -        -      1      2       2-4
Average amount of the deal           -        -     20.000 20.000           -        -    30.000 75.000   75.000

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment n/a




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BAN specialisation
IT and other Technologies (old and new economy)

Fees
No fees charged to business angels and entrepreneurs

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
Up to 200 in the field für “Turaround” in the field of Investments: no comments by Angels

How do angels exit their investments? n/a

Success stories

The Club in its present constellation was founded in December 2004. We are not able nor allowed to
announce information concerning success stories in between 1998 and Dec. 2004.

Club Board: Axel Gropp, Peter Matthies, Jürgen Tech

Investments

YEAR 2005
 Name of      Sector of        Date of            Amount             Number of              Date of      Multiple of
 company       activity      investment         invested (€)           angels                exit        return for
                                                                      involved                           investors
Epiontis      Biotech       May 2005            100.000            one                      no        no comment by
Berlin                                                                                      comment   Angel
eDebster,     IT            June 2005           50.000             one                      no        no comment by
Berlin                                                                                      comment   Angel

YEAR 2006
   Name of               Sector of         Date of          Amount          Number of           Date ofMultiple of
   company                activity       investment         invested          angels             exit  return for
                                                               (€)           involved                  investors
KMK-                Manufacturing May 2006                 600.000         two                 no      no comment
Kunststofftechnik                                                                              comment by Angel
GmbH

L.O.S. GmbH,        Med-Tech            July 2006          ca.             one                 no         no comment
Berlin                                                     150.000                             comment    by Angel
Opix AG, Berlin     IT                  planned in         80.000          BBAF                no         no comment
                                        Oct. 2006                          Fondsges.           comment    by
                                                                           mbH                            Fonds, sofar




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         BUSINESS ANGEL NETZWERK SÜD OST NIEDERSACHSEN E.V                                             2006      M
                           BANSON

Contact person:                                             Rolf Richter
Contact details                                             C/o Gründervilla im Technologiepark
                                                            Rebenring 33
                                                            38106 Braunschweig
                                                            T: +49 531 3804 265
                                                            F: +49 531 3804 269
                                                            E: info@banson.net
                                                            W: www.banson.de/www.banson.net
Type of network                                             Regional/local
Date of creation                                            June 2003
Number of Employees                                         2
Legal status                                                Non-profit organisation
Hosting organisation                                        Business angel team GmbH
Partner organisations                                       Local economy assistance by city and legal
                                                            profit organisations
Commercial/for profit                                       No

Funding Sources (2005)




                                                                  F e e s fro m
                                                 5%
                                                                  B u s in e s s A n g e ls
                                                                  O th e r (s p o n s o rs )

                                         95%




                                                                                       2003    Mid 2004   2005
Number of projects submitted                                                            4          8
Number of Angels                                                                        8         11
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                                    n/a       1
Average amount of the deal                                                              n/a      n/a

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visit to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment

                                      10%

                                                                       ICT
                              10%

                                                                       Retail and
                                                                       services
                                                                       Other




                                                         80%


Fees
o Fees charged to entrepreneurs: 200€
o Fees charged to business angels: 200€

Co-investment scheme
www.banson.net

N deals                                                  7
N involving angels                                       7

Other investment vehicles for angels
   - Co-investment models
   - High Tech Gründerfonds, partnership, Coach
Estimate of the number of jobs created as a result of the network activity over the last 3 years
50

How do angels exit their investments
n/a

Success story
n/a




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                        BRAINSTOVENTURES GmbH (b-to-v)                                                           2005
Contact person                                                  Florian Schweitzer
Contact details                                                 Pfisterstrasse 6
                                                                80331 München
                                                                T: +49 89 2080 5880
                                                                F: +49 89 2080 5888
                                                                E: florian.schweitzer@b-to-v.com
                                                                W: www.b-to-v.com
Type of network                                                 National
Date of creation                                                2000
Number of Employees                                             8 (based in Switzerland)
Legal status                                                    Private limited company
Partner organisations                                           Altium Capital, Capitalbank – GRAWE Gruppe
                                                                AG, SWX Swiss Exchange, Venture Capital
                                                                Magazin, VI Partners AG, Wenger&Vieli

Funding Sources:



                                               10%                              F e e s fr o m
                                     10%                                        b u s in e s s a n g e ls
                                                                                F e e s fr o m
                                                                                e n tr e p r e n e u r s
                                                              80%               O th e r ( s p o n s o r s )




                                            2000       2001         2002       2003               2004         Mid 2005
Number of projects submitted                 500        1500        1800       2000               1000          2200
Number of Angels                             10         100         250         300                330           350
Number of deals made                          2          5           0           4                  10             8
Average amount of the deal                 0.1m€       0.2m€          -        1.2m€              0.5m€         0.7m€

Matching services of the network
   • Newsletter or private information bulletin
   • Database of contacts (not public)
   • Meetings
   • Regular telephone conferences on specific topics
   • Investment Clubs (e.g. b-to-v Investor Circle)
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Events and information fairs (e.g. b-to-v Investor Talks)
   • Monthly Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other: Referrals of existing members

Fees
o Fees charged to entrepreneurs and business angels: more than 500€.




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Estimate of the number of jobs created as a result of the network activity over the last 3 years:
100

Success story:

  Name of         Sector of        Date of            Amount            Number of           Date Multiple of return for
  company          activity      investment         invested (€)          angels            of exit investors (i.e. times
                                                                         involved                   return on money)
OpenBC.com       Networking     April 2004         Undisclosed         6
                 Platform




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                                             BAN LAUSITZ                                                      2006
Contact person                                                  Helmut Rauer
Contact details                                                 Dresdener Strasse 44
                                                                03050 Cottbus
                                                                T: +49 355 584 5860
                                                                F: +49 355 584 5864
                                                                E: info@banl.net
                                                                W: www.banl.net
Type of network                                                 Regional
Date of creation                                                04/2004
Number of Employees                                             0
Legal status                                                    Vereinsregister 1787 CB
Partner organisations                                           BAND

Funding Sources




                                                            10%
                                                                                 F e e s fro m
                                                                                 e n tr e p re n e u r s
                                                                                 O th e r (s p o n s o rs )
                                           90%




                                                                                                          Mid 2004
Number of projects submitted                                                                                  1
Number of Angels                                                                                              5
Number of deals made                                                                                          0
Average amount of the deal                                                                                    0

Matching services of the network
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Visits to enterprises
   • Cooperation agreements with local banking, financial or fiduciary institutions

Fees
o Fees charged to entrepreneurs: less than 100€.
o No fees charged to business angels.




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                        BANKO – Business Angels Netzwerk Rheinland
                           im TechnologieZentrum Koblenz                                                      2005
Contact person                                                        Stefan Dresen
Contact details                                                       Maria Trost 23
                                                                      56070 Koblenz
                                                                      T: +39 0261 88 54 – 255
                                                                      F: +39 0261 88 54 - 119
                                                                      E: info@banko-rheinland.de
                                                                      F: www.banko-rheinland.de
Type of network                                                       Regional - Rheinland
Date of creation                                                      n/a
Employees                                                             n/a
Legal status                                                          n/a
Hosting organisation                                                  n/a
Formal partner organisations                                          n/a

Funding sources




                                                                             R e g io n a l fu n d s
                                 40%

                                                               60%           F e e s fr o m
                                                                             b u s in e s s a n g e ls




                                                                              2002                     2003    2004
Number of projects submitted                                                   15                       35      26
Number of Angels                                                                9                       12      11
Number of deals made                                                            1                        2       1
Average amount of the deal                                                     n/a                      n/a     n/a

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: between 100€ and 500€




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Estimate of the number of jobs created as a result of the network activity over the last 3 years:
30

Success story:

 Name of     Sector of activity      Date of           Amount         Number of              Date Multiple of return for
 company                           investment         invested          angels             of exit investors (i.e. times
                                                         (€)           involved                    return on money)
LEDX         Advertisement        2002              n/a              1                     -       -
S4B          IT-Security          2003              n/a              2                     -       -
BMIB         Life Science         2003              n/a              1                     -       -
wizAI        Artifical            2004              n/a              1                     -       -
             Intelligence




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                                        netzwerk|nordbayern                                          2006          M
Contact person:                                                   Arne-G. HOSTRUP
Contact details                                                   netzwerk|nordbayern
                                                                  Neumeyerstr. 48
                                                                  90411 Nürnberg
                                                                  T: +49 911 59 724 8031
                                                                  F: +49 911 59 724 8049
                                                                  E: hostrup@netzwerk-nordbayern.de
                                                                  W: www.netzwerk-nordbayern.de
Type of network                                                   Regional Network – Region of Northern
                                                                  Bavaria
Date of creation:                                                 December 1999
Employees:                                                        9
Legal status:                                                     Limited company
Hosting organisation:                                             F.U.N. e.V.
Commercial/for profit network                                     No

Funding sources


                                                                      P u b lic /N a tio n a l
                                                                      F u n d in g
                                                        30%           F e e s fr o m
                                                                      e n te r p r is e s
                            60%
                                                        10%           O th e r
                                                                      (s p o n s o rs )




                                                     1999 2000 2001 2002                     2003    2004     2005
 Number of projects submitted                         n/a  84   70   44                       46      63       38
 Number of Angels                                      4  136   85   77                       68      68       65
 Number of women investors                                                                                      1
 Number of members recruited during the year                                                                   10
 Number of women recruited during the year                                                                      1
 Number of deals made                                  5      24       19        10            8        8       7
 Average Amount of Deals (€)                          n/a     n/a      n/a       n/a        1,4 Mio. 600.000 900.000

Matching products of the network:
  • Matching through Bulletin / Newsletter
  • Personal introduction (on a one-to-one basis)
  • Investment forum/ fairs

How are clients acquired?
  • Information events / seminars
  • Own newsletters
  • Direct mailing advertisement
  • Visits to enterprises
  • Articles in local / national Press
  • Established co-operation with local banks / financing institutions / accountants
  • Cooperation with local Business plan Competition
  • Other (networking)

Sectors of investment




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                                           3%                                ICT
                                  12%
                                                                             Biotech

                                                                             Energy

                         18%                                    47%          Retail and services

                                                                             Health related

                             1%                                              Manufacturing
                                8%
                                                                             Logistics, media,
                                         11%                                 financials


BAN specialisation
No specialisation

Fees
No fees charged to business angels or entrepreneurs

Co-investment scheme
None

Other investment vehicle for angels
- Syndication with other angels or VCs
- Co-Investments of the KfW and BayernKapital, the Start Funds leverages private equity since it only
provides capital if a co-investor is involved.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
2.365

How do angels exit their investments? n/a

Success stories

 Name of        Sector of           Date of           Amount           Number of             Date   Multiple of return
 company         activity         investment         invested            angels               of    for investors (i.e.
                                                        (€)             involved             exit   times return on
                                                                                                    money)
Human        Medtech                                                                     IPO
Optics                                                                                   2006
Biogate      Biotechnology                                                               IPO
                                                                                         2006
Geneart      Biotechnology                                                               IPO
                                                                                         2006
Alnylum      Biotechnology                                                               IPO
                                                                                         2004




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                           Business Angel Netzwerk Saarland                                           2005
Contact person                                          Dr. Mathias Hafner
Contact details                                         c/o IHK Saarland
                                                        Franz-Josef-Röder-Strasse 9, 66119 Saarbrücken
                                                        T: +49 (0681) 95 20 - 300
                                                        F: +49 (0681) 95 20 - 388
                                                        E: business-angels@saarland.ihk.de
                                                        F: www.business-angels-saarland.de
Type of network                                         Regional
Date of creation                                        2000
Employees                                               1/2
Legal status                                            Initiative
Hosting organisation                                    IHK Saarland
Formal partner organisations                            IHK Saarland, Ministerium für Wirtschaft und
                                                        Arbeit des Saarlandes, ZPT- Zentrale für
                                                        Produktiviät und Technologie Saar e. V.

Funding sources: n/a

                                                            2000         2001             2002   2003    2004
Number of projects submitted                                 18           21               36     26      29
Number of Angels                                                                                          49
Number of deals made                                          3             3              2      2       2
Average amount of the deal                                    -             -              -      -        -

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Internet

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Fees
o No fees charged to business angels or entrepreneurs.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story: n/a




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                               BUSINESS ANGELS WESER EMS                                                 2005
Contact person                                                Andreas Wilhelm
Contact details                                               Julius-Mosen-Platz 3, 26122 Oldenburg
                                                              T: +49 (04 41) 77911617
                                                              F: +49 (04 41) 77911620
                                                              E: info@business-angels-weser-ems.de
                                                              W: www.business-angels-weser-ems.de
Type of network                                               Regional
Date of creation                                              2004
Employees                                                     n/a
Legal status                                                  n/a
Hosting organisation                                          n/a
Formal partner organisations                                  n/a

Funding sources



                                                                           F e e s fro m
                                          16%                              e n tre p r e n e u rs

                                12%                                        F e e s fro m
                                                                           b u s in e s s a n g e ls
                                                            72%            O th e r (s p o n s o r s )




                                                                                                          2004
Number of projects submitted                                                                               4
Number of Angels                                                                                            5
Number of deals made                                                                                       1
Average amount of the deal                                                                                  -

Matching services of the network
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Fees
o Fees charged to entrepreneurs: more than 500€
o Fees charged to business angels: between 100€ and 500€

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story: n/a




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                                                    CATCAP                                          2006
Contact person                                                        Michael Moritz
Contact details                                                       Valentinskamp 24
                                                                      20354 Hamburg
                                                                      T: +49 40 30 08 360
                                                                      F: +49 40 30 08 36 22
                                                                      E: Michael.moritz@catcap.de
                                                                      W: www.catcap.de
Type of network                                                       National/local
Date of creation                                                      2000
Number of Employees                                                   7
Legal status                                                          GmbH
Commercial/for profit network                                         No

Funding Sources



                                                                         F e e s fro m
                                        10%                              e n tre p re n e u r s
                                                                         O th e r
                                                                         (s p o n s o rs )
                                                       90%




                                              2001     2002     2003   Mid 2004   2005
Number of projects submitted                  550      600      650      410      490
Number of Angels                               30       41       52       55       70
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                           2        4        7         9       10
Average amount of the deal                  150.000€ 150.000€ 200.000€ 200.000€ 200.000 €

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press

Sector of investment n/a

BAN specialisation
No specialisation.

Fees
o Fees charged to entrepreneurs: 100€ - 500€.
o No fees charged to business angels.



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Co-investment scheme
None

Other investment vehicles
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
200

How do angels exit their investments? n/a

Success story: n/a




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                                VENTURE FORUM NECKAR                                                    2005       M
Contact person                                                Thomas R. Villinger
Contact details                                               Weipertstr. 8-10
                                                              74076 Heilbronn
                                                              T: +49 (07 131) 7 66 91 00
                                                              F: +49 (07 131) 7 66 91 00
                                                              E: info@venture-forum-neckar.de
                                                              W: http://www.venture-forum-neckar.de
Type of network                                               Regional
Date of creation                                              n/a
Employees                                                     n/a
Legal status                                                  n/a
Hosting organisation                                          n/a
Formal partner organisations                                  n/a

Funding sources


                                                                           F e e s fro m
                                         40%                               b u s in e s s a n g e ls
                                                                           F e e s fro m
                                                               40%
                                                                           e n tre p re n e u rs
                                                                           O th e r (s p o n s o rs )
                                                   30%




                                                                           2002                  2003           2004
Number of projects submitted                                                100                   250            380
Number of Angels                                                             7                    19             41
Number of deals made                                                         -                     -              3
Average amount of the deal                                                   -                     -           215.000

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other: Corporate venture activities

Fees:
o Success fee charged to the entrepreneur, depending on the size of the investment
o Fee charged to business angels: 600€

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
Approx. 60
Success story: n/a



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                  WAGNISKAPITAL FÜ INNOVATIONEN NRW GmbH                                            2006
                                     WIN

Contact person                                                     Dirk Meissner
Contact details                                                    Kavalleriestr. 22
                                                                   40213 Düsseldorf
                                                                   T: +49 211 91741 3584
                                                                   F: +49 211 91741 1829
                                                                   E: dirk.meissner@nrwbank.de
                                                                   W: www.nrwbank.de/win
Type of network                                                    Regional (NRW)
Date of creation                                                   1/2000
Number of Employees                                                2
Legal status                                                       Public body
Hosting organisation                                               NRW.BANK
Partner organisations                                              Gruendungsnetzwerk GO!; BAND
Commercial/for profit network                                      No

Funding Sources: Sponsored by a Bank

                                                      1998 1999 2000 2001 2002 2003 2004 2005
Number of projects submitted
Number of Angels                                         5       30       65       78     88   94   98   98
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                                      5    4    3    4
Average amount of the deal

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment n/a

BAN specialisation
No specialisation

Fees
o Membership fees
o Success fee from entrepreneurs

Co-investment scheme
No co-investment scheme

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a
Success story n/a



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                                                 GREECE                                           2006
1. Background

The early stage funding market in Greece is underdeveloped. Only during the last years the
Government launched some initiatives to support the creation and development of SMEs. Programs like
“Support and Creation of Scientific and Technological Parks and Incubators", “Support and Creation of
Innovative SMEs for the exploitation of RTD results (Spin-offs)" and funds like the “Fund for High
Technology Business Ventures” and the “Guarantee Fund Facility Scheme for SMEs” aimed at
leveraging the entrepreneurship in Greece. The results of these programs are not yet visible leaving
SMEs highly dependent on bank loans and overdrafts for early stage financing.

Angel investment in the country is occasional but yet considerable. Although there are no favourable
policies for angel investment in Greece, business angels are investing, preferably in traditional sectors
(like tourism and retail). There is a strong need to raise the awareness about the benefits of angel
investment and to inform potential angels and entrepreneurs about the advantages of Business Angel
Networks. Public administration, local government and academic institutions have a critical role to play
in order to promote informal investing.

2. Statistics

                                                                                  2003     2004     2005
Number of BANs                                                                      1        1        1
Number of Business Angels                                                          7        13       14
Number of deals                                                                     1        1        0
Number of accredited projects                                                      4        12       11
Number of commercial BANs                                                           0        0        0
Number of non-commercial BANs                                                       0        0        0
Number of national BANs                                                            1        1         1
Number of regional BANs                                                             0        0        0
National association                                                                0        0        0

3. BAN legal status

“Mentoring” is a privately held company (SA) offering business development services to start-up and
early stage companies.

4. National association

Not existing

5. Lobbying

“Mentoring” is actively networking with academic and research institutions, players of the formal venture
capital market (incubators, VCs), Banks etc.

6. Dissemination of the BAN concept

“Mentoring” has had several articles in business magazines and financial newspapers to raise the
awareness of angel investment in Greece. It has also participated in a series of seminars for new
entrepreneurs, organized in Greece by local Universities (Charokopion, ITY of Patras etc.).
Furthermore, “Mentoring” contributed at the seminar of “The Association of European Science &
Technology Transfer Professionals” (ASTP) that was held on October 2005 in Athens.

7. EU support

None.

8. EBAN members

Mentoring Business Development Services SA


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                          MENTORING BUSINESS DEVELOPMENT                                                   2006       M
                                    SERVICES SA
Contact person                                                      George KRIKELAS
Address                                                             6 Egialias St. 151-25
                                                                    T: +30 210 68 00 743
                                                                    F: +30 210 68 00 744
                                                                    E: ban@mentoring.com.gr
                                                                    W: www.mentoring.com.gr
Type of network                                                     National
Date of creation                                                    01 June 2003
Number of Employees                                                 3
Legal status                                                        S.A
Commercial/for profit network                                       No

Funding Sources:


                                                       15%

                                                                         F e e s fro m
                                                                         e n tre p re n e u rs

                                                                         O th e r
                             85%                                         (s p o n s o rs )




                                                                    2003                          2004        2005
Number of projects submitted                                          4                            12          11
Number of Angels                                                      7                            13          14
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                1                               1             0
Average amount of the deal                                       120.000€                        72.500€          -

Matching services of the network:
   • Newsletter or information bulletin;
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

Clients are acquired through:
    • Event and information fairs;
    • Newsletter;
    • Targeted publicity;
    • Visits to enterprises;
    • Articles in the regional or national press;
    • Cooperation agreements with local banking, financial or fiduciary institutions
    • Word of mouth;
    • Personal network.

Sectors of investment n/a

BAN specialisation
No specialisation




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Fees
o Fees charged to entrepreneurs: more than 500€
o No fees charged to business angels

Co-investment scheme
No co-investment scheme

Estimate of the number of jobs created as a result of the network activity over the last 3 years: 2

How do angels exit their investments? n/a

Success story n/a




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                                        HUNGARY                                                  2006


The information concerning the organization dealing with the actors of the Hungarian venture capital
and private equity market can be summarized as follows:

Name of organization: Hungarian Venture Capital and Private Equity Association (HVCA)
President: Julian Tzvetkov (Tzvetkov.Julian@hvca.hu)
Executive Secretary: Gergely Szlovák (Gergely.Szlovak@hvca.hu)
Address: 32 Nádor u. Budapest, 1051, Hungary
T: +36-1-475-0924
F: +36-1-475-0925
W: www.hvca.hu

Private investors can also be found among the members of the club.

Innostart BIC (Hungary) - Business Angel Club

The BAC is not a legally registered formal organisation. The Hungarian Innovation Association and
Innostart BIC established it in June 2000. Since then it has been working as an informal forum.

1-3 programs are organised annually – in cooperation with the experts of HVCA - to inform the
interested entrepreneurs on the characteristics of the venture capital market and business angel
financing. It also provides innovative SMEs with the possibility of introducing themselves to investors.

Innostart BIC assists the development of innovative SMEs by its services (counselling, business plan
preparation, proposal writing, training etc).

There is no membership fee at BAC; all occurring costs of Innostart are covered from other sources and
grants.

Contact: Éva Wikonkál (eva.wikonkal@innostart.hu), director
Piroska Kalmár (piroska.kalmar@innostart.hu), project manager.

Innostart BIC
1116 Budapest, Fehérvári út 130, Hungary
Phone: +36.1.382.1504
Fax: +36.1.382.1510
www.innostart.hu




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                                                       ITALY
                                                                                                 2006          M
1. Background

Interest in the BAN concept first arose in Italy in 1997. It emerged from a few Business Innovation
Centres (BIC) in Northern Italy, more precisely in Valle d’Aosta and Lombardia.
Several regional BANs were set up in 1999, as well as IBAN, the national association created to foster
the development of BANs in all Italian regions and to federate their activities.

2. IBAN circuit statistics 20056

                                                      1999       2000       2001       2002   2003   2004   2005
Number of BANs                                         2           5         12         11     10     12     11
Number of Business Angels                              65        183        300        350    350    219    292
Number of deals                                        0          3          2          3      2      12     19
Number of accredited projects                           -         70         70        101     30    437    219
Number of commercial BANs                              0           0          0         0       0     2       2
Number of non-commercial BANs                          2           5         12         11     10     10      9
Number of national BANs                                0          0          0          0      0      1       1
Number of regional BANs                                2           5         12         11     10     11     10
National association                                   1          1          1          1       1     1       1

Following a survey done by IBAN near its community and other informal investors, the statistics 2005
concerning Italy can be summarized as follows:

-     Number of business angels = 310
-     Number of accredited projects = 391
-     Number of deals = 35
-     Average amount in euro = 228.000
-     Total invested amount in euro = 8.05 million €

3. IBAN funding sources 2005




                                    38%                                     Fees from
                                                                            BANs/Bas
                                                                            Sponsors
                                                              62%




4. BAN legal status

9 BANs are set up as non-profit organizations, 1 is a commercial BAN, and 1 is a club of investors.
The BANs are often emanations of BICs, development agencies and private investors.
In general the founding sources come from fees (entrepreneurs and angels), regional funds and local
sponsors (especially banks).

5. National association

IBAN was set up in 1999 for the purpose of stimulating the development of activities in the field of
informal venture capital in Italy and to raise the awareness of administrative authorities as to the

6
    See point 8


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environment in which such activities could flourish. Furthermore, IBAN has established privileged
relations with the banking sector and the venture capital sector (IBAN is member of AIFI - Italian
Association of Institutional Investor in Risk Capital).
In 2005, IBAN membership has reached a peak of 57 members.

IBAN has also adopted a code of conduct that clarifies the rights and duties of BANs.

IBAN has established cooperation with most important Italian banks, financial institutions, regional
Institutions and the national accountants association.

IBAN is an institutional member of all working groups set up by Italian Ministry for Economic
Development concerning competitiveness strategic factors: risk capital finance, entrepreneurship,
research and innovation.

6. Lobbying

In order to create a legal and fiscal framework more appropriate to develop the private informal
investors, IBAN has established a dialogue with the relevant Italian Ministries with a view to clarifying
the legal status of BANs with regard to several existing statutes. Since October 2000, IBAN submitted to
the Italian Ministries attention a law proposal concerning the tax status of the business angels
investment activities. Other documents were presented in 2003 and in the end of 2004.
In 2005, IBAN has presented the IBAN white paper “The informal risk capital development in Italy”; the
paper has the purpose to adapt to the Italian business context some EBAN best practices and proposal.

7. Dissemination of the BAN concept
The economic daily newspapers Il Sole 24ore and Italia Oggi; the weekly magazines Milano Finanza
and Il Mondo Economico, many others newspapers and magazines have published several feature
articles on IBAN, BAN and BA activities.

8. IBAN Regional Bans7 in Italy
BANs are fully connected to IBAN. All the BANs are managed following the IBAN code of conduct.

                                                             FIGURES (2005)

                         Projects           Number of Angels Deals Made Average amount in Euros
                        submitted
LAZIO                       40                         15                      6           20.000
NORD OVEST                  82                         199                     0              0
TOSCANA SUD                 n/a                        n/a                    n/a            n/a
PUGLIA                      n/a                        n/a                    n/a            n/a
UMBRIA                      24                          0                      0              0
SARDEGNA                    n/a                        n/a                    n/a            n/a
BOLOGNA                     21                          22                     0              0
BRESCIA8                    n/a                        n/a                    n/a            n/a
CAMPANIA                    n/a                        n/a                    n/a            n/a
ALPE ADRIA9                  5                          43                     0              0
CLUB MILANO                 47                          13                    13           204.200
TOTAL                       219                        292                    19              €




7
  BAN Lombardia and BAN Calabria have resigned in 2005
8
  BAN Brescia is a new established
9
  Alpe Adria old name was “Friuli”


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9. EU support (1999 – 2001)

       Awareness actions
Awareness seminars have been held in the following cities: Torino, Tortona, Venezia and Bologna.
They were organised and co-ordinated by IBAN with the EBAN support.

        Feasibility studies
SVI Lombardia received financial support from the European Commission to investigate the setting up
of an Italian BAN. This project led to the creation of IBAN and stimulated the emergence of regional
networks.

        Pilot projects
Gepafin S.P.A., the Regional Finance firm from Umbria, received subsidies from DG Enterprise to set
up a regional BAN as well as to explore the potential benefits of establishing a transnational electronic
BAN.

IBAN, the Italian association of BANs, was also selected to deliver a pilot project aimed at improving the
administrative and cultural environments in which BANs operate.

10. EBAN members
IBAN




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                                      BAN Alpe Adria                                                 2006
Contact person                                                 Fabio Apollonio
Contact details                                                Via Rossini 10
                                                               34 100 Trieste
                                                               T: +39 040 811 826
                                                               E: info@dolphin-investments.com
Type of network                                                Private company
Date of creation                                               March 2003
Employees                                                      0
Legal status                                                   Società in accomandita per azioni
Hosting organisation                                           None
Formal partner organisations                                   None
Commercial/for profit network                                  Yes

Funding sources


                                                                        Public National

                                   12%
                                                                        Fees from
                           22%                                          Business Angels
                                                                        and enterprises
                                                           66%
                                                                        O ther (sponsors)




                                                                            2003             2004      2005
Number of projects submitted                                                  6                5        5
Number of Angels                                                             36               43        43
Number of deals made                                                          3                1        0
Average amount of the deal                                                 85.000€          5.000€       -

Matching products of the network:
  • Computerised data-base matching service
  • Personal introduction (on a one-to-one basis)
  • Investment forum / fairs
  • Networking events for investors
  • Mail presentation to all private investors
  • Contacts to potential Business Angels within two weeks after first contact

How are clients acquired?
  • Information events / seminars
  • Visits to enterprises
  • Articles in local / national media
  • Established co-operation with local banks / financing institutions / accountants, lawyers;
     embedding in sector of public promotion companies for SMEs,
  • Other: Partnerships with universities, academies/colleges, science parks; public relations, direct
     mailings.

Fees
o Fees charged to entrepreneurs: n/a
o Fees charged to Business angels: n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a



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How do angels exit their investments? n/a

Success story

 Name of    Sector of     Date of          Amount           Number of        Date of exit Multiple of return for
 company     activity   investment        invested            angels                      investors (i.e. times
                                             (€)             involved                     return on money)
 Movendo        tlc      October          306.250                3           December             1 : 1,09
   Spa                    2003                                                 2005




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                                          BAN BOLOGNA                                              2006
Contact person                                                Francesca Polluce
Contact details                                               Via Benedetto XIV, 3
                                                              40125 Bologna
                                                              W: www.banbologna.it
Type of network (national/regional/local)                     Regional – Regione Emilia Romagna
Date of creation                                              2001
Employees                                                     1
Legal status                                                  Agreement
Hosting organisation                                          Provincia of Bologna
Formal partner organisations                                  Ascom Bologna, Aster, Api Bologna, Cna
                                                              Bologna, Confartigianato Bologna LegaCoop
                                                              Bologna
Commercial/for profit network                                 No

Funding sources



                                      22%

                                                                       National funds
                                                                       Fees from BA
                                  12%
                                                                       Sponsors
                                                         66%




                                                                       2001       2002    2003    2004     2005
Number of projects submitted                                            7          9       10      16       21
Number of Angels                                                        9          9       10      14       22
Number of women investors                                               0          0       0        0       0
Number of members recruited during the year                             0          0       0        0       0
Number of women recruited during the year                               0          0       0        0       0
Number of deals made                                                    0          0       0        1       0
Average amount of the deal                                              0          0       0     50.000€     -

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment


                                           2%
                                    14%                                 ICT

                                 4%                                     Energy

                                                                        Retail and
                                                                        services
                                                                        Manufacturing
                                                     80%




BAN specialisation
None

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: 2% of investment

Co-investment scheme
No co-investment scheme

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
4/5

How do angels exit their investments? n/a

Success story: n/a




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                                           BAN Lazio                                                 2006
Contact person                                                 Andrea Cosentino
Contact details                                                Via Casilina 3/T
                                                               00182 Roma
                                                               T : +39 06/9784501
                                                               F : +39 06/97845001
                                                               E : banlazio@biclazio.it
Type of network                                                Lazio Region
Date of creation                                               04/06/2001
Employees                                                      3
Legal status                                                   n/a
Hosting organisation                                           Bic Lazio SpA
Formal partner organisations                                   -
Commercial/for profit network                                  n/a

Funding sources


                                                                          Public National

                                   12%
                            22%                                           Fees from
                                                                          Business Angels
                                                           66%            and enterprises
                                                                          O ther (sponsors)




                                                         2001          2002         2003      2004     2005
Number of projects submitted                               8            38           13        57       40
Number of Angels                                           1             4           10        14       15
Number of deals made                                       0             0            0         0       6
Average amount of the deal                                 0             0            0         0     20.000

Matching products of the network:
  • Computerised data-base matching service
  • Personal introduction (on a one-to-one basis)
  • Investment forum / fairs
  • Networking events for investors
  • Mail presentation to all private investors
  • Contacts to potential Business Angels within two weeks after first contact

How are clients acquired?
  • Information events / seminars
  • Visits to enterprises
  • Articles in local / national media
  • Established co-operation with local banks / financing institutions / accountants, lawyers;
     embedding in sector of public promotion companies for SMEs
  • Other: Partnerships with universities, academies/colleges, science parks; public relations, direct
     mailings.

Fees
o Fees charged to entrepreneurs: 100€ - 500€
o Fees charged to Business angels: 100€ - 500€

Estimate of the number of jobs created as a result of the network activity over the last 3 years
n/a
Success story n/a


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                                           BAN North West                                           2006
Contact person                                                   Paolo Anselmo
                                                                 Andrea Pallais - Imma Golino
                                                                 Deborah Barathier
Contact details                                                  Centro Sviluppo SpA - BIC Vallée d’Aoste
                                                                 Via Lavoratori Vittime Col du Mont, 24
                                                                 11100 AOSTA (ITALY)
                                                                 T: +39 (0)165 305511
                                                                 F: +39 (0)165 305540
                                                                 E: info@centrosviluppo.it;
                                                                 E: ban@centrosviluppo.it
                                                                 W: www.centrosviluppo.it
Type of network                                                  National (focused on North West Italy
                                                                 regions: Valle d’Aosta, Piemonte, Liguria)
Date of creation                                                 October 1999
Employees                                                        3.5
Legal status                                                     Società per Azioni – SpA
                                                                 (shareholders company)
Hosting organisation                                             Centro Sviluppo SpA
Formal partner organisations                                     N & G Consulting10 - Milan
Commercial/for profit network                                    No

Funding sources




                                                                        European
                                                                        Funds ERDF



                                             100%




                                           1999      2000       2001       2002        2003      2004     2005
Number of projects submitted                60       270          -        178          172       156     17811
Number of Angels                            30       100          -        125         47012     12513     199
Number of women investors                                                                                 1814
Number of members recruited during                                                                          74
the year
Number of women recruited during                                                                           4
the year
Number of deals made                         0          0          -         0          1          1       0
Average amount of the deal                   0          0          -         0       396.000€   20.000€    -




10
   IPR and patent expertises
11
   178 application forms received – 82 application forms formally evaluated – 26 projects / BP evaluated
– 10 BP submitted to the BA panel
12
   All contacts, included latent investors
13
   Interested and active angel investors
14
   38 including all contacts, included latent investors (see 2003)


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Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies
   • Other (please specify): personal introduction (on a one-to-one basis)

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other (please specify): Partnerships with universities, research centres, science parks

Sectors of investment




                                                                                 Energy
                                      50%                        50%
                                                                                 Material




BAN specialisation
None

Fees
No fees charged to business angels and entrepreneurs until successful deal. In case of closing, the fees
charged are the following:
o Fees charged to entrepreneurs: 1,5%
o Fees charged to business angels: 2,5%

Co-investment scheme15
None

Other Investment vehicle
“Small Business Loan”
Website for more information: www.centrosviluppo.it

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




15
     Only for deals concerning firms located in Valle d’Aosta region


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                                   CLUB MILANO CENTRO                                               2006
Contact person                                                  Tomaso Marzotto Caotorta
Contact details                                                 Via Borgonuaovo 5
                                                                20121 Milano
                                                                T: +39 02 890 11 207
                                                                E: segreteria@iban.it
Type of network                                                 Local
Date of creation                                                2/2/2004
Employees                                                       -
Legal status                                                    Informal group with regolamento
Hosting organisation                                            -
Formal partner organisations                                    -
Commercial/for profit BAN                                       No

Funding sources: none, investment club
                                                                                           2004       2005
Number of projects submitted                                                                83         47
Number of Angels                                                                            11         13
Number of women investors                                                                    -          -
Number of members recruited during the year                                                  3          3
Number of women recruited during the year                                                    -          -
Number of deals made                                                                         9         13
Average amount of the deal (€)                                                            136.700    204.200

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Articles in the regional or national press

Sectors of investment


                                   15%                                 ICT
                                                          24%

                                                                       Biotech


                                                                       Energy
                                                                7%
                                                                       Retail and
                             39%                                       services
                                                          15%          Manufacturing




BAN specialisation
No Specialisation


Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: 160€


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Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
100 jobs

How do angels exit their investments?

  N           MBO       Trade      Flotation/IPO               Other             Bankruptcy         Other (please
 exits                   Sale                                investors                                specify)
   4                      2                                      2


Success story

 Name of            Sector of     Date of             Amount          Number of         Date of Multiple of return
 company             activity   investment           invested           angels            exit  for investors (i.e.
                                                        (€)            involved                 times return on
                                                                                                money)
L. Borrelli     Clothing        Nov.’04            15.000           1                   Gen.’06 + 250%
                distribution




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                                 UBAN - BAN UMBRIA                                                 2006
Contact person                                                 Marco Tili, Chiara Borgarelli
Contact details                                                Via Campo Di Marte, 9
                                                               06124 Perugia
                                                               T: 00390755059811
                                                               F: 00390755005156
                                                               E:m.tili@gepafin.it, c.borgarelli@gepafin.it
Type of network                                                Regional, Umbria
Date of creation                                               29/6/2001
Employees                                                      0
Legal status                                                   n/a
Hosting organisation                                           GEPAFIN SPA
Formal partner organisations                                   -
Commercial/for profit network                                  n/a

Funding sources



                                      25%                                      European Funds


                                                                               Private Funds
                                                              75%




                                                           2001          2002          2003     2004      2005
Number of projects submitted                                35            25            26       36        24
Number of Angels                                             2             1             0       0          0
Number of deals made                                         0             0             0       0          0
Average amount of the deal                                   0             0             0        0         0

Matching products of the network:
  • Computerised data-base matching service
  • Personal introduction (on a one-to-one basis)
  • Investment forum / fairs
  • Networking events for investors
  • Mail presentation to all private investors
  • Contacts to potential Business Angels within two weeks after first contact

How are clients acquired?
  • Information events / seminars
  • Visits to enterprises
  • Articles in local / national media
  • Established co-operation with local banks / financing institutions / accountants, lawyers;
     embedding in sector of public promotion companies for SMEs
  • Other: Partnerships with universities, academies/colleges, science parks; public relations, direct
     mailings.

Fees
o Fees charged to entrepreneurs: n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story: n/a


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                       CONNECT Latvia Business Angel Network                                 2005
Contact person                                         Elmars Baltins
Contact details                                        Azenes iela 20
                                                       Riga, LV-1048
                                                       T: +371 708 9178
                                                       E: info@connectlatvia.lv
                                                       W: www.connectlatvia.lv
Type of network                                        National
Date of creation                                       September 2005
Employees                                              1
Legal status                                           Project run by CONNECT Latvia
Hosting organisation                                   CONNECT Latvia
Formal partner organisations                           Latvian Investment and Development agency

Funding sources (foreseen):


                                                                        Public National

                               20%
                           5%                                           Fees from
                                                                        Business Angels
                                                                        and enterprises
                                                      75%               Other (sponsors)




                                                                                            2005
Number of projects submitted                                                                  -
Number of Angels                                                                              -
Number of deals made                                                                          -
Average amount of the deal                                                                    -

Matching products of the network:
  • Networking events for investors
  • Personal introduction (on a one-to-one basis)
  • Financial forums
  • Mail presentation to all private investors
  • Assistance in preparation of a business proposal summary

How are clients acquired?
  • Information events / seminars
  • Visits / meetings with enterprises / entrepreneurs
  • Articles in local / national media
  • Established co-operation with local banks / financing institutions / accountants, lawyers;
     embedding in sector of public promotion companies for SMEs,
  • Partnerships with universities, academies/colleges, science parks; public relations, direct
     mailings.

Fees:
o No fees charged to entrepreneurs or business angels




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               LUXEMBOURG BUSINESS ANGEL NETWORK
                                                                                               2006          M
Contact person                                             Chris VIGAR, CEO
Contact details                                            BP 823
                                                           L-2018 Luxembourg
                                                           T: +352 404 034 455
                                                           F: +352 291 030
                                                           E: chris@lban.lu
                                                           W: www.lban.lu
Type of network                                            Non profit organisation
Date of creation                                           November 2004
Employees                                                  0
Legal status                                               Asbl
Hosting organisation                                       LBAN asbl
Formal partner organisations                               Chamber of Commerce, Ministry of the
                                                           Economy, Luxinnovation, CRP HT, FirstTuesday
Commercial/for profit network                              No

Funding sources


                                                                      Public National

                                         5%

                                                                      Fees from
                              45%                          50%        Business Angels
                                                                      and enterprises

                                                                      Other (sponsors)




                                                                                           2004       2005
Number of projects submitted                                                                 3         12
Number of Angels                                                                             8         12
Number of women investors                                                                    -         2
Number of members recruited during the year                                                  8         4
Number of women investors recruited during the year                                          -         2
Number of deals made                                                                         1          -
Average amount of the deal                                                                150 000       -

Matching products of the network
  • Computerised data-base matching service
  • Personal introduction (on a one-to-one basis)
  • Investment forum / fairs
  • Networking events for investors
  • Mail presentation to all private investors
  • Contacts to potential Business Angels within two weeks after first contact
  • Newsletter
  • Direct introduction

How are clients acquired?
  • Information events / seminars
  • Visits to enterprises
  • Articles in local / national media
  • Established co-operation with local banks / financing institutions / accountants, lawyers;
     embedding in sector of public promotion companies for SMEs,


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   •    Other: Partnerships with universities, academies/colleges, science parks; public relations, direct
        mailings.
   •    Personal network of the board as well as its members
   •    Word of Mouth

Sectors of investment

                                               100%




                                                                     Manufacturing




BAN specialisation
None

Fees
o Fees charged to entrepreneurs: 120€ for each introduction
o Fees charged to business angels: 100€ annually

Co-investment scheme
No co-investment scheme.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
3

How do angels exit their investments? n/a

Success story

 Name of       Sector of      Date of           Amount              Number of         Date Multiple of return for
 company        activity    investment         invested               angels         of exit investors (i.e. times
                                                  (€)                involved                return on money)
Leroy          Pastries    November           140 000           2
                           2004




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                                                   MALTA                                          2006
1. Background

In 2005 Malta BAN was established to continue the work started on developing a national network in
Malta. Malta BAN is a professional business angel network, established by experienced business
angels, to foster more private equity investment in Malta. Since its establishment in 2005 Malta BAN
has been undergoing gradual steps towards becoming operational in 2007.

Due to Malta’s relatively small size and island status, along with an undeveloped capital venture market
both formal and informal, structures are necessary to leverage the potential of formal business angel
activities through a network, and sustain entrepreneurs in their ventures. Local business angels have an
eye for foreign investments along with local entrepreneurs seeking to establish themselves in offshore
markets. Such aspects make Malta BAN unique in their focus and international outlook.

Malta BAN assists potential or active investors in developing their trusted network in Malta and
overseas. It is developing a number of services aimed at supporting its member angels and syndicates
in their investing activities. These include a portfolio of services for sourcing and managing deals; a
number of specialist training programs through international affiliations; research through an advisory
board of experts, and the development of a local venture capital fund for seed finance in local start-ups.


2. Background statistics

                                                                                           2004    2005
Number of BANs                                                                              1       1
Number of non-commercial BANs                                                               0       0
Number of commercial BANs                                                                   1       1

3. BAN legal status

Malta BAN is a private limited company registered in Malta and is a national representative for BA's
(Business Angels) and BA syndicates.

4. National association

None as Malta BAN is the only BAN in Malta.

5. Dissemination of the BAN concept

Two pronged educational and awareness programme targeted directly at stimulating angels and
entrepreneurs, both of which need to be available for this endeavour to succeed. Events included
seminars, training sessions and resources, provided and supported by sponsoring organisations and
individuals. In addition Malta BAN is developing a website which will be expanded to include online
forums, training, and other publications.

6. EU Support

None

7. EBAN Members

Malta BAN




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                                                    Malta BAN                              M     2006
Contact person                                                     BAUMANN Brigitte
Contact details                                                    20, St. John Street
                                                                   Valletta VLT 06
                                                                   Malta.
                                                                   T: 356 224928
                                                                   F: 356 224951
                                                                   E: brigitte.baumann@maltaban.com
                                                                   W: www.maltaban.com
Type of Network                                                    National
Date of creation                                                   November 2005
Legal Status of BAN                                                Private Company

Funding Sources:



                                                  0%
                                                                                Sponsors
                                                                                Equity

                                                 100%




                                                                                               2005
Number of projects submitted                                                                    n/a
Number of Angels                                                                                n/a
Number of deals made                                                                            n/a
Average amount of the deal                                                                      n/a

Matching services of the network:
   • Training courses for new business angels
   • Deal flow for network or individual requirements
   • Cross border sourcing and networking support
   • Matching events,
   • Small fund, syndication and pool support,
   • Due diligence services,
   • Exit support services,
   • Research and trend analysis.

Fees
o Business Angel fee: MTL 200
o Entrepreneur: MTL 50

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story:
n/a




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                                                  NORWAY

1. Background

Until October 2003, VentureLab, created in February 2001, was acting as the national network of
Norway. Late 2003, VentureLab, www.myventurelab.com ,together with the Seed Forum Norway and
Seed Forum Alumni, have organised a new entity called NorBAN.
NorBAN is now the national Norwegian network organisation for business angels. The purpose of
NorBAN us to be an interest organisation for private investors, to organise and to take the initiative to
establish local and regional business angel networks as local organisations in NorBAN, to develop and
carry out systems for matchmaking between entrepreneurs and private investors and to work for the
reduction of risk among private investors.

NorBAN organises “Road shows” to start up regional BAN structures in at least 7-10 regions. The
shows are organised in cooperation with Seed Forum Norway - the Norwegian national tool to finance
Norwegian early stage companies with (foreign) private equity www.seedforumnorway.com - and
possibly in cooperation with Innovation Norway (national coordinator) and SIVA as the national
coordinator for the local innovation centres.

2. Statistics

                                                       2000       2001        2002         Mid 2003*   Mid 2004
Number of BANs                                           -          1           1             3           7
Number of Business Angels                                -         100        125            175         n/a
Number of deals                                          -          3           2             3          n/a
Number of accredited projects                            -          50         30             30         n/a
Number of commercial BANs                                -          1           1             1          n/a
Number of non-commercial BANs                            -          -           -             2          n/a
Number of national BANs                                  -          1           1             1           1
Number of regional BANs                                  -          -           -             2           6
National association                                     -          -           -             -           1

3. Funding Sources

n/a

4. BAN legal status

Membership organisation.

5. National association

Contact person for NorBAN
Steinar Hoel Korsmo
Gaustadallèen 21
N-0349 Oslo
T: +47 92 01 14 15
F: +47 92 17 40 32
E: steinar@seedforumnorway.com




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6. Lobbying

As an interest organisation for private investors, NorBAN seeks to promote tax incentives for business
angels, establish new BAN structures and a national seed capital scheme.

7. EU support

None

8. EBAN members

ArticBAN




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                                                ArticBAN                                                 2005           M
Contact person                                             Erling Adelstein Bortne
Contact details                                            Teknologiveien 10
                                                           N-8517 Narvik
                                                           Norway
                                                           T: +47 769 672 00
                                                           F: + 47 769 672 01
                                                           E: erling.bortne@vinn.no
                                                           W: www.vinn.no / www.etablerer.no
Type of network                                            Regional network: North of Norway, covering the
                                                           counties of Nord Trondelag, Nordland, Troms og
                                                           Finnmark
Date of creation                                           2003
Number of Employees                                        1
Legal status                                               Private foundation
Hosting organisation                                       VINN (North Norwegian Institute of Technology
                                                           and Innovation), created in 1956 as a private
                                                           foundation.

Funding Sources:


                                                                                     R e g io n a l fu n d s
                                                     8%
                                           10%
                                                                                     N a tio n a l F u n d s
                                    8%
                                                                                     F e e s fro m
                                                                      50%            b u s in e s s a n g e ls
                                                                                     S p o n s o rs
                                            25%
                                                                                     F e e s fro m
                                                                                     e n tre p re n e u rs




                                                                                                                 2004
Number of projects submitted                                                                                      18
Number of Angels                                                                                                   4
Number of deals made                                                                                               5
Average amount of the deal                                                                                        n/a

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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On behalf of the Ministry of Trade and Industry, VINN runs several services targeted to entrepreneurs
and businesses; a national toll free help desk service for companies, www.bedin.no - a portal for
business information, www.etablerer.no - a national net-based start-up school and meeting place for
entrepreneurs.

Fees:
o No fees charged to entrepreneurs
o Fees charged to business angels: less than 100€

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story:
n/a




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                               CONNECT VEST NORGE                                                       2006
Contact person                                             Torstein Skage, Managing Director
Contact details                                            Bergen High Tech Center
                                                           Thormøhlensgate 55
                                                           5008 Bergen
                                                           T: +47 9950 2000
                                                           E: post@connectvest.no
                                                           W: www.connetvest.no / www.connectnorge.org
Type of network (national/regional/local)                  Regional
Date of creation                                           2001
Employees                                                  2
Legal status                                               Membership organisation
Hosting organisation                                       CONNECT Norge
Formal partner organisations                               -
Commercial/for profit network                              No

Funding sources




                                                          30%
                                   40%                                  National funds
                                                                        Regional funds
                                                                        Sponsors


                                                    30%




                                                                                          2003   2004     2005
Number of projects submitted                                                               15     20       20
Number of Angels                                                                            3      6        8
Number of women investors                                                                   0      1        1
Number of members recruited during the year                                                 0      3        2
Number of women recruited during the year                                                   0      1
Number of deals made                                                                       N/a    N/a      2
Average amount of the deal (€)

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Specific service for business angels investing in high-technologies
   • Other: CONNECT Springbrett / Springboard

How are clients acquired?
   • Event and information fairs
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other: Through established network, recommendations




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Sectors of investment

                                                                       ICT

                                       15%                             Biotech

                                 10%                          40%      Energy

                                                                       Retail and
                                                                       services
                                                                       Manufacturing
                                     30%               5%



BAN specialisation
None

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: 600€

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
50

How do angels exit their investments (%)

  N       MBO       Trade      Flotation/IPO               Other             Bankruptcy          Other (please
 exits               Sale                                investors                                 specify)
                      48               2                    40                      10


Success story

 Name of        Sector of     Date of      Amount                 Number of           Date Multiple of return for
 company         activity   investment    invested                  angels           of exit investors (i.e. times
                                             (€)                   involved                  return on money)
Nordiag      BioTech        Nov 03 – Dec 18 300 000              N/a                 IPO     N/A
                            05                                                       Dec
                                                                                     05
Diptel       IP/Internet    May 2006     135 000                 3                   N/A     N/A
IOR          Oil & Gas      Nov 03- June 2 400 000               N/a                 N/a     N/a
Chemco                      06




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                                         POLAND – PolBAN                                         2006       M
Contact person                                               Wojciech Dolkowski
Contact details                                              85-766 Bydgoszcz, ul. Fordonska 393
                                                             T: +48 52 347 14 81, +48 604 244 199
                                                             F: +48 52 347 23 25
                                                             E: wojciech.dolkowski@polban.pl
                                                             W: www.polban.pl
Type of network                                              National network
Date of creation                                             14 December 2003
Number of Employees                                          n/a
Legal status                                                 Not-for-profit association
Formal partners                                              Fundusz Mikro, Polish Private Equity
                                                             Association, Szukam-Inwestora.com, doinvest
                                                             partners
Commercial/for profit network                                No

Funding Sources



                                                                     F e e s fro m
                                                        30%          b u s in e s s a n g e ls



                          70%                                        S p o n s o rs -
                                                                     m e m b e rs




                                                                            2003              2004        2005
Number of projects submitted                                                 3                 35          67
Number of Angels                                                             0                 21          36
Number of women investors                                                     -                 -           1
Number of members recruited during the year                                   -                 -           -
Number of women recruited during the year                                     -                 -           -
Number of deals made                                                         0                  1           2
Average amount of the deal                                                    -             150.000€    100.000€

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings

How are clients acquired?
   • Event and information fairs
   • Own networks of contact
   • Media
   • Targeted publicity
   • Cooperation agreements with institutions




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Sectors of investment




                                       33%                                      ICT

                                                                                Retail and
                                                          67%                   services




BAN specialisation
None

Fees
o Success fees for entrepreneurs and business angels

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
82


How do angels exit their investments? n/a

Investment information

  Name of        Sector of         Date of          Amount             Number of        Date Multiple of return for
  company         activity       investment        invested              angels        of exit investors (i.e. times
                                                      (€)               involved               return on money)
Confidential   Insurance/IT    Feb 05             150.000          1                   N/a     N/a
Confidential   IT              Nov 05             Conf.            1                   n/a     n/a
Confidential   Internet        April 06           Conf.            1                   n/a     n/a




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                                    LEWIATAN BUSINESS ANGELS                                           2006         M
Contact person                                                  Michal Olszewski
Contact details                                                 Polska Konfederacja Pracodawców Prywatnych
                                                                Lewiatan ul. Klonowa 6
                                                                00-591 Warszawa
                                                                T: +48 22 845 95 96, 845 95 50
                                                                F: +48 22 845 95 51
                                                                E: molszewski@lba.pl
                                                                W: www.lba.pl
Type of network                                                 National network
Date of creation                                                May 2005
Employees                                                       2
Legal status                                                    Non-profit organization
Hosting organisation                                            Polish Confederation of Private Employers
                                                                Lewiatan
Formal partner organisations                                    Polish Confederation of Private Employers
                                                                Lewiatan
Commercial/for profit network                                   No

Funding sources



                                         20%

                                                                                        Public National
                                                                                        Other (sponsors)

                                                                    80%




                                                                                                 2005        20061
Number of projects submitted                                                                      72          170
Number of Angels                                                                                  27           50
Number of women investors                                                                         2            2
Number of members recruited during the year                                                       27           23
Number of women recruited during the year                                                         0            2
Number of deals made                                                                              2            3
Average amount of the deal                                                                     277 148€    201 560€ 2

Matching products of the network:
  • Personal introduction (on a one-to-one basis)
  • Mail presentation to selected private investors
  • Contacts to potential Business Angels within two weeks after first contact

How are clients acquired?
  • Information events and seminars
  • Visits to enterprises
  • Articles in local / national media
  • Established co-operation with local banks / financing institutions / accountants, lawyers;
     embedding in sector of public promotion companies for SMEs,
  • Other: Partnerships with universities, academies/colleges, science parks; public relations, direct
     mailings.


1
    Mid 2006
2
    1 Euro = 3,9690 PLN (13-09-06) => 800 000 PLN / 3,9690 -> 201560


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Sectors of investment




                                                                      ICT
                                                          33%

                                                                      Retail and
                                                                      services
                                   67%




BAN specialisation
None.

Fees
No fees charged to business angels and entrepreneurs.

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
70

How do angels exit their investments? n/a

Success story n/a




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                                                    SilBAN                                2006          M
Contact person                                                Krzysztof Bolik
Contact details                                               Sokolska Street 8
                                                              40-086 Katowice
                                                              T: +48 32 253 33 17
                                                              F: +48 32 253 88 28
                                                              E: krzysztofb@silban.pl
                                                              W: www.silban.pl
Type of network                                               Regional
Date of creation                                              03 April 2006
Employees                                                     2 full time and 2 part time
Legal status                                                  European Union project
Hosting organisation                                          Fundusz Gornoslaski SA
Formal partner organisations                                  Fundusz Gornoslaski S.A.
                                                              Gornoslaska Agencja Przeksztalcen
                                                              Przedsiebiorstw S.A.
                                                              Gornoslaskie Towarzystwo Gospodarcze
Commercial/for profit network                                 No

Funding sources


                                           7%
                                                                    European
                                    10%                             funds

                                                                    Fees from
                                                                    BA

                                                                    Fees from
                                                                    entrepreneur
                                                      83%
                                                                    s



                                                                                                 2006
Number of projects submitted                                                                      5
Number of Angels                                                                                   2
Number of women investors                                                                         0
Number of members recruited during the year                                                        2
Number of women recruited during the year                                                         0
Number of deals made                                                                               0
Average amount of the deal (€)                                                                     0

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions



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Sectors of investment
n/a

BAN specialisation
None

Fees
o Fees charged to entrepreneurs: 25€
o Fees charged to business angels: 50€
o Success fees for entrepreneurs and business angels

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                             PORTUGAL                                                    2006
1. Background information on BAN activity in Portugal

The BAN activity in Portugal is still taking its first steps, and there isn’t any legal and official framework
for this kind of investments. Gesventure introduced the business angel concept in Portugal and has
worked with the public authorities since the end of the 1990’s.
APBA (Association of Portuguese Business Angels) was founded in 2006 with the aim of enhancing the
recognition of the role and activities of business angels.

2. Statistics
                                                     2000       2001       2002       2003   2004   2005   Mid-
                                                                                                           2006
Number of BANs                                         1         1          1          1     1       1       2
Number of Business Angels                             10         14         16         18    21     24      90
Number of deals                                       1                     1                1       1      n/a
Number of accredited projects                          6          4         5           5    6       4      n/a
Number of commercial BANs                              1          1         1           1    1       1       0
Number of non-commercial BANs                          -          -          -          -     -      -       2
Number of national BANs                                1          1         1           1    1       1       2
Number of regional BANs                                -          -          -          -     -      -       0
National association                                   -          -          -          -     -      -       2

3. BAN legal status

Both existing networks are associations (associação).

4. National association

Associação Portuguesa de Investidores em Start- Ups and Associação Portuguesa dos Business
Angels.

5. Lobbying

    •   Since August 2005 Associação Portuguesa de Investidores em Start-ups is producing
        documents to IAPMEI, APCRI (Portuguese Venture Capital Association) and CMVM
        (Portuguese Stock Exchange Market) about the legal and fiscal framework for business angels
        in Portugal.

    •   APBA is working with the public administration to develop the best legal and fiscal framework
        for business angels in Portugal. APBA met several times with the Comissão de Mercados de
        Valores Mobiliários - CMVM - (Stock Exchange Authority). CMVM has recently issued for public
        discussion a law project which contemplates a specific legal and fiscal framework for Business
        Angels.


5. National/regional Support

National support.

6. EU support None

7. Dissemination of the BAN concept

Gesventure organises since 1999 the “Encontros Gesventure” (Gesventure Meetings), an annual
conference that takes place in November/December about Business Angels, Start-Up’s, Entrepreneurs
and existing incentives. They also organize an international conference, the Venture Capital IT, more
related to venture capital dissemination but also important for BAN diffusion. Besides these
conferences, they often participate in other conferences and room classes and organize regular private



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meetings within our Business Angels Club. Gesventure also owns two websites with plenty information
about venture capital, business angels and entrepreneurship: www.businessangels.pt and
www.gesventure.pt

Besides that Gesventure is developing some regional networks located in Porto, Algarve, Covilhã,
Cascais and Funchal (Madeira island), with a projection of about 120 business angels associates.

APBA has organised in 2006 regular meetings with its associates, entrepreneurs and the media with the
objective of stimulating business angel activity. The president of the Portuguese Republic met with the
APBA Board members to discuss the role of business angels in the development of the Portuguese
Economy. ABPA has a comprehensive website (www.apba.pt) and uses the software Angelsoft to
manage the investments of its associates.

Additionally, APBA runs regular board meetings in the main Portuguese cities with the involvement of
local leaders (universities, technology centers, municipalities, investors) with the objective of promoting
the business angel investments on innovative projects.

8. EBAN members
Gesventure (Business Angels Club – Assoc. Portuguesa de Investidores em Startups)
APBA




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                                            GESVENTURE                                           2006        M
Contact person                                                    Francisco Banha
                                                                  Rua 7 de Junho de 1759 n°1 Lagoal
                                                                  2760-110 Caxias
                                                                  T: +351 214 416 460
                                                                  F: +351 214 417 387
                                                                  E: Fbanha@gesbanha.pt
                                                                  W: www.gesventure.pt
                                                                  W: www.businessangels.pt
Type of network                                                   National
Date of creation                                                  1999
Number of Employees                                               3
Partner organisations                                             Chausson Finance, Alta Partners
Commercial/for profit network                                     n/a

Funding Sources n/a

                                                       2000        2001       2002        2003    2004     2005
Number of projects submitted                            6           4          5           5       6         4
Number of Angels                                        10          14         16          18      21       24
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                   1             0         1           0        1        1
Average amount of the deal                          300.000€        n/a     200.000€      n/a    150.000€ 50.000€

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Visits to enterprises
   • Articles in the regional or national press
   • Personal Contacts

Sectors of investment




                                                                 Manufacturing




                                            100%


BAN specialisation
None




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Fees
o No fees charged to entrepreneurs or business angels, but if we can close the deal, normally success
  fee of 5%.

Co-investment scheme
None, but we can make some deals with other BA or Venture Capital Firms.

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments n/a

Success story n/a




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                       Association of Portuguese Business Angels
                                       ABPA                                                 M     2006

Contact person                                                          Mr. Trigo da Roza
Contact details                                                         E: apba@apba.pt
                                                                        E: jtroza@apba.pt
Type of network (national/regional/local)                               National
Date of creation                                                        16 February 2006
Employees                                                               -
Legal status                                                            Association
Hosting organisation                                                    -
Formal partner organisations                                            -
Commercial/for profit network                                           No

Funding sources




                                                                        Fees from
                                40%                                     business
                                                                        angels

                                                                60%     Other
                                                                        (sponsors..)




                                                                                                Mid-2006
Number of projects submitted                                                                       25
Number of Angels                                                                                   66
Number of women investors                                                                           2
Number of members recruited during the year                                                        66
Number of women recruited during the year                                                           2
Number of deals made                                                                              n.a.
Average amount of the deal (€)                                                                     n.a

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment n/a

BAN specialisation
None

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: between 1.5% and 3% of the investment



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Co-investment scheme
Yes, see www.apba.pt

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                                      SPAIN
                                                                                            2006    M
1. Background

The business angels concept arrived to Spain in 2001. Since then, the number of networks has been
growing day by day.

ESBAN (Spanish business angels network) was founded in 2004, involving the partnership of several
BANs. Its is the national federation of networks in the country. The aim was to promote the business
angels concept, to develop business angels networks and to cooperate with the public administration
when developing the best legal framework for the business angels.

In 2006, Esban got the support of the General Direction of the SME from the Spanish government,
member of the patronage of the foundation.

The following networks are members of ESBAN:
BANC
ABANT
BANG
BANCO Rioja
BAN CLM – Under construction
CEEI Baleares – Under construction
Creama – Under construction
FER Rioja – Under construction
Patronal Fade – Under construction

The other networks are not affiliated.

2. Statistics

n/a

3. BAN Legal Status

ESBAN is the national business angels network. It is a private foundation made up by several business
angels networks together with the Ministry of Industry. The other joint networks are usually non profit
organisations promoted both by public and private institutions.

ESBAN is funded by CECOT Innovacio.

4. Lobbying

In 2005 ESBAN participated in several business forums for the SME and organised two workshops (July
and September) with the objective of providing the networks’ managers with the keys to develop their
network.

On the other hand, ESBAN is working to improve the financial framework for the business angels. A
proposal was passed in the Spanish parliament, in this way, the Spanish government took the
compromise of studying the best regulation for the business angels market, similar to the venture
capital.

Furthermore, ESBAN and the Spanish government are working on a pilot program to promote the
networks in Spain. This program includes financial aids for the networks as well as a communication
plan to spread the business angels concept as the best way of financing a project.




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5. EBAN members
BANC
BANG
UNIBAN – University Business Angels Network
BAN Madrid

Information about Spain is completed on page 156 by the information on the activity coordinated by
CIDEM in Catalunya. Information is displayed separately as CIDEM has a specific development and
coordination programme for its 12 networks, “XIP”.




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                                       ALAMUT                                                 2006
Contact details                                               Ramom Nogueira Vidal
                                                              Ramon Cabanillas, 8 1° F
                                                              15701 Santiago de Compostella
                                                              E : info@alamut.es
                                                              W : www.alamut.es
Type of network                                               National
Date of creation                                              2005
Number of employees                                           1
Legal status                                                  Limited company
Situación legal                                               Sociedad Limitada
Hosting organisation                                          None
Formal partner organisations                                  Ramom Nogueira Vidal
Commercial/for profit network                                 Yes

Funding sources


                                    100%


                                                                       Fees from
                                                                       business
                                                                       angels




                                                                                               2005
Number of projects submitted                                                                   148
Number of angels                                                                                6
Number of women investors                                                                       1
Number of members recruited during the year                                                     5
Number of women recruited during the year                                                       1
Number of deals made                                                                            0
Average amount of deals                                                                         0

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment n/a

Sector of projects submitted in 2005
ICT and retail and services

BAN specialisation
Internet business and technology.



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Fees
o No fees charged to entrepreneurs.
o Fees charged to business angels

Registration fee: 0 €
Success fee:
    - First round
Investment 25.000 € - 100.000 € Fee 4%
Investment 100.000 € - 250.000 € Fee 3%
Investment 250.000 € - 500.000 € Fee 2%
Investment 500.000 € -1.000.000 € Fee 1%
    - Second round
Investment 25.000 € - 100.000 € Fee 2 %
Investment 100.000 € - 250.000 € Fee 1,5 %
Investment 250.000 € - 500.000 € Fee 1 %
Investment 500.000 € -1.000.000 € Fee 0,5 %

Co-investment scheme
Co-investment scheme in operation, see www.alamut.es

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments n/a

Success stories n/a




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                                     ALICANTE EMPRENDE                                                2006
Contact person                                                Eloy Sentana Gadea
Contact details                                               C/ San Francisco 56, 3ºA.
                                                              03001 Alicante
                                                              T : +34 902.100.468
                                                              F : +34 965.23.06.80
Email :                                                       E: eloy.sentana@alicante-ayto.es
Website :                                                     W: www.alicanteemprende.com
Type of network                                               Local Network
Date of creation                                              29/03/2003
Number of Employees                                           7
Legal status                                                  Local Governmental Network
Hosting organisation                                          Ayuntamiento de Alicante
Partner organisations                                         Cuatrecasas, Fundesem, Beta Capital,
                                                                omerci.
Commercial/for profit network                                 No

Funding Sources


                                                                      National
                                                    10%               Funds

                                                                      Regional
                                                                      Funds
                                    90%




                                                                                            2004        2005
Number of projects submitted                                                                 26          12
Number of Angels                                                                             28          20
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                                          3          0
Average amount of the deal                                                                320.000 €     0€

Matching services of the network:
   • Internet

How are clients acquired?
   • Targeted publicity
   • Visits to enterprise
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment (data for 2004)




                                                          33%
                                                                  ICT    Biotech

                              66%




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BAN specialisation
None

Fees
No fees charged to entrepreneurs nor business angels.

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
16

How do angels exit their investments? n/a

Investment information

 Name of       Sector of     Date of           Amount            Number of           Date Multiple of return for
 company        activity   investment          invested            angels           of exit investors (i.e. times
                                                  (€)             involved                  return on money)
AguaNafree        Food     10/05/2003           260.000              1                n/a            n/a
                industry




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         BANCORIOJA BUSINESS ANGELS NETWORKS COMPANY,                                            2006
                            S.L
Contact person                                                TXERRA ORDEÑANA
Contact details                                               www.bancorioja.com
Type of network                                               INTEREGIONAL
Date of creation                                              2004
Employees                                                     2
Legal status                                                  S.L PRIVADA
Hosting organisation
Formal partner organisations                                  PRIVADOS
Commercial/for profit network                                 Yes

Funding sources




                                                                         Other:
                                                                         Sponsors…



                                             100%




                                                                                          2004    2005
Number of projects submitted                                                               10      30
Number of Angels                                                                            -       -
Number of women investors                                                                   0       1
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                                       0        3
Average amount of the deal (€)                                                                    6.000

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment




                                                       25%
                                                                       Biotechnology

                                                                       Services


                                   75%




BAN specialisation
None

Fees
o Fees charged on entrepreneurs: 200€
o Fees charged on business angels: 5% success fee

Co-investment scheme
Website for more information: www.bancorioja.com

N deals in co-investment                                 1
N angels involved                                        2

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years: 8

How do angels exit their investments? n/a

Success story n/a




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                                              BANG                                        2006           M
Contact person                                                Gema Fernández Nogueira
Contact details                                               Plaza das Damas 1
                                                              32005 Ourense
                                                              E: gema.fernandez@bang.es
Type of network                                               Regional
Date of creation                                              9/01/2004
Number of employees                                           3
Legal status                                                  Not for profit organisation
Hosting organisation                                          Confederación Empresarial de Orense
Formal Partner organisations                                  Confederación Empresarial de Orense
Commercial/for profit network                                 No

Funding sources


                                                                       Regional funds
                            35%

                                                                       Fees from
                                                                       business angels

                                                              60%      Sponsors


                               5%



                                                                                          2004      2005
Number of projects submitted                                                               49       122
Number of angels                                                                           22        52
Number of women investors
Number of members recruited during the year
Number of women omercial during the year
Number of deals made                                                                       1         4
Average amount of the deal

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment N/a

BAN specialisation
None




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Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: between 250€ and 300€

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                            BAN Madri+d
                                                                                          2006    M
Contact person                                             Pedro Trucharte
Contact details                                            C/ Velazquez 76
                                                           28001 Madrid
                                                           T: +34 91 781 65 70
                                                           F: +34 91 576 60 52
                                                           E: pedro.trucharte@madrimasd.org
                                                           W: www.madrimasd.org/emprendedores/
Type of Network                                            Regional/Madrid
Date of creation                                           July 2004
Number of Employees                                        1
Legal status                                               Not for profit
Hosting organisation:                                      Fundación para el Conocimiento madri+d
Partner organisations                                      Comunidad de Madrid
                                                           Confederación Empresarial de Madrid – CEOE
                                                           (CEIM)
Comercial/for profit network                               No

Funding Sources




                                                                              European Funds

                                                   100%




                                                                                          2004   2005
Number of projects submitted                                                               15     31
Number of Angels                                                                           5      8
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made
Average amount of the deal

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Partnership with universities and other institutions




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Sectors of investment
n/a

BAN specialisation
New Technology based firms

Fees
No fees charged to business angels or entrepreneurs.

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story: n/a




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                            MALAGA BUSINESS ANGELS                                              2006
Contact person                                                 Alberto Rojas Bueno
Contact details                                                c/ Severo Ochoa 21, Parque Tecnológico de
                                                               Andalucía, 29590 Campanillas, Málaga
                                                               T: +34 952 02 90 95
                                                               F: +34 952 02 90 88
                                                               E: businessangels@sopde.es
                                                               W: www.sopde.es/businessangels
Type of network                                                Local
Date of creation                                               March 2005
Number of employees                                            2
Legal status                                                   SOPDE initiative (no legal personnality)
Hosting organisation                                           Sociedad de Planificación y Desarrollo,
                                                               SOPDE SA.
Formal partner organisation                                    n/a
Commercial/for profit network                                  No

Funding sources


                                                                      Regional funds
                                                   3%                 (only for 1st
                                                                      year)


                                                                      Sponsors
                                                                      (SOPDE for the
                                                                      first year of
                                                                      creation and
                                                                      then 100%)
                                               97%



For the first year of operations, Malaga Business Angels received 75% support from Regional funds. After
the first year they no longer received these funds. That is why SOPDE (Public company of Diputación de
Malaga) is supporting 100% of the expenses now (until new funds are sourced).
                                                                                             2005
Number of projects submitted
Number of angels                                                                              46
Number of women investors                                                                      2
Number of members recruited during the year                                                   46
Number of women recruited during the yera                                                      2
Number of deals made                                                                          3*
Average amount of the deal                                                                 71.000€
*one “deal” was a strategic alliance between an investor and an entrepreneur without any delivery of
funds.

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Visits to enterprises
   • Articles in the regional or national press
   • Collaboration agreements with development institutions and entities



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Sectors of investment



                                                                    Retail and
                                                                    services

                                                                    Manufacturing
                               50%                      50%




BAN specialisation
None

Fees
No fees charged to business angels or entrepreneurs

Estimate of the number of jobs created as a result of the network activity in the past 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                  UNIBAN, University Business Angels Network
                                                                                            2006     M
Contact Person                                       Luis Fernández
Contact Details                                      UNIBAN
                                                     Edificio FEUGA - Despacho 1
                                                     Lope Gómez de Marzoa s/n
                                                     15705 Santiago de Compostela (SPAIN)
                                                     T: +34 981 563 100 Ext. 16844
                                                     E: info@uniban.org
                                                     W: www.uniban.org
Type of network                                      National
Date of creation                                     November 2003
Number of Employees                                  1
Legal status                                         Not for profit
Hosting Organisation                                 University of Santiago de Compostela
                                                     (UNIEMPRENDE Entrepreneurship program)

Funding Sources




                                40%
                                                                    National funds
                                                                    Regional funds
                                                       60%




                                                                2003                 2004     2005
Number of projects submitted                                      5                   45       84
Number of Angels                                                 12                   15       25
Number of women investors                                                                       5
Number of members recruited during the year                                                    17
Number of women recruited during the year                                                       1
Number of deals made                                              n/a                n/a       n/a
Average amount of the deal                                        n/a                n/a       n/a

Matching services of the network:
   • “Foro de Inversión Virtual UNIBAN” : Internet based matching service (only for members)
   • Database of contacts
   • Meetings
   • Specific service for business angels investing in high-technologies
   • Investment Readiness for Business Angels and Entrepreneurs (only for members)

How are clients acquired?
   • UNIBAN Forum: http://foros.uniban.org
   • Internet advertising campaign
   • Targeted publicity
   • Visits to enterprises
   • Event and information fairs
   • Newsletter
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • UNIEMPRENDE: the entrepreneurial program of the University of Santiago de Compostela
      (awards, incubator, seminars…)



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    •   University Tech Transfer Offices

Sectors of investment n/a

BAN specialisation
No specialisation. The mission of UNIBAN is to promote the creation and the development of
innovative and technology - based companies in the university field linking entrepreneurs with good
projects with investors willing to invest time, experience and money.

Fees
o No fees charged for business angels.
o Fees charged to entrepreneurs: 2% success fee

Co-investment scheme
No co-investment scheme

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                                   CATALONIA
                                                                                                              2006
1. Background

Catalunya has implemented programmes relating to business angels since 1996.

CIDEM, the more experienced BAN in Spain, has become a National Federation of BANs located in
Catalunya.




CIDEM programme includes 9 Business Angel Networks, after the merge of 4 university related BANs
into UNIBA, the first European network as a result of the cooperation and collaboration agreements
between technology and innovation university centres. CIDEM also carries out other initiatives related to
business angels such as guides to informal investment, monthly meetings, business angel academies
(4 in 2006) and investment forums (XII Investment Forum, 27th September with 600 investors attending
and 130 companies presented).




                                               Club d’Inversors




2. Statistics

                          2000 2001 2002 2003                           2004                  2005 (only Catalunya***)
Number of BANs             1    1    2    4                              11                        Catalunya: 12
                                                                                                (Currently 9 after the
                                                                                                 creation of UNIBA)
Number of Business         58         65      93      180      356 (other catalan                        348
Angels                                                               BANs) +
                                                               176 (CIDEM BAN))
Number of deals             3         8       10       24        8 (other catalan                       24
                                                                     BANs) +
                                                                32 (CIDEM BAN)
Number of accredited       88        171     190      247      216 (other catalan                       462
projects                                                             BANs) +
                                                               424 (CIDEM BAN)
Number of commercial        -          -       -        -               2                                3
BANs
Number of non-              1         1        2       4          9 (Catalunya)                          9
commercial BANs



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Number of national          0         0        0       0          5 (other catalan            0
BANs                                                                   BANs)
Number of regional          1         1        2       4         6 (Catalan BANs)             12
BANs
National association        0         0        0       0                  1                   1

Note: The information displayed is the one collected from the networks – therefore all categories
represent the minimum number as we are lacking some information.

Two BA Schools, organized by CIDEM in collaboration with La Salle and BCN BA, have taken place in
2005 with 60 attendants.

In October 2005, CIDEM National BAN organized the XI th Venture Capital Forum. More than 70
entrepreneurs/managers presented their ideas/firms in order to raise funds besides contacting futures
employees, raising brand awareness and fostering their networking opportunities. Near to 400 investors
attended the event.

3. BAN legal status

The “CIDEM Catalan Programme of BANs” is a National Federation of Networks.

Most of BANs of the country have opted for the non for profit organisation status or are part of the
regional administration. BCN BA, BANC and XARXAP are commercial BANs.

4. EU support

        Pilot projects

One project received financial assistance from the European Commission with a view to setting up
operational BANs. The recipients of these subsidies were:

    -   CIDEM, Catalonia's development agency

5. EBAN members

CIDEM
BANC
UNIBA
IESE BAN




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                                                       CIDEM                                                 2006   M
Contact person                                                 Roger Piqué, Oriol Sans
Contact details                                                C/ Passeig de Gràcia 129
                                                               08008 Barcelona
                                                               Catalunya
                                                               T: + 34 93 476 7317
                                                               F: +34 93 476 7233
                                                               E: rpique@cidem.gencat.net
                                                                  osans@cidem.gencat.net
                                                               W: www.cidem.com
Type of network                                                National Network
Date of creation                                               June 2000 as a BAN.
                                                               June 2006 as a National Network
Employees                                                      4
Legal status                                                   Part of CIDEM
Hosting organisation                                           CIDEM
Formal partner organisations                                   Alta Partners - XARXAP, BANC, ESADE -
                                                               Club d’emprenedors i Inversors, Pimec Capital,
                                                               UPC Programa Innova – BAXI, BCN Business
                                                               Angels, IESE BAN, Club d’Inversors La Salle,
                                                               Esfera UAB, XIP Mataró BAN, Girona
                                                               Inversors Privats, XIPAIJEC, UNIBA (created
                                                               on January 06)

Funding sources




                                                                                    Public
                                                                                    Funds

                                                   100%




                                  2000 2001 2002                          2003                     2005
                                                                                                  2004
Number of projects submitted       88  171 190                             247                      462
                                                                                                  424
                                                                                               (all BAN’s)
Number of Angels                    58      65       83         154 angels      176 angels          348
                                                                47 VC firms     60 VC firms    (all BAN’s)
                                                              121 consultants 145 consultants 73 VC Firms
                                                                                                (CIDEM)
Number of deals made                3        8      10              24              32              24
Average amount of the deal         n/a      n/a     n/a      6.200.000€ (total)  477.000 €    7.425.000 €
                                                             Average 259.000€                     (total)
                                                                                                309.000€

                   500

                   450

                   400

                   350
                                                                                             Number of projects
                   300                                                                       submitted
                                                                                             Number of Angels
                   250

.                  200                                                                       Number of deals made

                   150

                   100

                   50
                                                             158
                    0
                         2000      2001     2002      2003         2004      2005
                            EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2006




The Centre for Innovation and Business Development (CIDEM) is an autonomous body of the Catalan
Government's Ministry of Employment and Industry.




                                       XII Investment Fòrum




CIDEM has reoriented its work from the direct
managing of a network to develop a complex
system which currently includes 9 business
angel Networks, activities and resources related
with investors and entrepreneurs, as monthly
meetings or the XII Fòrum d’Inversió 2006 (600
attendants), Venture Capital Funds (3 operative)
and financing products such as Tecnoavals
(guarantees provided to entrepreneurs in order
to obtain credit loans until 150.000 €) or the
Capital Concepte loan (participatory loans until
100.000 € for new technology-based firms)




                                                          IV BA School CIDEM – La Salle




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CIDEM pays networks operating within the region depending on the amount of investment
reached (3% of total investment) with a ceiling of €40.000.




                                   Monthly investors meeting

Matching products of the network:
  • Investment clubs. Club CIDEM (breakfast monthly).
  • Investment forum / fairs. 1 large early stage forum (600 attendants 2006).
      29 Investors Forums organized by CIDEM BANS with a total amount of
      1.170 attendants in 2005.
  • Internet.
  • Meetings.
  • Presentations by entrepreneurs in front of investors.
  • Formation to entrepreneurs and investors.
  • XII Investor’s Book, with more than 130 opportunities to invest!! (available
      at www.cidem.com).

How are clients acquired?
  • Information events / seminars. BA Schools.
  • Investor Forums.
  • Articles in local / national press.
  • Established co-operation with financing institutions / lawyers / corporate finance firms.

Fees
o CIDEM doesn’t charge fees to business angels and entrepreneurs.
o Any federation BAN is free to adopt their own fee policy.

Other activities
   • Catalonia Investment Agency:

An experienced, multidisciplinary and professional team will give its full commitment to your investment
project and collaborate with your company before, during and after the implementation of your
investment in Catalonia. We look forward to welcoming you.

       •Incentives and Financing Advisory Service.
       •Technical assistance.
       •Business Location Center.




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More information: www.catalonia.com




Estimate of the number of jobs created as a result of the network activity over the last 3 years: +
of 400.

Success story: n/a




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                                                    BANC                                             2006        M
Contact person                                                Albert Colomer; Jordi Clos
Contact details                                               San Pau 6
                                                              08221 Terrasa Barcelona
                                                              T: + 34 93 490 8860
                                                              F: +34 93 7366013
                                                              E: acolomer@bancat.com ; jclos@bancat.com
                                                              W: www.bancat.com
Type of network                                               Regional Network: Catalunya (España)
Date of creation                                              July 2002
Employees                                                     2
Legal status                                                  Non profit organisation
Hosting organisation                                          Patronal CECOT/ Fundación CP’AC
Formal partner organisations                                  Catalan Government
Commercial/for profit network                                 No

Funding sources



                                                                                  F e e s fro m
                                         10%                                      e n tre p re n e u rs
                                                                   45%
                                                                                  F e e s fro m
                                                                                  b u s in e s s a n g e ls
                                  45%

                                                                                  P u b lic F u n d s
                                                                                  (G o v ie rn o d e
                                                                                  C a ta lu n y a )




                                                                 2002          2003                  2004       2005
Number of projects submitted                                       8            54                    63         82
Number of angels                                                  10            40                    57         75
Number of women investors                                                                                         0
Number of members recruited during the year                                                                      n/a
Number of women recruited during the year                                                                         0
Number of deals made                                              n/a          1                     4            8
Average amount of deals                                           n/a       120.000€              135.000€    200.000€

Matching products of the network:
   • Personal introduction (on a one-to-one basis)
   • Web site application
   • Investment forum / fairs

How are clients acquired?
   • Information events / seminars
   • Direct mailing advertisement
   • Visits to enterprises
   • Articles in local / national Press
   • Established co-operation with local banks / financing institutions / accountants




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Sectors of investment


                                     16%

                                                                        ICT

                             12%                                        Energy

                                                              60%       Retail and
                                                                        services
                               12%                                      Other




BAN specialisation
None

Fees
o Fees charged to business angels: between 250€ and 1.500€
o Fees charged to entrepreneurs: between 125€ and 250€

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
40 jobs in 8 deals.

How do angels exit their investments? n/a

Success stories n/a




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                           BAXI (Business Angels Xarxa Innova)


2006
Contact person                                                 Mireia de la Rubia
Contact details                                                Jordi Girona, 29 Ed. Nexus II
                                                               08034 Barcelona
                                                               T: + 34 93 413 76 23
                                                               E: mireia.de.la.rubia@upc.edu
                                                               W: http://pinnova.upc.es
Type of network (national/regional/local)                      Regional, Catalonia Region. National
Date of creation                                               September 2003
Employees                                                      2
Legal status                                                   Not for profit
Hosting organisation                                           Programa Innova UPC
Formal partner organisations                                   This BAN belongs to CIDEM development
                                                               BANs Program
Commercial/for profit network                                  No

At the end of 2005, BAXI, joined other 3 Catalan university networks in order to create UNIBA (University
Business Angel Network).

Funding sources



                                                              30%
                                                                          Regional funds


                                                                          Programa
                                                                          Innova Founds


                                   70%




                                                                    2003              2004      2005
Number of projects submitted                                         5                  2        20
Number of Angels                                                     3                 17        13
Number of women investors                                                                        n/a
Number of members recruited during the year                                                      n/a
Number of women recruited during the year                                                        n/a
Number of deals made                                                  2               2           3
Average amount of the deal (€)                                                     522.000€   413.333€

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Database of contacts




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Sectors of investment
n/a

Fees
No fees charged to entrepreneurs and business angels

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?
n/a

Success story
n/a




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                                         BCN Business Angels


2006
Contact person                                          Antonio Sala Martí
Contact details                                         C/ Diputació 238, 4t 7a
                                                        08007 Barcelona
                                                        T: +34 93 2701691
                                                        F: +34 93 3177612
                                                        E: info@bcnba.com
                                                        W: www.bcnba.com
Type of network                                         Regional, Catalonia Region and National
Date of creation                                        January 2004
Employees                                               3
Legal status                                            Limited Company
Hosting organisation                                    BCN BA
Formal partner organisations                            -
Commercial/for profit network                           Yes

Funding sources
                                                       15%

                                                                         Regional
                                                                         funds

                                                                         Fees from
                                                                         business
                                                                         angels


                                       85%



                                                                                          2004      2005
Number of projects submitted                                                               120       78
Number of Angels                                                                           20        32
Number of women investors                                                                            1
Number of members recruited during the year                                                          12
Number of women recruited during the year                                                            1
Number of deals made                                                                      2          3*
Average amount of the deal (€)                                                        561.500 €   508.000€
*Deal shared with another BAN.

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment



                                                           34%         ICT
                               33%

                                                                       Retail and
                                                                       services
                                                                       Energy




                                              33%

BAN specialisation
None

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: 1500€

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:

30 jobs

How do angels exit their investments?
n/a

Success story
n/a




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                                 CLUB D’INVERSORS LA SALLE
  2006
Contact person                                                         Xavier Capellades
Contact details                                                        Quatre Camins, 30
                                                                       08022 Barcelona
                                                                       T: +34 932 902 473
                                                                       E: xcapellades@ParcLaSalle.com
                                                                       W: www.ParcLaSalle.com
Type of network (national/regional/local)                              Regional, Catalunya Region
Date of creation                                                       September 2004
Employees                                                              3
Legal status                                                           Non for profit
Hosting organisation                                                   La Salle Technological and Business
                                                                       Innovation Park
Formal partner organisations                                           CIDEM
Commercial/for profit network                                          No

At the end of 2005, Club d’Inversors La Salle, joined other 3 Catalan university networks in order to create
UNIBA (University Business Angel Network).

Funding sources: n/a

                                                                            2003             2004        2005
Number of projects submitted                                                  0               48          14
Number of Angels                                                              2               22          35
Number of women investors                                                                                  2
Number of members recruited during the year                                                               13
Number of women recruited during the year                                                                  2
Number of deals made                                                          0                1           3
Average amount of the deal (€)                                                0            200.000 €   300.000 €

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment


                                 30%


                                                                      ICT    Energy


                                                              70%




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BAN specialisation
We are specialised in Innovation technology.

Fees n/a

Co-investment scheme
Website for more information: www.ParcLaSalle.com

Other investment vehicle for angels
n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?
n/a

Success story
n/a




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                                          ESFERA UAB
  2006
Contact person                                                Sònia Gonzàlez
Contact details                                               Oficina d'Innovació i Creació d'Empreses.
                                                              Edifici del Rectorat. Universitat Autònoma de
                                                              Barcelona. Campus UAB. 08193 Bellaterra
                                                              (Cerdanyola del Vallès )Barcelona
                                                              T:+ 34 93.430.55.00
                                                              F: +34 93.414.23.79
                                                              E: sgonzalezg@uab.es
                                                              W: www.uab.cat
Type of network                                               Regional
Date of creation                                              2005
Employees                                                     2
Legal status                                                  Not for profit
Hosting organisation                                          Universitat Autònoma de Barcelona (UAB)
Formal partner organisations                                  CIDEM
Commercial/for profit network                                 No

Funding sources




                                                                       Regional
                                                                       funds




                                                  100%

                                                                                                      2005
Number of projects submitted                                                                           15
Number of Angels                                                                                        4
Number of women investors                                                                               0
Number of members recruited during the year                                                             0
Number of women recruited during the year                                                               0
Number of deals made                                                                                    0
Average amount of the deal (€)                                                                          0

Matching services of the network
N/a

How are clients acquired?
n/a

Sectors of investment
N/a

BAN specialisation
None

Fees
No fees charged to business angels and entrepreneurs.




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Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?
n/a

Success story
n/a




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                                  IESE Business Angel Network
2006

Contact person                                                 Neus Martínez
                                                               Amparo San José
Contact details                                                Av. Pearson, 16 08034 Barcelona
                                                               T: +34 93 253 42 00
                                                               E : martinezn@iese.edu
                                                               E/ Asanjose@iese.edu
                                                               W : www.iese.edu/businessangels
Type of network (national/regional/local)                      Catalunya and Madrid Region
Date of creation                                               September 2003
Employees                                                      3
Legal status                                                   Not for profit
Hosting organisation                                           IESE
Formal partner organisations                                   CIDEM
Commercial/for profit network                                  No

Funding sources
Regional Funds
Fees from business angels

                                                                                               2004    2005
Number of projects submitted                                                                   148      67
Number of Angels                                                                               181      71
Number of women investors                                                                               3
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                                           5        5*
Average amount of the deal (€)                                                              677.000   250.000
* Deal shared with another BAN.

Matching services of the network
Investment forums and fairs

How are clients acquired?
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Development agencies

Sectors of investment


                             3,8% 7,9%                                        ICT
                                                          23,5%               Biotech
                        3,8%                                                  Retail and services
                      3,8%                                                    Health related
                                                                              Manufacturing
                     3,8%
                                                                              Telecom
                      3,8%                                         3,8%       Energy
                                                                              Media
                      3,8%
                                                                              Real estate
                                                                              Electronics
                        10,3%                                  15,5%          Chemistry
                                                                              Financial Services
                                   8,8%            7,4%                       Other




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BAN specialisation
No specialisation

Fees
o No fees charged on entrepreneurs
o Fees charged to business angels: 600€ the first year, 300€ for regular angels

Co-investment scheme
None

Other investment vehicle for angels
No.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
N/a

How do angels exit their investments?
n/a

Success story
n/a




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                                       Xarxa Inversors Privats de Girona
2006

Contact person                                                 Pere Padros
Contact details                                                E: Pere.padros@pas.udg.es
                                                               W: http://trampoli.udg.es/
Type of network (national/regional/local)                      Regional
Date of creation                                               2005
Employees                                                      3
Legal status                                                   Not for profit
Hosting organisation                                           Universitat de Girona
Formal partner organisations                                   Xarxa Uniba, CIDEM
Commercial/for profit network                                  No

At the end of 2005, Xarxa d’Inversors Privats de Girona (GIP) joined other 3 Catalan university networks in
order to create UNIBA (University Business Angel Network).

Funding sources




                                                                        Regional
                                                                        funds




                                                   100%


                                                                                              2005
Number of projects submitted                                                                   10
Number of Angels                                                                                7
Number of women investors                                                                       0
Number of members recruited during the year                                                     7
Number of women recruited during the year                                                       0
Number of deals made                                                                            1
Average amount of the deal (€)                                                              135.000€

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment forums and fairs

How are clients acquired?
   • Event and information fairs
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment




                                                                    Biotech




                                               100%




BAN specialisation
None

Fees
No fees charged to business angels or entrepreneurs.

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
2

How do angels exit their investments?
n/a

Success story
n/a




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  2006                                   PIMEC CAPITAL


Contact person                                               Fran de la Torre Aspe
Contact details                                              C/Viladomat 174
                                                             Barcelona 08015
                                                             T: +34 934964500
                                                             F: +34 934964501
                                                             E: fdelatorre@pimec.es
                                                             W: www.pimec.es
Type of network (national/regional/local)                    Regional- Catalonia Region
Date of creation                                             January 2005
Employees                                                    1
Legal status                                                 Not for profit
Hosting organisation                                         PIMEC
Formal partner organisations                                 CIDEM
Commercial/for profit network                                No

Funding sources n/a

                                                                                           2005
Number of projects submitted                                                                7
Number of Angels                                                                             6
Number of women investors                                                                   0
Number of members recruited during the year                                                  0
Number of women recruited during the year                                                   0
Number of deals made                                                                         0
Average amount of the deal (€)                                                               0

Matching services of the network n/a

How are clients acquired?
   • Event and information fairs
   • Newsletter

Sectorsof investment n/a

BAN specialisation n/a

Fees n/a

Co-investment scheme n/a

Other investment vehicle for angels n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years
n/a

How do angels exit their investments n/a

Success story n/a




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                   Xarxa Inversors Privats UniBA (University Business Angels)


2006
Contact person                                                Daniel Borrero
Contact details                                               E: dborrero@UniBA.cat
                                                              W: www.UniBA.cat
Type of network                                               Catalonia
Date of creation                                              2006
Employees                                                     1
Legal status                                                  Not for profit
Hosting organisation                                          La Salle University, Universitat de Girona,
                                                              Universitat Autònoma de Barcelona,
                                                              Universitat de Barcelona and Universitat
                                                              Politècnica de Catalunya.
Formal partner organisations                                  CIDEM, 22@ Barcelona, La Caixa
                                                              Emprenedor XXI and Cambra de Comerç i
                                                              Indústria de Barcelona.
Commercial/for profit network                                 No

UniBA Network is the result from the cooperation and collaboration agreements between the 5
leading technology and innovation university centres in Catalonia.

Funding sources


                                     20%
                                                                          Regional
                                                                          funds

                                                                 50%      Sponsors

                                                                          Founders
                                                                          (Universities)
                                 30%



                                                                                                      2006
Number of projects submitted
Number of Angels
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made
Average amount of the deal (€)

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Specific service for business angels investing in high-technologies
   • Business Angels Schools




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How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press

Sectors of investment n/a

BAN specialisation
Technology based companies. The UniBA network follows the objectives of the innovation model called
"triple helix", a spiral formed by government, company and university, with the intention to capture the
multiple relations arisen between all they in the different levels of the knowledge capitalization process.

Fees
o Fees charged on entrepreneurs: 200€
o No fees charged on business angels

Co-investment scheme
None

Other investment vehicle for angels
n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?
n/a

Success story
n/a




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                                                     XIPAIJEC
  2006


Contact person                                                Marta Rodríguez
Contact details                                               Carrer Aribau, 275 - principal 2a
                                                              08021 Barcelona
                                                              T: +34 93.430.55.00
                                                              F: +34 34 93.414.23.79
                                                              E: gerencia@aijec.es
                                                              W: www.aijec.es
Type of network (national/regional/local)                     Regional
Date of creation                                              2005
Employees                                                     3
Legal status                                                  Not for profit
Hosting organisation                                          Associació de Joves Empresaris de Catalunya
                                                              (AIJEC)
Formal partner organisations                                  CIDEM
Commercial/for profit network                                 No

Funding sources




                                                                            Regional
                                                                            funds




                                                  100%


                                                                                                   2005
Number of projects submitted                                                                        6
Number of Angels                                                                                     0
Number of women investors                                                                           0
Number of members recruited during the year                                                          0
Number of women recruited during the year                                                           0
Number of deals made                                                                                 0
Average amount of the deal (€)                                                                       0

Matching services of the network
   • Database of contacts
   • Internet

How are clients acquired?
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment n/a

BAN specialisation n/a

Fees n/a

Co-investment scheme n/a




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Other investment vehicle for angels n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years
n/a

How do angels exit their investments n/a

Success story n/a




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                                Xarxa d’Inversors d’ESADE Alumni
  2006

Contact person                                                Manuel Matés Garcia
Contact details                                               E: manuel.mates@esade.edu
                                                              F: www.esadealumni.net
Type of network                                               Regional
Date of creation                                              2005
Employees                                                     0
Legal status                                                  -
Hosting organisation                                          ESADE Business School
Formal partner organisations                                  CIDEM, Fundación Banespyme
Commercial/for profit network                                 No

Funding sources




                                                                           Regional
                                                                           funds




                                                  100%



                                                                                           2005
Number of projects submitted                                                                0
Number of Angels                                                                            51
Number of women investors                                                                   0
Number of members recruited during the year                                                  0
Number of women recruited during the year                                                   0
Number of deals made                                                                         0
Average amount of the deal (€)                                                               0

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Articles in the regional or national press

Sectors of investment n/a

BAN specialisation
Yes.

Fees
No fees charged to business angels or entrepreneurs.




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Co-investment scheme
None

Other investment vehicle for angels
No

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?
n/a

Success story
n/a




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                                                  XARXAP
2006
Contact person                                                          Marta Perpiñá
Contact details
Type of network (national/regional/local)                               Regional
Date of creation                                                        1998
Employees                                                               2
Legal status
Hosting organisation                                                    Alta Partners
Formal partner organisations
Commercial/for profit network                                           Yes

Funding sources

                                                     10%

                                                                              Regional
                                                                              funds
                                                                              Fees from
                                                                  30%         BA
                                 60%                                          Other




                                                                                          2004    2005
Number of projects submitted                                                                6      10
Number of Angels                                                                           40      44
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                                                2
Average amount of the deal (€)                                                                   575.000€

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment

                                    20%                                 ICT
                                                           30%
                                                                        Biotech

                                                                        Energy

                               20%                                      Retail and
                                                                        services
                                                            10%
                                                                        Health related
                                              20%




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BAN specialisation
None

Fees
o No fees charged on entrepreneurs
o Fees charged on business angels: 4% of investment

Co-investment scheme
Yes, see www.altapartners.es

Other investment vehicle for angels
Venture Capital Fund

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
40

How do angels exit their investments?
n/a

Success story
n/a




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                                          XIP MATARO
  2006


Contact person                                                Carles Fillat
                                                              Òscar Valdivielso
Contact details                                               C/ Herrera n. 70
                                                              08301 Mataró
                                                              T: +34 93 758 26 40
                                                              E: xipmataro@ajmataro.es
                                                              W: www.laincubadora.com/
Type of network                                               Regional
Date of creation                                              January 2005
Employees                                                     1
Legal status                                                  Not for profit
Hosting organisation                                          Mataró Town Council
Formal partner organisations                                  CIDEM
Commercial/for profit network                                 No

Funding sources




                                                                         Regional
                                                                         funds




                                               100%

                                                                                          2004   2005
Number of projects submitted                                                                8     14
Number of Angels                                                                            5     10
Number of women investors                                                                          0
Number of members recruited during the year                                                        5
Number of women recruited during the year                                                          0
Number of deals made                                                                               0
Average amount of the deal (€)                                                                     0

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Training Programmes




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Sectors of investment
n/a

BAN specialisation
None

Fees
No fees charged on entrepreneurs or business angels.

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                             SLOVENIA                                             2005
1. Background

Slovenian Business Angels Club is a joint project of Podjetnik (entrepreneur magazine) and Small
Business Development Centre (SBDC). It is a non-profit association. A certain amount of funding was
secured through the budget of Slovenian government. In its first year of activity (2001/2002) the network
was focused mainly on promotion of the concept.

2. Statistics
                                                                   2001         2002       2003   2004
Number of BANs                                                       1            1          1      1
Number of Business Angels                                           11           21         21     25
Number of deals                                                      2            2          -      1
Number of accredited projects                                       51           66         79     98
Number of commercial BANs                                            -            -          -      -
Number of non-commercial BANs                                        1            1          1      1
Number of national BANs                                              1            1          1      1
Number of regional BANs                                              -            -          -      -
National association                                                 -            -          -      -

3. BAN legal status

Business Angels Club is placed in the SBDC strategy as an additional financial mechanism for
promoting the business development. It is connected with other projects like voucher system of
consulting and e-work.

4. National association

Business Angels Club is the only BAN in Slovenia operating at the national level.

5. Lobbying

Business Angels Club is connected with partners at national level (Network of Local Business Centres,
Regional development agencies), Universities, Technology Parks and Financial Institutions.

6. National/regional Support

Slovenian Business Angels Club has financial support from Slovenian government.

7. EU support

The EU does not financially support Slovenian Business Angels Club.

8. Dissemination of the BAN concept

    •   Regular Business Angels Club’s activities;
    •   Informing the entrepreneurs about financing possibilities for their projects with informal venture
        capital;
    •   Promotion activities by publishing articles in SLEVCA Novice/News, Podjetnik – Entrepreneurial
        Magazine, Kapital - Entrepreneurial Magazine, organising trainings and seminars for
        entrepreneurs, attending conferences;
    •   Running active webpage.




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                               Slovene business angel Club                                         2005
Contact person                                                     Mr. Jaka VADNJAL
Contact details                                                    SBDC - Slovene Business Angels Club
                                                                   WTC – Dunajska 156
                                                                   1000 Ljubljana
                                                                   T: +386 1 530 98 04
                                                                   F: +386 1 589 18 77
                                                                   E: jaka.vadnjal@pcmg.si
                                                                   W: www.pcmg.si
Type of network                                                    National
Date of creation:                                                  2001
Number of Employees                                                3
Legal status                                                       Project
Hosting organisation                                               SBDC

Funding Sources:




                                                                              National
                                                                              Funds
                                                   100%




                                                          2001           2002             2003    2004
Number of projects submitted                               51              66              79       98
Number of Angels                                           11              21              21       25
Number of deals made                                       2                2               -       1
Average amount of the deal                                  -           16.000 €            -    10.416 €


Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Fees:
o No fees charged to business angels and entrepreneurs.




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Deals – Slovenia

            Deal                      Sector :                             Estimated value of the deal
Deal 1 : 2001                Real estate                            No data
                                                                    (partners do not want to share the amount
                                                                    of deal with BAC)
Deal 2: 2001 (merging of     Retail                                 No data
two companies)                                                      (partners do not want to share the amount
                                                                    of deal with BAC)
Deal 3: 2002                 Real estate – construction             16.000 € (share)
                             & craft
Deal 4: 2002 (invention;     IT Technologies                        No data
software programe)                                                  (partners do not want to share the amount
                                                                    of deal with BAC)
Deal 5: 2004 (patent in      Real estate                            100.000 €
construction)




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                                                    SWEDEN                                    2006      M
Sweden has a fairly large number of business angels and business angel networks relative to its size
and population. Swedish research indicates that there are 3000-5000 business angels in Sweden
investing around 200 million euro per year.

The number of business angel networks in Sweden increased substantially during the period 2003-2004
in connection with a support program run by the Swedish Agency for Economic and Regional Growth
(“NUTEK”). Following a few years in the start-up phase, a number of networks are now operational
throughout the country and the cooperation between business angel networks is increasing. At the
same time, signs of consolidation can be noticed in the sense that networks, either lacking financial
means for their operations or lacking a natural and qualitative deal flow, never really got started or have
closed down their respective operations. Due to this, the number of BANs decreased slightly in 2005
from the peak in 2004.

Most networks have a geographical focus but are not specialised in terms of industry focus. The
majority of investments made through the networks are done in the seed and start-up phases.

2. Statistics

                                                   2000      2001       2002       20033     20041   2005
Number of BANs                                       2         2          2          24       ~30    ~26
Number of BAs members of BANS                       85        140        250        400      10002   6503
Number of deals through BANs                        n/a       n/a        n/a        n/a       >50    ~100
Number of accredited projects                       n/a       n/a        n/a        n/a       n/a     n/a
Number of commercial BANs                            0         1          1          2         3       3
Number of non-commercial BANs                        1         1          1          21        27     23
Number of national BANs                              0         1          1          0         0       4
Number of regional BANs                              0         5          6          23       ~30     22
National association                                 1         1          1          1         1       1

3. BAN legal status
The majority of BANs are organized as networks within non-profit entrepreneurial networks, consulting
firms or state-supported organisations.

4. National association
Since early 2005 the Swedish Private Equity & Venture Capital Association (SVCA), supported by
NUTEK, acts as National Association for business angels and business angel networks in Sweden.

SVCA is responsible for supporting the regional BANs, as well as for enhancing the level of knowledge
about business angel activities in general. Working for a more investor friendly environment, developing
tools to improve and facilitate the BAs’ investment process as well as providing forums for networking
and educational activities are also part of SVCA’s work.

The fact that SVCA’s member base incorporates all types of private equity investors gives the
association a unique possibility to work for improved interaction between investor groups and to bridge
the gap between business angels and venture capital investors.




3
  During 2003-2004 the Swedish Development Agency (NUTEK) ran a project with the aim of increasing
the number of BANs in Sweden. A number of networks got “start-up” funding, thereof the significant
increase in BANs from 2002 to 2003.
2
 The high number of members in BANs (1000) indicates the number of newly recruited members, not
active BAs
3
    Indicates the number of active BAs in BANs. The number of members in BANs is significantly higher.


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5. Contact
Contact person SVCA:
Maria Nilsson, Head of Business Angel Relations
Grev Turegatan 18
114 46 Stockholm
T: + 46 8 678 30 81 / +46 708 36 22 31 F: + 46 8 678 40 90
E: maria.nilsson@svca.se ; W: www.svca.se

Contact person NUTEK:
Karin Östberg
Liljeholmsvägen 32
117 86 Stockholm
T: +46 8 681 66 20; F: +46 8 744 4045
E: karin.ostberg@nutek.se ; W: www.nutek.se

6. Lobbying
The current tax climate in Sweden does not provide tax incentives for investing in early stage
companies. SVCA therefore continuously work for a more BA investment friendly tax environment as
well as for simplified regulations, with the aim of attracting more private capital to entrepreneurial
businesses.

7. Dissemination of the BAN concept
SVCA is continuously working to increase the level of knowledge about the business angel concept and
its importance for growth and development of new businesses. SVCA’s work includes among other
things educational activities, creating national BA forums, lobbying as well as PR activities.

NUTEK in cooperation with FSF and University of Lund supports a long-term research of the Swedish
business angel market with the aim of mapping the actors in this market and to get a more accurate
picture of the business angel activity in Sweden.

8. EBAN Members

SVCA
NUTEK




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                                        A2 - CONNECT Väst                                           2006
Contact person                                                       Björn Sjöholm
Contact details                                                      Stena Center 1 A
                                                                     412 92 Gothenburg
                                                                     Sweden
                                                                     E: bs@connectvast.se
Website                                                              W: www.connectvast.se
Type of network                                                      Regional
Date of creation                                                     2000-01
Number of Employees                                                  1
Legal status                                                         Filial
Hosting organisation:                                                Connect Väst AB
Commercial/for profit network                                        No

Funding Sources




                                                                    Sponsors
                                                                    Connect Väst


                                            100%




                                                                                2003       2004      2005
Number of projects submitted                                                     32        145        74
Number of Angels                                                                 75        101        83
Number of women investors                                                                              2
Number of members recruited during the year                                                            7
Number of women recruited during the year                                                              0
Number of deals made                                                             5          23        11
Average amount of the deal (€)                                                280 000     270 000   290 000

Matching services of the network:
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

BAN specialisation
None

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels




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               Almi Stockholm Affärsängelnätverk - ALMIBAN                                    2006
Contact person                                                     Eva ForsénIngers, Göran Stålberg
Contact details                                                    Box 6198 (Drottninggatan 97)
                                                                   102 33 Stockholm, Sweden
                                                                   T + 46 8 458 14 00
                                                                   M: + 46 70 630 39 34/Eva
                                                                   M: + 46 70 512 00 59/Göran
                                                                   E: eva.forseningers@almi.se,
                                                                   E: goran.stalberg@almi.se
Websites                                                           www.stockholm.almi.se
                                                                   www.almiban.se
Type of network                                                    Local Network
Date of creation                                                   1997
Employees                                                          1
Legal status                                                       Filial
Hosting organisation                                               ALMI Företagspartner Stockholm AB
Formal partner organisations                                       ALMI Företagspartner Stockholm AB
Commercial/for profit network                                      No

Funding sources




                                                                       Sponsors: ALMI
                                                                       Företagspartner
                                                                       Stockholm AB




                                             100%

                                                                                                 2005
Number of projects submitted                                                                      320
Number of Angels                                                                                   95
Number of women investors                                                                         30
Number of members recruited during the year                                                       12
Number of women recruited during the year                                                          4
Number of deals made                                                                              26
Average amount of the deal                                                                     ~80.000€

Matching services of the network
   • Database of contacts
   • Meetings
   • Internet
   • Specific service for business angels

How are clients acquired?
   • In the first hand, from ALMIs loan stock and in the second hand, from our business partners
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

BAN specialisation
None



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Fees
o No fees charged on entrepreneurs
o No fees charged to business angels

Co-investment scheme
None




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                                 CONNECT Skånes Affärsängelnätverk                                       2006
Contact person                                                 Nicholas Jacobsson
Contact details                                                Connect Skåne
                                                               Box 117
                                                               221 00 LUND
                                                               T: +46 222 12 73
                                                               M: +46 733 70 35 50
                                                               E: nj@connectskane.se
Website                                                        W: www.connectskane.se
Type of network                                                Regional
Date of creation                                               2003
Number of Employees                                            1
Legal status                                                   Organisation
Hosting organisation                                           Connect Skåne
Commercial/for profit network                                  No

Funding Sources


                                                                      F e e s fro m
                                    10%         5%                    b u s in e s s a n g e ls
                                                                      O th e r - s p o n s o rs


                                                85%                   N a tio n a l F u n d s




                                                               2003                               2004     2005
Number of projects submitted                                     4                                 50       30
Number of Angels                                                50                                 80       70
Number of women investors                                                                                    2
Number of members recruited during the year                                                                 15
Number of women recruited during the year                                                                    0
Number of deals made                                            3                              7             6
Average amount of the deal (€)                               250 000                        100 000       110 000

Matching services of the network:
   • Meetings
   • Investment Clubs

Sectors of investment

                                                                        ICT

                                                                        Biotech
                                               10%
                             25%
                                                      10%               Energy

                                                                        Retail and
                                                                        Services
                                                       15%              Health related
                           15%
                                                                        Manufacturing
                                                  10%
                                     15%                                Other




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BAN specialisation
None

Fees
o Fees charged to business angels: 90€ per BA/per year

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
100

How do angels exit their investments?

  N      MBO       Trade      Flotation/IPO               Other             Bankruptcy    Other (please
 exits              Sale                                investors                           specify)
           x         x                                      x




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                       CONNECT Östra Sverige Privatinvesterare                              2006
Contact person                                                Björn Hellström
Contact details                                               CONNECT Östra Sverige, Box 5073
                                                              102 42 Stockholm
                                                              Sweden
                                                              T: + 46 8 791 29 59
                                                              E: info@connectost.se
                                                              W: www.connectost.se
Type of network                                               Regional
Date of creation                                              2003
Employees                                                     1
Legal status                                                  Organisation
Hosting organisation                                          CONNECT Östra Sverige AB
Formal partner organisations                                  n/a
Commercial/for profit network                                 No

Funding sources




                                                                  Sponsorship:
                                                                  Östra Sverige



                                             100%




                                                                                                2005
Number of projects submitted                                                                     15
Number of Angels                                                                                 50
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made
Average amount of the deal (€)

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Other: Springboards

How are clients acquired?
   • Event and information fairs
   • Visits to enterprises
   • Cooperation agreements with local banking, financial or fiduciary institutions

BAN specialisation
No specialisation

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: through membership fee to CONNECT or Cooperating
   organisations



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                                 Delfinerna i Skåne (Almi Skåne)
Contact person                                                  Cecilia Elofsson
Contact details                                                 ALMI Företagspartner, Rönnowsgatan 8, S-
                                                                252 25 HELSINGBORG
                                                                T: +46 42 26 90 11
                                                                M: + 46 705 55 42 01
                                                                E: cecilia.elofsson@almi.se
                                                                W: www.skane.almi.se
Type of network (national/regional/local)                       Regional
Date of creation                                                2003-09-15
Employees                                                       1
Legal status                                                    Filial
Hosting organisation                                            ALMI Företagspartner Skåne AB
Formal partner organisations                                    Region Skåne
Commercial/for profit network                                   No

Funding sources




                                                                     ALMI Skane




                                                 100%




                                                                                        2003   2004    2005
Number of projects submitted                                                             5      15      15
Number of Angels                                                                         7      25      37
Number of women investors                                                                2      3        2
Number of members recruited during the year                                                              -
Number of women recruited during the year                                                                -
Number of deals made                                                                                    10
Average amount of the deal (€)                                                                        50 000

Matching services of the network
Database of contacts
Meetings
Investment Clubs
Investment forums and fairs
Internet

How are clients acquired?
Targeted publicity
Visits to enterprises
Articles in the regional or national press
Cooperation agreements with local banking, financial or fiduciary institutions

BAN specialisation
No specialisation

Fees
No fees charged to business angels or entrepreneurs.

Co-investment scheme None



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                                Kista Investment Network                                         2006
Contact person                                                  Pär Hedberg
Contact details                                                 Electrum 209
                                                                164 40 Kista
                                                                T: +46 708 55 03 18
                                                                E: par.hedber@stockholminnovation.com
                                                                W: www.stockholminnovation.com
Type of network                                                 Local Network
Date of creation                                                October 2003
Number of Employees                                             n/a
Legal status                                                    Kommanditbolag
Hosting organisation                                            Kista Innovation & Growth AB
Commercial/for profit network                                   Yes

Funding Sources




                                                                                 Fees from
                            50%                                                  business
                                                                                 angels

                                                                    50%


                                                                                 Host
                                                                                 organisations
                                                                                 (80% public
                                                                                 and 20%
                                                                                 sponsors)




                                                                2003                2004          2005
Number of projects submitted                                     2                    6             6
Number of Angels                                                 8                   16            21
Number of women investors                                                                           2
Number of members recruited during the year                                                         4
Number of women recruited during the year
Number of deals made                                              n/a                4              3
Average amount of the deal (€)                                    n/a             400 000        215 000

Matching services of the network:
   • Newsletter or information bulletin
   • Meetings
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Clients com from our own incubator;
   • Investors are personally recruited with personnel meetings and they are found via our own
      network




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Sectors of investment



                                   25%

                                                                       ICT
                                                          50%          Energy
                                                                       Health related

                                   25%




BAN specialisation
ICT and Medtech

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels: 320 €/year

Co-investment scheme

All members of Kista Investment Network can invest in Stockholm Innovation & Growth’s pre-seed fund,
Sting Capital. The majority of the members in Kista Investment Network have done so.

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a




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                               North Sea Angels (NSA)                                         2006
Contact person                                                Martin Skoglund
Contact details                                               Scandinavian Financial Management AB
                                                              Vasaplatsen 2
                                                              SE-411 34 Göteborg
                                                              E: martin.skoglund@sfmab.com
                                                              W: www.sfmab.com
Type of network                                               Local
Date of creation                                              2005
Employees                                                     2
Legal status                                                  Incorporated
Hosting organisation                                          Scandinavian Financial Management AB
                                                              www.sfmab.com
Commercial/for profit network                                 Yes

Funding sources



                                                                       Fees from BA

                                   33%                   34%
                                                                       Fees from
                                                                       entrepreneurs

                                                                       Sponsors
                                              33%




                                                                                              2005
Number of projects submitted                                                                   20
Number of Angels                                                                               20
Number of women investors
Number of members recruited during the year                                                   20
Number of women recruited during the year                                                      -
Number of deals made                                                                           1
Average amount of the deal                                                                 ~200 000€

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies
   • Other (please specify) (Underwriting capacity)

How are clients acquired?
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment (%)




                                                                      ICT




                                                  100%



BAN specialisation
North Sea Angels (NSA) focuses on companies in the growth segment. Scandinavian Financial
Management AB (SFM) which is supporting NSA also acts as an Appointed Representative for MVI
which is one of the largest and oldest business angel networks, currently with 180 members spread out
through Europe. MVI focuses on small size buyouts and later stage venture capital meaning that NSA
can feed deals into MVI and vice versa.

NSA also has an underwriting arrangement together with local fund Start Invest where SFM together
with Start Invest can underwrite the investment in order to close the deal and then let NSA members
invest into the deal.

Fees
o Fees charged on entrepreneurs
o Fees charged on business angels

Co-investment scheme
Yes

Other investment vehicle for angels

We use both separate vehicles but also direct investments in the target company. However, with a high
number of angels we prefer to use separate vehicles.

Estimate of the number of jobs created as a result of the network activity over the last 3 years
10




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                                  Roslagens Affärsänglar AB                                         2006
Contact person                                                          Leif Gunnerhell
Contact details                                                         Roslagens Affärsänglar AB
                                                                        Kaserngatan 1
                                                                        S-76146 Norrtälje
                                                                        E: leif@roaf.se
                                                                        W: www.roaf.se
Type of network                                                         Regional and local
Date of creation                                                        19/12 2003
Number of Employees                                                     0
Legal status                                                            Incorporated
Hosting organisation                                                    NIHAB, Campus Roslagen
Commercial/for profit network                                           Yes

Funding Sources
- Fees from business angels
- Sponsor: NUTEK > SEK 200.000 for a 2-year period

                                                                                    2003   2004      2005
Number of projects submitted                                                         n/a    35
Number of Angels                                                                     10     45         51
Number of women investors                                                                              10
Number of members recruited during the year                                                            0
Number of women recruited during the year                                                              0
Number of deals made                                                                 n/a   n/a         3
Average amount of the deal                                                           n/a   n/a      ~80 000€

Matching services of the network:
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs: Connect, Seed Cap Arena
   • Targeted publicity
   • Contacts of business angels, courses in venture capital, centre of excellence of a connected
      company, specialize network in Stockholm an Uppsala, etc.

Sectors of investment




                                 33%

                                                                       ICT
                                                                       Silver Plating
                                                         67%




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BAN specialisation
Yes

Fees
o No fees charged to entrepreneurs
o Fees charged to business angels

Co-investment scheme
Yes

N deals                                                  2
N deals involving angels                                 2

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
10




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                                                X-Invest                                            2006
Contact person                                                Mikael Kedbäck
Contact details                                               T: +46 707694334
                                                              E: micke@x-invest.se
                                                              W: www.x-invest.se
Type of network                                               Regional
Date of creation                                              2002
Employees                                                     2
Legal status                                                  Non profit organization
Hosting organisation                                          -
Formal partner organisations                                  SVCA, Swedish Venture Capital Association
Commercial/for profit network                                 No

Funding sources


                                                                      Regional funds


                                                                      Sponsors
                                  50%                     50%




                                                                                2003       2004       2005
Number of projects submitted                                                     n/a        n/a        n/a
Number of Angels                                                                 20         30         31
Number of women investors                                                         2          2          2
Number of members recruited during the year                                      20         10          1
Number of women recruited during the year                                         2          0          0
Number of deals made                                                              0          1         10
Average amount of the deal (€)                                                            100 000    100 000

Matching services of the network
   • Database of contacts
   • Meetings
   • Internet

How are clients acquired?
   • Event and information fairs
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other: word of mouth




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Sectors of investment


                                       10%
                                                                      ICT

                                                                      Retail and
                                                         50%
                                                                      services
                                40%
                                                                      Manufacturing




BAN specialisation
None

Fees
No fees charged to business angels or entrepreneurs.

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
25

How do angels exit their investments? No exits made yet




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                                      Västerbottens Delfiner                                 2006
Contact person                                                Maria Wallin Wållberg/Anders Gothefors
Contact details                                               c/o Innovationsbron Umeå AB
                                                              Box 7984
                                                              907 19 Umeå
                                                              T: +46 90 15 48 32
                                                              E: anders.g@connectnorr.org
Type of network                                               Regional and local
Date of creation                                              2005-01-10
Employees                                                     0
Legal status                                                  Voluntary network
Hosting organisation                                          Innovationsbron I Umeå AB/ CONNECT Norr
Formal partner organisations                                  -
Commercial/for profit network                                 No

Funding sources




                                                                         Sponsors




                                              100%




                                                                                                2005
Number of projects submitted                                                                     15
Number of Angels                                                                                 28
Number of women investors                                                                         3
Number of members recruited during the year                                                      28
Number of women recruited during the year                                                         3
Number of deals made                                                                              2
Average amount of the deal (€)                                                                    -

Matching services of the network
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment




                                                                     Telecom & ICT



                                            100%




BAN specialisation
None

Fees
No fees charged to business angels or entrepreneurs

Co-investment scheme
None

Other investment vehicle
The CONNECT springboard and Financial Forum events

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
10




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                                           30up.com                                                       2006
Contact person                                                  Margrethe Höglund
Contact details                                                 Mårdvägen 22
                                                                S-167 56 Bromma
                                                                E: trettioup@netscape.net
Type of network                                                 Swedish International network
Date of creation                                                2003
Number of Employees                                             0
Legal status                                                    Non-profit association
Commercial/for profit network                                   No

Funding Sources



                                                                                   N a tio n a l
                                                                                   Funds
                                  50%                              50%
                                                                                   S p o n s o rs a n d
                                                                                   b u s in e s s
                                                                                   a n g e ls




National Funds: 175 TSEK
Sponsors and Business Angels:175 TSEK

                                                                                2004                      2005
Number of projects submitted                                                    ≈ 100                      N/A
Number of Angels                                                                 250                      N/A
Number of women investors                                                                                 N/A
Number of members recruited during the year                                                               N/A
Number of women recruited during the year                                                                 N/A
Number of deals made                                                            3%                        N/A
Total growth amount                                                           61MSEK                      N/A

Matching services of the network:
   • Active exchange via our Homepage www.30up.com connected to NUTEK
   • Meetings

How are clients acquired?
   • Entrepreneurs mostly from our Homepage and investment forums
   • Business Angels via recommendations and Homepage
   • Targeted publicity
   • Visits to and meetings with entrepreneurs and Business Angels

Fees
No fees are charged to entrepreneurs and business angels yet

Co-investment scheme
No




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                                          SWITZERLAND                                      2006          M
1. Background

Switzerland has a long tradition of business angel investment, however business angels did not
organise themselves until the late 90’s.

The first BAN in Switzerland was named Business Angel Club and created in 1997 by Ueli Stüssi. In the
late 90’s and in the beginning of the new century, a number of additional BANs have been created,
private BANs as well as commercial ones. In 2004, Band of Angels (Schweiz) and Business Angel Club
merged into Business Angels Schweiz.

The national association was set up in 2003 under the name Association of Swiss Business Angel
Networks (ASBAN). ASBAN has today 7 active and 2 passive members.

2. Statistics

                                                   1999       2000       2001       2002   2003   2004   2005
Number of BANs                                      n/a        7          7          7       7      7      7
Number of Business Angels                           45        110        260        408     n/a    n/a    n/a
Number of deals                                      3         6          6          8      n/a    n/a    n/a
Number of accredited projects                       20        139        210        271     n/a    n/a    n/a
Number of commercial BANs                            -         2          2          2       2      2      2
Number of non-commercial BANs                        -         5          5          5       5      5      5
Number of national BANs                              -         3          3          3       3      3      3
Number of regional BANs                              -         5          5          5       5      5      5
National association                                 0         0          0          0       1      1      1

3. BAN legal status

Private, non-commercial BANs usually are associations while commercials BANs normally choose the
legal form of an AG (stock corporation).

4. National association

ASBAN

5. ASBAN Funding Sources




                                                                           Fees from
                                                                           members


                                                 100%




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6. Contact

Contact person: Philipp Oberli
ASBAN, Technoparkstrasse 1
CH-8005 Zürich
T: +41 1 445 24 24
F: +41 1 445 10 01
E: info@asban.ch
W: www.asban.ch

7. Lobbying activities

ASBAN is actively participating in the opinion building for the revision of the company taxation law in
Switzerland. Furthermore, good contacts to the national government are maintained on various levels.

8   EU support

None.

9. EBAN members

ASBAN
GO Beyond Ltd




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                                       BrainsToVentures AG (b-to-v)                                              2005
Contact person                                                  Florian Schweitzer
Contact details                                                 Blumenaustr. 36, Postfach 142
                                                                9000 St. Gallen
                                                                T: +41 71 242 2000
                                                                F: +41 71 242 2001
                                                                E: florian.schweitzer@b-to-v.com
                                                                W: www.b-to-v.com
Type of network                                                 National
Date of creation                                                2000
Number of Employees                                             8
Legal status                                                    Private limited company
Partner organisations                                           Altium Capital, Capitalbank – GRAWE Gruppe
                                                                AG, SWX Swiss Exchange, VentureCapital
                                                                Magazin, VI Partners AG Wenger&Vieli

Funding Sources



                                               10%                              F e e s fr o m
                                     10%                                        b u s in e s s a n g e ls
                                                                                F e e s fr o m
                                                                                e n tr e p r e n e u r s
                                                              80%               O th e r ( s p o n s o r s )




                                            2000       2001         2002       2003               2004         Mid 2005
Number of projects submitted                 500        1500        1800       2000               2000          2200
Number of Angels                             10         100         250         300                330           350
Number of deals made                          2          5           0           4                  10             8
Average amount of the deal                 0.1m€       0.2m€          -        1.2m€              0.5m€         0.7m€

Matching services of the network:
   • Newsletter or private information bulletin
   • Database of contacts (not public)
   • Meetings
   • Regular telephone conferences on specific topics
   • Investment Clubs (e.g. b-to-v Investor Circle)
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Events and information fairs (e.g. b-to-v Investor Talks)
   • Monthly Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other: Referrals of existing members

Fees
o Fees charged to entrepreneurs and business angels: more than 500€.




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Estimate of the number of jobs created as a result of the network activity over the last 3 years:
100

Success story

  Name of        Sector of        Date of            Amount            Number of           Date Multiple of return for
  company         activity      investment         invested (€)          angels            of exit investors (i.e. times
                                                                        involved                    return on money)
OpenBC.com      Networking     April 2004         Undisclosed         6
                Platform




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                               Business Angel Schweiz (BAS)                                          2006
Contact person:                                                  Dr. Urs Rechsteiner
Contact details                                                  Birmensdorferstrasse 318
                                                                 8055 Zürich
                                                                 T: +41 43 499 89 01
                                                                 F: +41 43 499 89 33
                                                                 E: mail@businessangels.ch
                                                                 W: www.businessangels.ch
Type of Network                                                  National
Date of creation                                                 May 2000
Employees                                                        0
Legal status                                                     Club (association)
Hosting organisation                                             n/a.
Formal partner organisations                                     TCA (Tech Coast Angels, San Diego,
                                                                 California),
Commercial/for profit network                                    No

Funding sources


                                          10%                        Fees from Business
                               5%                                    Angels
                                                                     Others (sponsors)

                                                                     Fees from enterprises

                                                    85%




                                                          2000    2001      2002          2003   Mid 2004   2005
Number of projects submitted                               90      100       50           110       60      150
Number of Angels                                           20      30        35            36       43       43
Number of women investors                                                                                     2
Number of members recruited during the year                                                                   3
Number of women recruited during the year                                                                     0
Number of deals made                                       2        2         0          2          0         3
Average amount of deal                                    n/a      n/a       n/a      500.000€     n/a       n/a

Matching products of the network:
   • Monthly Dinner Meetings
   • Personal introduction (on a one-to-one basis)

How are clients acquired?
   • Information events / seminars
   • Articles in local / national Press
   • Other (by word to mouth / deal flow from members)

Sectors of investment 2005



                                    33%                           34%         ICT


                                                                              Health related


                                                                              Manufacturing
                                                33%



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BAN specialisation
None

Fees
o Fees charged from entrepreneurs: 250 € for Dinner Meeting Presentation
o Fees charged from Business Angels: Entry fee: 900 €; yearly Club fee: 500 €, yearly Dinner Meeting
   fee: 500€

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
> 25

How do angels exit their investments? 2005

  N      MBO        Trade     Flotation/IPO               Other             Bankruptcy    Other (please
 exits               Sale                               investors                           specify)
                      1


Success story n/a




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                           Club Valaisan des Business Angels                                        2006
Contact person:                                                    Christophe Beaud
Contact details                                                    Haabweg 2
                                                                   8806 Bäch
                                                                   T: +41 44 208 98 62
                                                                   F: +41 79 403 54 23
                                                                   E: info@bizangels.ch
                                                                   W: www.bizangels.ch
Type of Network                                                    Regional - Suisse Romande
Date of creation                                                   1999
Employees                                                          1
Legal status                                                       N/a
Hosting organisation                                               CCF SA Centre de Compétences
                                                                   Financières
Formal partner organisations                                       Bisange SA (www.bisange.ch)
Commercial/for profit network                                      Yes

Funding sources




                                                                           R egional
                                                                           Funds
                                               1 0 0%




                                      1999              2000     2001 2002 2003            2004       2005
Number of projects submitted            4                11       14   10    7              15         18
Number of Angels                       11                21       29   35   45              70         70
Number of women investors
Number of members recruited
during the year
Number of women recruited
during the year
Number of deals made                  2         3                  1       0        0        2          6
Average amount of the deal        2.000.000 2.000.000              0       0        0     350.000    350.000
(CHF)                                                                                               (220.000€)

Matching products of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Information events / seminars
   • Newsletter
   • Articles in local / national Press




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Sectors of investment




                                                                        ICT

                            43%                                 43%
                                                                        Health related


                                                                        Manufacturing



                                              14%


BAN specialisation
No specialisation

Fees
o Success fee charged to entrepreneurs: 1.5% to 3% on the amount invested by the business angel
   in the company.

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
15

How do angels exit their investments? n/a

Success story

Name of         Sector of activity         Date of           Amount           Number of      Date Multiple of return
company                                  investment         invested            angels      of exit for investors (i.e.
                                                               (€)             involved             times return on
                                                                                                    money)
Mimotec    Fabrication of               1999              CHF              1                2001 n/a
SA         micromolds and                                 100’000.-
           microcomponents




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                             MSM INVESTORENVEREINIGUNG                                                  2006
Contact person:                                                    Dr. Jürg Martin
Contact details                                                    MSM Fininco AG, Merkurstrasse 25
                                                                   8400 Winterthur
                                                                   T: +41 52 269 21 12
                                                                   F: +41 52 269 21 10
                                                                   E: martin@msmgroup.ch
                                                                   W: www.msmgroup.ch
Type of Network                                                    National
Date of creation                                                   2001
Number of Employees                                                None
Legal status                                                       Club (association)
Commercial/for profit network                                      No

Funding Sources


                                    30%
                                                                        Fees from
                                                                        Business Angels


                                                                        Fees from
                                                       70%              enterpreneurs




                                                           2001          2002             2003   2004     2005
Number of projects submitted                                8             14               17     16       16
Number of Angels                                            40            45               50     70       65
Number of women investors                                                                                  10
Number of members recruited during the year                                                                -5
Number of women recruited during the year                                                                   -
Number of deals made                                          1            0               1      2         0
Average amount of the deal                                   n/a          n/a             n/a    n/a        -

Matching services of the network
   • Newsletter or information bulletin occasionally
   • Database of contacts yes
   • Meetings 4 per year

How are clients acquired?
   • Events yes
   • Occasional Mailings
   • Targeted publicity no
   • Visits to enterprises no
   • Articles in the regional or national press no

Sectors of investment n/a

BAN specialisation
None

Fees
o Fees charged to business angels: 100 CHF per annum
o Fees charged to entrepreneurs: 200 CHF per presentation




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Co-investment scheme
Drafted but not yet implemented

Website for more information:            www.msmgroup.ch > entities > MSM Investorenvereinigung

Estimate of the number of jobs created as a result of the network activity over the last 3 years
25

How do angels exit their investments? n/a

Success story n/a




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                                             VENTURIX AG                                              2005
Contact person                                                 Nicolas Berg
Contact details                                                Alte Bernstr. 78
                                                               4500 Solothurn
                                                               E: nicolas@venturix.com
Type of network                                                Virtual business angel network
Date of creation                                               2002 (2000)
Employees                                                      0
Legal status                                                   AG (Ltd.)
Formal partner organisations                                   www.asban.ch

Funding sources:



                                                           20%
                                                                            Fees from
                                                                            business angels


                                                                            Shareholders
                                         80%




                                                           2000          2001          2002      2003      2004
Number of projects submitted                                50            800           600       400       500
Number of Angels                                            50            200           100        90        80
Number of deals made                                         1             2             2         1         2
Average amount of the deal                                300.000       300.000       200.000   250.000   275.000

Matching products of the network:
  • Computerised data-base matching service
  • Personal introduction (on a one-to-one basis)
  • Investment forum / fairs
  • Networking events for investors
  • Mail presentation to all private investors
  • Contacts to potential Business Angels within two weeks after first contact

How are clients acquired?
  • Search engine optimising
  • Asban Homepage
  • OpenBC.com
  • Entrepreneurs have heard about us
  • Information events / seminars
  • Visits to enterprises
  • Articles in local / national media
  • Established co-operation with local banks / financing institutions / accountants, lawyers;
     embedding in sector of public promotion companies for SMEs,
  • Other: Partnerships with universities, academies/colleges, science parks; public

Fees:
o Fees charged to entrepreneurs: 0 to 5%
o Fees charged to Business angels: 0% (except company search mandates)

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a




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Investment information

Name of company     Sector of        Date of          Amount     Number of Date Multiple of return
                     activity      investment       invested (€)   angels  of exit for investors (i.e.
                                                                  involved         times return on
                                                                                   money)
Whitestein.com    ICT            2001, 2003         2 million    6         -       Cash positive
Jobwindow.ch      Media          2001, 2003         200’000      5         -       Cash positive
Genevalogic.com   ICT            2001, 2002         1 million    10        -       Cash positive
Cellntec.com      Biotech        2002               50’000       2         -       Not disclosed
Pagameno.ch       Real Estate    2003               1 million    4         -       Cash positive
Webstage.ch       ICT/Health     2001               25’000       2         -       Cash positive
Warrants.ch       Media          2002, 2003         500’000      14        -       Break even




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                                              THE NETHERLANDS
                                                                                                        2006
1. Background

In the Netherlands, informal capital activities emerged as early as in 1995 from a private initiative known
as NeBIB.

NeBIB is a nation-wide organisation. Ever since its creation, it has published a monthly magazine with
general information on the financing of businesses as well as profiles of companies looking for equity
and investors.

2. Statistics

                            1996 1997 1998 1999 2000 2001 2002 2003                                Mid 2004 2005
                                                                                                  2004
Number of BANs                         1        1       1         1        2        2        3    3 (4*) 4 (5*)  4
Number of Business           60       95       90      100       104      110      119      101    94     N/a 500
Angels                                                                                                          ++
Number of deals              40       75       65       51                          19      14     10     N/a   60-
                                                                                                                80
Number of accredited        140      180      180      175       123      115      104      79     44     N/a 250
projects
Number of commercial          1        1        1        1        1        1         1       1     1      1     1
BANs
Number of non-                0        0        0        0        1        1         1       2     2      3     3
commercial BANs
Number of national BANs       1        1        1        1        1        1         1       1     1      1     1
Number of regional            0        0        0        0        0        1         1       2     2      3     3
BANs
National association          0        0        0        0        0        0         0       0     0      0     0

3. BAN legal status

NeBIB was set up as a private organisation. OostNV/Meesters vd Toekomst is a development agency,
ABN AMRO has a small department within the bank.

4. National association

None, as NeBIB is a nation-wide organisation and has a close partnership with the other BANs.

5. Dissemination of the BAN concept

The BANs and the Ministry of Economic Affairs/Technopartner started in 2004/5 with a nationwide
Awareness programme throughout the country 40-50/year.
- Holland Innovation; nation-wide event with 1300 visitors;
- INNOZUID with 300 visitors;
- Training programs in contracts, sales and communication, fiscal studies, etc.

6. EU support

        Awareness actions

39 awareness seminars have been conducted in the Netherlands, with NeBIB acting as co-ordinator.
The cities chosen to host these seminars were Utrecht, Amsterdam, Putten, Enschede, Eindhoven,
Utrecht, Rotterdam, etc, completely spread over the country. 5 of which were supported by the EU.

7. EBAN members
NeBIB
OOST NV



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                                            NEBIB                                               2006         M
Contact person                                                Ben LACOR
Contact details                                               Post bus 154,
                                                              3620 AD Breukelen,
                                                              The Netherlands
                                                              T: +31 346 55 57 74
                                                              F: +31 346 56 11 54
                                                              E: ben@nebib.nl
                                                              W: www.nebib.nl, www.beursplein3.nl
Type of Network.                                              National
Date of creation                                              May 1995
Employees                                                     6
Legal status                                                  Company with limited responsibility
Commercial/for profit network                                 Yes

Funding Sources



                                                    20%                      Fees from Business
                                                                             Angels and
                                                                     5%      enterprises
                                                                             Public/National


                               75%
                                                                             Other (Sponsors,
                                                                             events)




                                     1996 1997 1998 1999 2000 2001 2002 2003 2004                           2005
Number of projects submitted          140 180 180 175 123 115       96   79   86                             88
Number of women investors                                                                                     2
Number of members recruited                                                                                  14
during the year
Number of women recruited                                                                                     1
during the year
Number of Angels                     60      95       90      100     104      110        102   101   98      99
Number of deals                      40      75       65      51      25       18         19    14    17      19
Average amount of the deal                                                                                 125.000€

Average amount of the deal: around 100.000€ every year, except 1999 and 2000 which gave an higher
average of about 125.000€ and 175.000€

Matching products of the network
   • Matching through phone/fax/email
   • Personal introduction (on a one-to-one basis)
   • Investment fora / fairs

How are clients acquired?
   • Information events / seminars
   • Own magazine/newsletters
   • Webbased marketing
   • Articles in local / national Press
   • Specific services for high-tech investments

Sectors of investment n/a

BAN specialisation
None



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Fees
o Fees charged from entrepreneurs: 385 €
o Fees charged from Business Angels: 285 €
o Success Fee: 2%

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate number of jobs created as a result of network activity over the last 3 years:
150-200

How do angels exit their investments?
n/a

Success story
n/a




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                   Development Agency East Netherlands
                               – OOST NV                                                     2006      M
Contact person                                              Dr. René Reytenbagh
Contact details                                             Postbox 5215
                                                            6802 EE Arnhem
                                                            T: +31 26 38 44 222
                                                            F: +31 26 38 44 244
                                                            E: rene.reijtenbagh@oostnv.nl
                                                            W: www.meestersvandetoekomst.nl
Type of network                                             Regional network for East Netherlands
Date of creation                                            1996
Employees                                                   1
Legal status                                                Public-private partnership
Hosting organisation                                        Development Agency East Neterlands
Formal partner organisations                                Local accountancies, banks, financial advisory
                                                            firms
Commercial/for profit network                               No

Funding sources



                                 25%               25%
                                                                            European funds

                                                                            National funds


                                                                25%         Other
                           25%

                                                                            Regional funds




          1996     1997     1998     1999     2000     2001     2002     2003     2004     2005
Number      6       12       16
of
projects
submitted
Number      6       20       40       60       80       100      110      120      120      120
of Angels
Number
of women
investors
Number
of
members
recruited
during
the year
Number
of women
recruited
during
the year
Number      2        3        5        6        2        2        3        3        3        3
of deals
made
Average 250.000€ 250.000€ 250.000€ 250.000€ 250.000€ 250.000€ 250.000€ 250.000€ 250.000€ 250.000€
amount
of the
deal



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Matching services of the network
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment n/a

BAN specialisation
None

Fees
No fees charged to business angels or entrepreneurs.

Co-investment scheme n/a

Other investment vehicle for angels n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments
n/a

Success story
n/a




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                                              Money Meets Ideas                                   2006
Contact person                                                          Patricia Reusken
Contact details                                                         Money Meets Ideas
                                                                        Apollo House, Apollolaan 15
                                                                        1077 AB Amsterdam Postbus 1869
                                                                        1000 BW Amsterdam
                                                                        T: +31 20 577 33 19
                                                                        F: +31 20 577 34 16
                                                                        E: newbusiness@schretlen.com
                                                                        W: www.moneymeetsideas.nl
Type of network                                                         National network
Date of creation                                                        1997
Employees                                                               2
Legal status                                                            Part of Rabobank Group

                               All statistical data from 2005 (2004 activities).
Funding sources



                                                                               Fees from
                                                             20%               enterpreneurs


                                                                               Other (Sponsors)


                                    80%




                                                                                                  2004
Number of projects submitted                                                                       39
Number of Angels                                                                                   175
Number of deals made                                                                               N/a
Average amount of the deal                                                                         N/a

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Fees
o Fees charged to entrepreneurs: more than 500€
o No fees charged to business angels

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a
Success story: n/a



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                                        UNITED KINGDOM
                                                                                               2006   M
1. Background

The first BANs operating in the UK were already up and running in the early 80s. As of 1999, nearly
50 BANs were operating in the vast majority of UK regions. However, the Welsh and Scottish BANs are
a more recent creation—both of them were set up in 1997. Within the UK BANs with a regional
geographic coverage coexist with national BANs.

BBAA Contact person
Liz Carrington
New City Court
20 St Thomas Street
London,
SE1 9RS

T: +44 020 70892305
F: +44 020 0892301
E: liz@bbaa.org.uk
W: www.bbaa.org.uk

2. Funding sources (of BBAA) projected for 2006




                                                                         Public Funding
                                                                         Fees
                                                                         Other (inc sponsorship)




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      3. Statistics
                1997 1998 1999 2000 2001 2002                    Mid 2003          Total 2003    Mid 2004     2004     2005

Number of       42*   46*    49*    52*      48*       48*           51*              Not           n/a         34       33
BANs                                                                                available
Number of       n/a   n/a    n/a    n/a       n/a      n/a           300              100           n/a       3297**   5112**
Business
Angels
Number of       196   314    234    252      239      299            n/a                n/a         n/a       170**     184
deals
Number of       n/a   n/a    n/a    n/a       n/a      n/a        >6000                 n/a         n/a        n/a      n/a
accredited                                                     commenced
projects                                                          >500
                                                                completed
Number of        2     2      2      6         5        5          14                   n/a         n/a        7**       5
commercial
BANs
Number of        0     0      0      46       43       41             37                n/a         n/a        13**      17
non-
commercial
BANs
Number of        4     5      5      5         5        5       3 (excluding           3             3         6**       8
national                                                           NBAN)           (excluding    (excluding
BANs                                                                                 NBAN          NBAN
Number of       25    29     31      9         9        9          9 (not             n/a           n/a        14**      14
regional                                                         including
BANs                                                             Scotland)
National                      2      2         2        2      2 (NBAN and          2 (NBAN       2 (NBAN        1        1
association                                                       BANA)            and BANA      and BANA     (BBAA)   (BBAA)
Contact                                                         2937 (as of            n/a           n/a                  ?
details    of                                                  31 dec 2002)
BAN
members

      *Change in the series of statistics for mid-2004. Up to and including mid-2003, the figures represent the
      number of organisations that were identified by NBAN however these were not all Business Angel
      Networks however worked closely with Business Angels. Following from 2004 a more accurate
      definition of business Angel Networks has been drawn up by BBAA thus a significant shift in figures.

      **These figures are based upon members of BBAA. BBAA currently has 22 full members (list also
      attached).

      4. BAN legal status

      British BANs can be commercial, public sector, commercial and working for the public sector, or not-for-
      profit organisations. BBAA defines a UK BAN as a formally structured or constituted business angel
      group, network or syndicate.

      BANs in the UK must either be FSA authorise under the corporate finance regulations or qualify for a
      not for profit exemption.

      Through its Code of Conduct BBAA ensures that all of its members fall into one of the two categories
      mentioned above.




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5. National association

In 2005 the British Business Angels Association (BBAA) was established to be the trade association for
the UK’s Business Angel Market as well as for the early stage investment market.
The role of the BBAA is to promote the recognition of Business Angel Networks (BANs) and organised
angel groups. BBAA has a number of roles ranging from highlighting the contribution business angels
make to the entrepreneurial culture to supporting its members and lobbying government to encouraging
the exchange of best practice, experiences and ideas between its members. It specifically does not
have a purpose to promote investment opportunities to investors or to advisers.

6. Dissemination of the BAN concept

Most media have published or broadcast pieces on Business Angels and BANs. Business angels are
becoming increasingly publicised as a form of funding for small businesses in the UK. This is mainly
though television programs such as ‘Dragon’s Den’. The BBAA continues to increase the awareness of
business angels through the national press. BBAA tracks all press coverage on the subject of Business
Angels and believes that they are mentioned on a daily basis in some form in the media; either in the
context of Dragon’s Den on the television, in business or entrepreneurial press or in the national or
regional papers.

BBAA also publishes its own brochure, directory and reports focusing on the early stage investment
market and the role of business angels.


7. EBAN members

BBAA
Exemplas
LINC Scotland
London Business Angels
Finance South East Limited
Advantage Business Angels
Business Link Devon & Cornwall
TEChINVEST
HALO
Xénos




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                                             BBAA Members




Advantage Business Angels                          Pat Sutton
Angels For Growth                                  Arthur Monks
Beer & Partners                                    Rod Beer
c2Ventures                                         Paul Gardner
Entrust                                            Bob Marris
Envestors                                          Oliver Woolley
Equus Capital                                      Nigel Johnson
E-Synergy                                          Cheryle Hart
Finance South East Limited                         Sally Goodsell/Paul Coleman
Great Eastern Investment Forum                     Larissa Chamberlain
Katalyst Ventures                                  Anthony Collinson
Kingston Business Angels                           Christopher Fogg
London Business Angels                             Lucy Williams
Oxford Early Investments                           Joanna Sobek
Oxfordshire Investment Opportunity Network         Jon Cox
National Silverstone Investment Network            Joanne Sobek
SWAIN                                              Nicola Prosser
TEChINVEST                                         Ruth Hollis
Thames Valley Investment Network                   Eileen Modral
Minerva Business Angel Network                     Harry Stott
Yorkshire Association of Business Angels           Barbara Greaves
Xénos                                              Leanna Davies




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                               ADVANTAGE BUSINESS ANGELS                                       2006            M
Contact person                                            Pat Sutton
Contact details                                           Edgbaston House 3 Duchess Place
                                                          Birmingham B16 8NH
                                                          T: +44 121 456 7940
                                                          F: +44 121 455 8547
                                                          E: pat.sutton@abangels.com
                                                          W: www.advantagebusinessangels.com
Date of creation                                          Originally 1994
                                                          Present form April 2003
Number of employees                                       10
Type of network                                           National
Legal status of the BAN                                   Company Limited by Guarantee, not for profit
Hosting organisation                                      -
Formal partner organisations                              AWM-Gowm
Commercial/for profit network                             No

Funding sources




                                            10%                              Regional Funds

                                30%
                                                                             European Funds
                                                                   60%


                                                                             Fees from
                                                                             entrepreneurs




                        1996 1997 1998 1999 2000 2001 2002                            2003    2004      2005
Number of Business                                                                    700+    700+      216
Angels                  33        37      38       44
Number of projects      50        62      71       96                                   96     54        634
Number of women                                                                                           12
investors
Number of members                                                                                        n/a
recruited during the
year
Number of women                                                                                           6
recruited during the
year
Number of deals made     4        4        5       7                                  18       6          19
Average amount of the   n/a      n/a      n/a     n/a                              £150.000 £250.000   180.000€
deal

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet




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How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment


                                                                             ICT

                                           10%
                                                                             Retail and
                                 21%
                                                                35%          services
                                                                             Other
                                  5%
                                                 29%                         M anufacturing

                                                                             Health related



BAN specialisation
None

Fees
o Fees charged to entrepreneurs: 1100€ per month
o No fees charged to business angels

Co-investment scheme
www.advantagebusinessangels.com

N deals                    19
N deals involving angels   17

Oher investment vehicle for angels
The Angel Fund, The Enterprise Capital Fund Seraphim

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
300+

How do angels exit their investments?

  N       MBO      Trade        Flotation/IPO             Other             Bankruptcy              Other
 exits              Sale                                investors
   2                 1                 1


Success story
 Name of    Sector of         Date of          Amount           Number of            Date of   Multiple of return
 company      activity      investment       invested (€)         angels              exit     for investors (i.e.
                                                                 involved                      times return on
                                                                                               money)
Phynova      Biotech       April 04          500,000,00         5                  Feb06       3-4x
TMG          Telecoms      April 04          300,000,00         1                  June 05
Top Dog      IT            August 2004                                             November    Trade Sale to
Jobs         recruitment                                                           2004        Friends Re-united




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                                      Beer & Partners Limited                                        2006
Contact person                                                Roderick Beer
Contact details                                               T: +44 8701633033
                                                              W: www.beerandpartners.com
Type of network (national/regional/local)                     National – UK only
Date of creation                                              May 1991
Employees                                                     60
Legal status                                                  Limited, Authorised
Hosting organisation                                          -
Formal partner organisations                                  -
Commercial/for profit network                                 Yes

Funding sources




                                                                        Fees from
                                                                        entrepreneurs

                                               100%




                                                                                       2003    2004    2005
Number of projects submitted                                                            92      86      100
Number of Angels                                                                        970     989    1195
Number of women investors                                                               N/a     N/a     n/a
Number of members recruited during the year                                             107     89      204
Number of women recruited during the year                                               N/a     N/a     N/a
Number of deals made                                                                    44      45      56
Average amount of the deal (€)                                                        487.000 489.000 504.000

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment




                                                                                    IC T
                                              5%             12%                    M a n u fa tu rin g
                                                                           19%      H e a lth re la te d
                         38%

                                                                                    R e ta il a n d s e rv ic e s

                                                                     11%            E n e rg y
                                         5%           10%
                                                                                    O th e r

                                                                                    B io te c h




BAN specialisation
None

Fees
o Fees charged on entrepreneurs: variable, depending on work required.
o No fees charged on business angels

Co-investment scheme
Not yet, coming soon.

Other investment vehicle for angels
n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                     DEVON & CORNWALL BUSINESS ANGELS                                                        2006           M
                                PROGRAMME
Contact person                                                        Stephen Pryor
Contact details                                                       TAMAR Science Park
                                                                      Plymouth PL6 8BT
                                                                      T: + 44 845 600 9966
                                                                      E: Stephen.pryor@bldc.co.uk
                                                                      W: www.bldandc.com
Date of creation                                                      1995
Number of employees                                                   4 (with larger organisation 165)
Type of network                                                       Regional
                                                                      Devon and Cornwall
Legal status of the BAN                                               Department within a Limited Company
Hosting organisation                                                  Business Link Devon and Cornwall
Formal partner organisation                                           South West Angel Investment Network
                                                                      (SWAIN)
Commercial/for profit network                                         No

Funding sources



                                        15%                                N a tio n a l F u n d s

                                                                           E u ro p e a n
                                                                           Funds
                                                          85%




                   1996 1997 1998 1999 2000 2001                     2002           2003             2004    2005 March2006
                                                                                                            (March)
Number of          24    32       26       40      20       20        20              65             72       79     67
Business
Angels
Number of                                                                                                             3
women
investors
Number of                                                                                                             5
members
recruited during
the year
Number of                                                                                                             2
women
recruited during
the year
Number of          62    53       55       56      30       30        10              70             35      94      46
projects
Number of          10    9         5          5    10        3         5               8              0       3       5
deals made
Average            n/a   n/a      n/a     n/a      n/a     n/a     20.000£ 45.000£                   n/a     £25k   £120k
amount of the
deal




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Matching services of the network:
   • Equity workshops
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Referrals from partners

Sectors of investment



                                     20%                                   R e ta il a n d
                                                                           s e rv ic e s
                                                                           L e is u re
                                20%                            60%

                                                                           M a n u fa c tu rin g




BAN specialisation
None

Fees:
o No fees charged to business angels and entrepreneurs

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
35

How do angels exit their investments?

  N      MBO        Trade     Flotation/IPO               Other             Bankruptcy             Other (please
 exits               Sale                               investors                                    specify)
   x                                                                                 1


Success story n/a




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                                           C2Ventures                                                   2006
Contact person                                                             Paul Gardner
Contact details                                                            Administration Ashridge House
                                                                           121 High Street, Berkhamstead
                                                                           Hertfordshire, HP4 2DJ
                                                                           T: +44 20 7871 4544
                                                                           F: +44 870 706 2199
                                                                           E: info@c2ventures.com
                                                                           W: www.c2ventures.com
Date of creation                                                           2001
Number of employees                                                        0 - All directors or associates
Type of network                                                            National with SE & Central England
                                                                           Bias
Legal status of the BAN                                                    Private Limited Company
Hosting organisation                                                       -
Formal partner organisations                                               -
Commercial/for profit network                                              Yes

Funding sources




                                                                              Fees from
                                                                              entrepreneurs

                                                    100%




                                                   2000        2001          2002         2003   2004    2005
Number of projects submitted                        45          80           140          150     47      60
Number of Angels                                    50          70           140          300    340     365
Number of women investors                                       2             5            8      12      10
Number of members recruited during the               50         20            70          160     40      25
year
Number of women recruited during the year                   2        5        3       4       3
Number of deals made                                3       3        2        2       2       1
Average amount of the deal (€)                    75.000 100.000 1.500.000 750.000 600.000 750.000

Matching services of the network:
   • Newsletter or Information Bulletin
   • Database of contacts
   • Company Presentation Events
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment


                                                                           ICT
                           30%                                             Energy

                                                              45%
                                                                           Retail and
                                                                           services
                                                                           Health related

                           5%
                                                                           Manufacturing

                            5%                                             Media
                                  10%         5%


BAN specialisation
Yes

Fees
o Fees charged on entrepreneurs: depend on work done, essentially success related
o No fees charged on business angels

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
30

How do angels exit their investments? N/a

Information on investments made:

 Name of       Sector of          Date of        Amount           Number of          Date Multiple of return for
 company        activity        investment     invested (€)          angels          of exit investors (i.e. times
                                                                    involved                 return on money)
Fifty        Media          2004/2004          500K              17
Lessons
Better       FMCG           2005               350K              7
Energy
ClearPace    Technology     2003               £3.2m             3

Success stories: n/a




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                    CMR – Cavendish Management Resources                                                 2006
Contact person                                                                Mike Downey
Contact details                                                               T: +44 2076361744
                                                                              E: cmr@cmrworld.com
Type of network                                                               National
Date of creation                                                              1984
Employees                                                                     450
Legal status                                                                  Limited company
Hosting organisation                                                          -
Formal partner organisations                                                  -
Commercial/for profit network                                                 Yes

Funding sources:




                                                                             F ees from
                                                                             business angels
                                                     100%




                                       1997      1998      1999     2000      2001         2002   2003   2004   2005
Number of projects submitted            434       466       498      512       478         490    500    690    750
Number of Angels                       422        423       443      456      477          487    490    582    623
Number of women investors
Number of members recruited
during the year
Number of women recruited during
the year
Number of deals made                     9        15         11      17        25           18     13     10     14
Average amount of the deal             100K      109K       77K     365K      312K         360K   170K   242K   230K

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sector of investment n/a

BAN specialisation
CMR has 450 director level executives and as a result can specialize in all sectors.

Fees
o No fees charged to business angels and entrepreneurs



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Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
100

How do angels exit their investments? n/a

Success story n/a




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                                Entrust/Investors Forum                                                     2006
Contact person                                                Ian Mudie
Contact details                                               Portman House
                                                              Portland Road
                                                              Newcastle upon Tyne
                                                              NE2 1AQ
                                                              T:+44 191 2444000
                                                              F:+44 191 2444001
                                                              E: i.mudie@entrust.co.uk
                                                              W: www.investorsforum.org.uk
Type of network (national/regional/local)                     Regional (North East)
Date of creation                                              1982
Employees                                                     40
Legal status                                                  Company limited by guarantee, not for profit
Hosting organisation                                          Tyne & Wear Enterprise Trust Limited
Formal partner organisations                                  -
Commercial/for profit network                                 No

Funding sources




                                           10%
                                                                         R e g io n a l F u n d s

                                 30%                                     E u ro p e a n F u n d s
                                                                 60%

                                                                         F e e s fro m
                                                                         e n tre p re n e u rs




                                                                                            2003     2004   2005
Number of projects submitted                                                                 45       50     45
Number of Angels                                                                             25       38     43
Number of women investors                                                                    1        1       1
Number of members recruited during the year                                                                   6
Number of women recruited during the year                                                                     0
Number of deals made                                                                             6    8       4
Average amount of the deal                                                                                  £150k

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Training in Investment Readiness for SME’s

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Website and recommendation

Sectors of investment n/a



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BAN specialisation
None

Fees
o Fees charged on entrepreneurs: £200 + Success Fees 1-2% depending on size
o No fees charged on business angels

Co-investment scheme
Website for more information: www.neemf.co.uk

N deals                                                 4
N deals involving angels                                4

Other investment vehicle for angels
None


Estimate of the number of jobs created as a result of the network activity over the last 3 years
n/a

How do angels exit their investments? n/a

Success story n/a




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                                        ENVESTORS                                                        2006
Contact person                                                                 Oliver Woolley
Contact details                                                                London House
                                                                               100 New kings Road
                                                                               London, SE6 4LX
                                                                               T: +44 20 7348 6171
                                                                               F: +44 20 7348 6172
                                                                               E: oliver@envestors.co.uk
                                                                               W: www.envestors.co.uk
Date of creation                                                               2004
Number of employees                                                            7
Type of network                                                                London & South
Legal status of the BAN                                                        Company Private
Formal partner organisations                                                   -
Commercial/for profit network                                                  Yes

Funding sources: n/a

                                                                                                 2004
Number of Business Angels                                                                         50       50
Number of projects                                                                                20
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made                                                                              3        5
Average amount of the deal                                                                              416.000€

Matching services of the network:
   • Newsletter or information bulletin
   • Data base of contacts
   • Meetings
   • Investment Clubs
   • Internet based matching service

How are clients acquired?
   • Referrals (Banks, accountants, lawyers)
   • BBAA website

Sector of investment




                                                                       P ro p e rty ,
                                                                       e n v iro n m e n ta l,
                                                                       C o n s tru c tio n
                                             100%




Fees
o Fees charged on entrepreneurs: from 700 to 7000€ depending on input
o Fees charged on business angels: 219€ + VAT per annum

Co-investment scheme
None



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Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                 FINANCE SOUTH EAST                                               2006        M
Contact person                                        Sally Goodsell / Paul Coleman
Contact details                                       Devonshire Place
                                                      New Road
                                                      Crowthorne
                                                      Berkshire RG45 6NA
                                                      T: +44 1344 758 540
                                                      F: +44 1344 762 002
                                                      E: sally.goodsell@financesoutheast.com
                                                      W: www.financesoutheast.com
Date of creation                                      2002
Number of employees                                   20
Type of networks                                      South East Capital Alliance – angel network
Legal status of the BAN                               Not for profit - Company Limited by Guarantee
Hosting organisation                                  Subsidiary of RDA
Formal partner organisations                          South East England Development Agency and the
                                                      six Business Links of the South East.
Commercial/for profit network                         No

Funding sources




                                       10%                             R e g io n a l F u n d s

                           30%
                                                                       E u ro p e a n F u n d s
                                                             60%


                                                                       F e e s fro m
                                                                       e n tre p re n e u rs




                                                                                  2004               2005
Number of Business Angels                                                          51                 104
Number of projects                                                                 20                 26
Number of women investors                                                                               5
Number of members recruited during the year                                                            53
Number of women recruited during the year                                                               -
Number of deals made                                                              2                     6
Average amount of the deal                                                     £27.500              £39.500

Matching services of the network:
   • Newsletter or Information Bulletin
   • Data Base of Contacts
   • Company Presentation Events
   • Investor Clubs/ Networking Meetings
   • Investment Forums & Fairs
   • Training in Investment Readiness for SMEs
   • Training an capacity building for Investors

How are clients acquired?
   • Website
   • Brochures
   • Reputation
   • Recommendation by partners (Business Links and an innovation centre)



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Sectors of investment




                                                                        IC T
                                     17%
                                                       16%
                                                                        B io te c h

                           17%                                 16%      P rin tin g

                                      17%             17%               H e a lth re la te d

                                                                        R e ta il a n d s e rv ic e s

                                                                        E n e rg y



BAN specialisation
None

Fees
o SMEs Initial Registration fee: £250. SMEs are expected to be in an Investment Ready state. Other
   services costing up to £650 are available to assist applicants become Investment Ready.
o SMEs success fees:3% on amounts raised
o Investors – no charge

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments? n/a

Success story n/a




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                                            FIRST CAPITAL                                                2005
Contact person:                                                  Paul Fisher
Contact details                                                  Elsinore House
                                                                 77 Fulham Palace Road
                                                                 London W6 8JA
                                                                 T: +44 1 20 85 63 15 63
                                                                 F: + 44 1 20 85 63 27 67
                                                                 E: paul@firstCap.co.uk
                                                                 W: www.firststagecapital.com
Type of network                                                  National
Date of creation:                                                1999
Number of Employees:                                             7
Legal status:                                                    FSA regulated

Funding Sources:
n/a

                                                  1999        2000        2001        2002     2003        2004
Number of projects submitted                       n.p         n.p         n.p         n.p      n.p         n.p
Number of Angels                                   n.p         n.p         n.p         n.p      n.p         n.p
Number of deals made                               n.p         n.p         n.p         n.p      n.p         n.p
Average amount of the deal                         n.p         n.p         n.p         n.p      n.p         n.p

n.p: non-published

Matching services of the network:
   • Meetings
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Visits to enterprises
   • Cooperation agreements with local banking, financial or fiduciary institutions

Fees:
o Fees charged to entrepreneurs

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story:

 Name of     Sector of activity     Date of          Amount          Number of          Date Multiple of return for
 company                          investment        invested           angels          of exit investors (i.e. times
                                                       (€)            involved                 return on money)
Oxonica     NantoTechnology June 2002              N/a              N/a                N/a     N/a




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                                                    HALO                                  2006         M
Contact person                                                Desmond Oliver
Contact details                                               40 Linenhall Street
                                                              Belfast
                                                              T: +44 28 9033 1136
                                                              W: www.investmentbelfast.com
Type of network (national/regional/local)                     Regional
Date of creation                                              2004
Employees                                                     2
Legal status                                                  N/A
Hosting organisation                                          Investment Belfast
Formal partner organisations                                  InterTradeIreland, Invest Northern Ireland,
                                                              Northern Ireland Bankers’ Association
Commercial/for profit network                                 No

Funding sources



                                                                       National funds


                                                                       Regional funds


                                                                       Other
                                                                       (sponsors…)




                                                                                                  2005
Number of projects submitted                                                                       48
Number of Angels                                                                                   33
Number of women investors                                                                           1
Number of members recruited during the year                                                        18
Number of women recruited during the year                                                           1
Number of deals made                                                                                3
Average amount of the deal                                                                  263.000€/£177.000

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sector of investment

                                                                      ICT

                                          5%                          Biotech
                                   10%

                                                                      Energy
                               15%
                                                        55%           Retail and
                                                                      services
                                 5%
                                                                      Health related
                                   10%
                                                                      Manufacturing



BAN specialisation
None

Fees
No fees charged to business angels or entrepreneurs.

Co-investment scheme
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
6

How do angels exit their investments? No exits yet

Success story n/a




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                              KATALYST VENTURES Ltd                                                    2006
Contact person                                                                  A.R Collinson
Contact details                                                                 10 Fenchurch Avenue
                                                                                London, EC3M 5BN
                                                                                T: +44 20 7665 5454
                                                                                F: +44 871 990 6338
                                                                                E: anthony@katalystventures.com
                                                                                W: www.katalystventures.com
Date of creation                                                                1999
Number of employees                                                             5
Type of network                                                                 National
Legal status of the BAN                                                         Limited company
Hosting organisation                                                            Katalyst Venture Ltd
Formal partner organisations                                                    -
Commercial/for profit network                                                   Yes

Funding sources




                                                                             Investors


                                                   100%




                                                                      2003               2004         2005
Number of Business Angels                                              60                 90          110
Number of projects                                                     n/a                n/a          n/a
Number of women investors                                                                               2
Number of members recruited during the year                                                            24
Number of women recruited during the year                                                               0
Number of deals made                                                   4                   7            8
Average amount of the deal                                           £350k               £425K       £350K

Matching services of the network:
   • Newsletter or Information Bulletin
   • Company Presentation Events
   • Investor Clubs/ Networking Meetings

How are clients acquired? By recommendation

Sectors of investment


                                                                          ICT
                                                            35%


                                                                          Retail and
                            65%                                           services




BAN specialisation
None


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Fees
o SMEs success fees: 5%
o Annual fee for angels: 3000€

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
350 over 6 years

How do angels exit their investment?

N exits   MBO   Trade Sale      Flotation/IPO        Other investors          Bankruptcy    Other (please specify)
                    X                 X


Success story

 Name of     Sector of     Date of           Amount          Number of         Date of exit Multiple of return for
 company      activity   investment         invested           angels                       investors (i.e. times
                                               (€)            involved                      return on money)
ITM Power Fuel Cell  April 2002            £680K            9                  June 2004    9
Ltd       research
Screen    DVD rental July 2003             £600K            36                 September     1.6
Select                                                                         2004




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                               KINGSTON BUSINESS ANGELS                                        2006
Contact person                                                Barry Akid
Contact details                                               3 Kingsmill Business Park
                                                              Chapel Mill Road
                                                              Kingston-upon-Thames KT1 3GZ
                                                              T: +44 20 8545 2875
                                                              F: +44 20 8543 8748
                                                              W: www.kingstoninnovation.org
Type of network (national/regional/local)                     London and Southern UK
Date of creation                                              2003
Employees                                                     14 Partners
Legal status                                                  Private
Hosting organisation                                          Kingston Innovation Centre
Formal partner organisations                                  -
Commercial/for profit network                                 n/a

Funding sources




                                                                          Fees from
                                                                          entrepreneurs

                                                  100%




                                                                                               2005
Number of projects submitted                                                                    32
Number of Angels                                                                                28
Number of women investors                                                                        -
Number of members recruited during the year                                                      8
Number of women recruited during the year                                                        -
Number of deals made                                                                             4
Average amount of the deal (€)                                                                £80,000

Matching services of the network
   • Database of contacts
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment


                                                                            ICT
                              40%


                                                                 60%        Manufacturing




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BAN specialisation
None

Fees
o Fees charge on entrepreneurs 3 to 8%
o No fees charged on business angels

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
12

How do angels exit their investments?

N exits   MBO   Trade Sale      Flotation/IPO        Other investors          Bankruptcy   Other (please specify)
                X


Success story n/a




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                                LONDON BUSINESS ANGELS                                        2006         M
Contact person                                                    Lucy Williams, Investor Relations Manager
Contact details                                                   5th Floor, 52/54 Southwark Street
                                                                  London SE1 1UN, UK
                                                                  T: +44 20 7089 2327
                                                                  E: lucy.w@gle.co.uk
                                                                  W: www.lbangels.co.uk
Type of network                                                   Regional Network – Strictly London and
                                                                  Home Counties Area
Date of creation                                                  1987
Employees                                                         4
Legal status                                                      Private, Non-Profit Subsidiary
Hosting organisation                                              Greater London Enterprise Ltd.
Formal partner organisations                                      -
Commercial/for profit network                                     No

Funding sources
Fees charged to business angels and entrepreneurs.

                                                             2003                   2004          2005
Number of projects submitted                                  47                     40
Number of Angels                                              220                    170          167
Number of women investors                                                                          10
Number of members recruited during the year                                                        33
Number of women recruited during the year                                                           1
Number of deals made                                        17                      11             13
Average amount of deals                                  174,598 €                433,704 €     223.750€

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

Sectors of investment
n/a

BAN specialisation
None

Fees charged from investors
o Fees charged on entrepreneurs: 425€
o Fees charged on business angels: 1538€

Co-investment scheme
London Seed Capital www.lbangels.co.uk

N deals                                                   15
N deals involving angels                                  5


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Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?

N exits    MBO     Trade Sale      Flotation/IPO        Other investors          Bankruptcy     Other (please specify)



Success story:

 Name of         Sector of        Date of          Amount             Number of       Date Multiple of return for
 company          activity      investment        invested              angels       of exit investors (i.e. times
                                                     (€)               involved              return on money)
UK          Technology       2001                300,000          1                  Feb     undisclosed
Explorer                                                                             2005




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                               OXFORD EARLY INVESTMENTS                                              2006
Contact person                                                 Joanna Sobek
Contact details                                                OCFI
                                                               Mill Street
                                                               Oxford OX2 0JX
                                                               T: +44 1865 81120
                                                               F: +44 1865 209044
                                                               E: j.sobek@oxin.co.uk
                                                               W: www.oxei.co.uk
Date of creation                                               November 2004
Number of employees                                            1
Type of network                                                National
Legal status of the BAN                                        Trading style of Company limited by
                                                               Guarantee
Hosting organisation                                           OION
Commercial/for profit network                                  n/a

Funding sources



                                                   15%
                                                                     Fees from BA

                                                         15%         Fees from
                                                                     entrepreneurs
                                                                     Other
                                  70%
                                                                     (sponsors)




                                                                                      2004*        2005
Number of Business Angels                                                              50           65
Number of projects                                                                     18           20
Number of women investors                                                               2            2
Number of members recruited during the year                                             0            0
Number of women recruited during the year                                                            0
Number of deals made                                                                   2             2
Average amount of the deal                                                          100.000€     100.000€

Matching services of the network:
   • Database of Contacts
   • Meetings
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Visit to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Sponsors




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Sectors of investment




                                                                      Technology



                                           100%




BAN specialisation
Specialised in very early stage technology companies.

Fees
o Fees charged to entrepreneurs: 300€
o Fees charged to business angels: 110€

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story: n/a




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                                                 OION                                                      2006
Contact person                                                 Jon Cox
Contact details                                                Oxford Centre for Innovation
                                                               Mill Street Oxford, OX2 0JX
                                                               T: +44 1865 811 143
                                                               F: +44 1865 209 044
                                                               E: j.cox@oxin.co.uk
                                                               W: www.oion.co.uk
Type of network (national/regional/local)                      National
Date of creation                                               1995
Employees                                                      3
Legal status                                                   Limited by guarantee
Hosting organisation                                           Oxford Innovation Ltd
Formal partner organisations                                   -
Commercial/for profit network                                  Yes

Funding sources

                                                     10%                Fees from
                                                                        business
                                                                        angels
                                                              20%       Fees from
                                                                        entrepreneurs

                                                                        Other
                                 70%                                    (sponsors…)


                                      1997      1998      1999      2000      2001         2002   2003   2004   2005
Number of projects submitted*          N/A       N/A       N/a       N/a       N/a          N/a    N/a    N/a    N/a
Number of Angels                       45        55        80       100       110          120    135    130    145
Number of women investors              N/a       N/a       n/a       N/a       n/a          n/a    N/a    n/a
Number of members recruited            N/a       10        25        20        10           10     15      0    15
during the year
Number of women recruited              N/a       N/a       N/a       N/a       N/a         N/a    N/a    N/a    N/a
during the year
Number of deals made                  11     6     7    11    12    14    18    13    13
Average amount of the deal           £136k £178k £178k £145k £420k £215k £278k £192k £300k

* Not formally tracked before 2005; 45-50 companies are invited to present to the Network at its nine
investment meetings each year. Typically 300-400 business plans are received by the Network each
year.

Matching services of the network
   • Database of contacts
   • Meetings
   • Internet
   • Specific service for business angels investing in high-technologies
   • IQ Capital Enterprise Capital Fund

How are clients acquired?
   • Event and information fairs
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Oxford Innovation centres




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Sectors of investment

                                                                                      N deals
Technology                                                                         2 x Telecoms
                                                                                    Electronics
                                                                                    2x Software
                                                                                    2x Devices
                                                                                 2x Environmental
                                                                                       Drugs
                                                                                   2x Industrial
Biotech                                                                                  1

BAN specialisation
Technology only

Fees
o Fees charged on entrepreneurs: 586.93€ & Success fee 1,467.19€ plus 3%
o Fees charged on business angels: 256.78€

Co-investment scheme
Website for more information: www.nwbrown.co.uk
Has not started yet – officially launched in July 2006

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
Assume 3-5 jobs per investment deal: approx 200 jobs

How do angels exit their investments?

N exits   MBO     Trade Sale     Flotation/IPO         Other investors          Bankruptcy     Other (please specify)
                                 Yes


Success story

 Name of       Sector of       Date of           Amount            Number of          Date Multiple of return for
 company        activity     investment        invested (€)          angels          of exit investors (i.e. times
                                                                    involved                 return on money)
Hardide      Industrial      2000            420,000         5                       April   3x*
             coating                                                                 2005
See www.oion.co.uk/press-releases/hardide_AIM.html for details.
*For one specific institutional investor that exited on listing.




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                  Solent Investment Opportunity Network (SION)                                    2005
Contact person                                          Arthur Monks, Director
Contact details                                         Portsmouth Technopole
                                                        Kingston Crescent
                                                        Portsmouth
                                                        Hants. PO2 8FA
                                                        T: +44 2392 658 268
                                                        F: +44 870 127 5790
                                                        E: amonks@sion.org.uk
                                                        W: www.sion.org.uk
Date of creation                                        2003
Number of employees                                     1 (part time)
Type of network                                         South Coast Investors
Legal status of the BAN                                 Company Limited by Guarantee,
Hosting organisation                                    Solent Angels Ltd
Formal partner organisations                            Grant Thornton, Blake Lapthorn Linnell, Univ Of
                                                        Portsmouth

Funding sources:

                                                                              2003         2004     2005
Number of Business Angels                                                      25           40       50
Number of projects
Number of deals made                                                           4            3       n/a
Average amount of the deal                                                    £65k         £75k     n/a

Matching services of the network:
   • Firms from any location/Sector
   • Private Investors targeted in the Solent region
   • Corporate investors welcome
   • Quarterly Presentation Events
   • Ad Hoc arrangements between events
   • Online investor self certification included in subscription.
   • Strictly registered investors only at events.

How are clients acquired?
   • Word of mouth
   • Web searches www.sion.org.uk
   • Enterprise Hubs & Universities in South

Fees:
o Firms Review Process fee: £250
o Firms success fee: £1000 + 5%
o Annual fees for Private Investors: £100
o Annual fees for Corporate Investors £500

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
20

Success story: n/a




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                                          TECHINVEST                                           2006      M
Contact person:                                                 Vivienne Upcott Gill
Contact details                                                 Northwest Regional Development Agency,
                                                                Renaissance House
                                                                Centre Park
                                                                Warrington WA1 1XB
                                                                T: +441925 400302
                                                                F: +441925 400402
                                                                E: vivienne.upcott-gill@nwda.co.uk
                                                                W: www.nwda.co.uk
Type of network                                                 Regional, North West of England
Date of creation                                                1993
Number of employees                                             n/a
Legal Status                                                    Part of Northwest Regional Development
                                                                Agency (NWDA) (UK Regional Development
                                                                Agency
Hosting organisation                                            NWDA
Commercial/for profit                                           No

Funding sources


                                              1%      4%                      Fees charged from
                                                                              Business Angels

                                                                              Fees charged from
                                                                              enterprises

                                         95%                                  European Funds




                                                                   2003/04           2004*             2005
Number of Business Angels                                            c100            c115               140
Number of projects                                                    44              23                21
Number of members recruited during the year                                                              19
Number of women recruited during the year                                                               C2
Number of deals made                                                  24              18                 15
Average amount of the deal                                         £62.000          £70.000           £50.000
*Statistics collected by financial year (1 Apr to 31 Mar). These are 03/04 results.

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Word of mouth




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Sector of investment n/a

BAN Specialisation
None

Fees
o Fees charged to entrepreneurs: 500€
o Fees charged to business angels: 250€

Co-investment scheme
None

Other investment vehicle
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How to angels exit their investments

   N     MBO        Trade         Flotation/IPO               Other             Bankruptcy           Other (please
 exits               Sale                                   investors                                  specify)
  n/a


Success stories:

   Name of          Sector of           Date of          Amount          Number of         Date Multiple of return for
   company           activity         investment        invested           angels         of exit investors (i.e. times
                                                           (€)            involved                return on money)
Nursing Home       Healthcare       1999               £60K             1                 May     2.6
                                                                                          05
Travel Company     Travel            1993              £7.5K            1                         T/O 2004 £40m
Surface            Scientific                                                                     AIM market
Transforms         technology
Millbrook          Scientific                                                                     AIM market
Scientific         technology
Instruments




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                          THAMES VALLEY INVESTMENT NETWORK                                        2005
Contact person                                          Eileen Modral
Contact details                                         Crowthorne Enterprise Centre
                                                        T Wing Crowthorne Business Estate
                                                        Crowthorne RG45 6AW
                                                        T: +44 1344 753 365
                                                        F: +44 1344 751 601
                                                        E: eileen@tvin.co.uk
                                                        W: www.tvin.co.uk
Date of creation                                        March 2003
Number of employees                                     1
Type of network                                         National
Legal status of the BAN                                 Trading style of company limited by guarantee
Hosting organisation                                    OION

Funding sources:
   1) Success fees on investments (3% - exc VAT)
   2) Membership fees for investor members (£125 + VAT annually)
   3) Sponsorship (TVEP, PwC, Kleinwort Benson PB)

                                                                                           2003   2004
Number of Business Angels                                                                   15     47
Number of projects                                                                          73     77
Number of deals made                                                                         1      5
Average amount of the deal                                                                 £50k   £322k

Matching services of the network:
   • Newsletter or Information Bulletin
   • Data Base of Contacts
   • Company Presentation Events
   • Investor Clubs/ Networking Meetings
   • Investment Forums & Fairs
   • Internet Based Matching Service
   • Training in Investment Readiness for SMEs
   • Training and Capacity Building for Investors

How are clients acquired?
   • Dealflow from peer networks
   • Oxford Innovation tenant companies
   • TVIN’s investor members
   • University Tech Transfer offices
   • Entrepreneurs
   • Sponsors

Fees:
o SMEs initial registration fee: £300+VAT to present at investment meeting
o SMEs success fees: 3%
o Annual fee for Angels: £125 pa + VAT

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
Assume 3-5 jobs per investment deal: approx. 25 jobs

Success story: n/a




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                     XÉNOS-THE WALES BUSINESS ANGEL                                            2006       M
                             NETWORK
Contact Person                                                               Leanna Davies
Contact details                                                              Oakleigh House, Park Place
                                                                             Cardiff, CF10 3DQ
                                                                             T: +44 2920 338 144
                                                                             E: info@xenos.co.uk
                                                                             W: www.xenos.co.uk
Date of creation                                                             September 1997
Number of employees                                                          7
Type of network                                                              National- Wales
Legal status of the BAN                                                      Limited by guarantee
Hosting organisation                                                         Finance Wales and Welsh
                                                                             Development Agency
Commercial/for profit network                                                No

Funding sources


                                                                           European funds
                                          9%

                                                                  48%      Regional funds

                              43%
                                                                           Fees from
                                                                           business angels
                                                                           and entrepreneurs



                          1997   1998    1999   2000   2001   2002   2003    2004   2004
Number of Business          40     70      77     66     72     87    118    135     139
Angels
Number of projects          8      82      44     64     58     49     45     56     52
Number of women                                                                       0
investors
Number of members                                                                     0
recruited during the year
Number of deals made        1       3      14     15     10     10     7      9      11
Average amount of the     40.000 130.000 63.000 95.000 86.000 45.000 53.000 74.000 208.000
deal (£)

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs

How are clients acquired?
   • Newsletter
   • Articles in the regional or national press
   • Event and information fairs
   • Targeted publicity
   • Visits to enterprises




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Sectors of investment



                                       4%     4%                               ICT
                                 7%                              27%
                                                                               Retail and services
                                                                               Health related
                                                                               Other
                               40%                                12%
                                                                               Manufacturing
                                                          6%
                                                                               Biotech
                                                                               Energy



BAN specialisation
None

Fees
o Fees from business angels: £175
o Fees from entrepreneurs: £400

Co-investment scheme
Yes, see www.xenos.co.uk

Other investment vehicle
n/a

Estimate of t he number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?

  N      MBO           Trade      Flotation/IPO               Other             Bankruptcy           Other (please
 exits                  Sale                                investors                                  specify)
                   x              x                                             x

Success story
Both trade sales

 Name of       Sector of          Date of            Amount             Number of         Date Multiple of return for
 company        activity        investment           invested             angels         of exit investors (i.e. times
                                                        (€)              involved                return on money)
Crystal      ICT               Oct 2005                             1                    June
Reference                                                                                2006
Syen Ltd     Automotive        2001                                 2                    2005




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                  YORKSHIRE ASSOCIATION OF BUSINESS ANGELS                                          2006
Contact person                                        Barbara Greaves – Manager
                                                      Charlotte Atkinson - Administrator
Contact details                                       Yorkshire Association of Business Angels
                                                      1 Hornbeam House, Hornbeam Park
                                                      Hookstone Road, Harrogate HG2 8QT
                                                      T: +44 1423 810149
                                                      E: admin@yaba.org.uk
                                                      W: www.yaba.org.uk
Type of network                                       Regional
Date of creation                                      June 1995
Employees                                             2
Legal status                                          Limited Company since Sept 2000
Formal partner organisations                          Yorkshire Forward & South Yorkshire Investment
                                                      Fund
Commercial/for-profit network                         No

Funding sources


                                           6%                          European funds
                                      3%             20%
                                11%                                    Regional funds

                                                                       Fees from BAs

                                                                       Fees from
                                                                       entrepreneurs

                                            60%                        Sponsors




                                                  2000/1          2001/2          2002/3   2003/4     2005
Number of projects submitted                        62              75              65       67       118
Number of Angels                                    75              86              97      106       122
Number of women investors                                                                               1
Number of members recruited during the                                                                  0
year
Number of deals made                                 6              6               8       10          9
Average amount of the deal                          £25k           £30k            £43k    £47k      55.000€

Matching services of the network:
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet – Members extranet login
   • Educational seminars for angel members

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press




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Sectors of investment
                                                                       ICT

                                     11%                               Energy
                               11%
                                                        34%
                                                                       Retail and
                                                                       services
                              11%                                      Health relataed

                                                                       Manufacturing
                                                     11%
                                     22%
                                                                       Leisure, film



BAN specialisation
None

Fees
o Fees charged to entrepreneurs (to circulate a summary and make a presentation): 127€
o Fees charged to business angels (annual subscription): 112€

Co-investment scheme
None

Other investment vehicle for angels
Co-investment with the Viking Fund – Early Growth Fund for Yorkshire

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
121

How do angels exit their investments?
n/a

Success story: n/a




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                                            LINC SCOTLAND                                  2006        M
Since 1994 LINC Scotland has provided a matchmaking platform for entrepreneurs and business angels
in Scotland. However, over the past couple of years the organisation has chosen to gradually reduce its
match-making function as part of a shift to acting as a trade association for the angel syndicates based in
Scotland. These syndicates require no introductory or matching service as they are publicly visible,
having a corporate identity, contact office and so on, which means that entrepreneurs can easily contact
them. There are now fifteen syndicates active in Scotland, six in development. Indeed, the BA market
has greatly evolved in the last years and there are no longer any conventional ‘BANs’ operating in
Scotland.

LINC Scotland will continue to focus on the development of the overall business angel marketplace
through measures such as education of investors or entrepreneurs, incubation of new syndicates,
expansion of co-investment products and so on. They also represent their membership to government at
regional, national and European level.

Contact person                              David GRAHAME
Contact details                             19 St Vincent Place
                                            Glasgow GI2DT
                                            T: +44 141 221 3321
                                            F: +44 141 221 2909
                                            E: info@lincscot.co.uk
                                            W: www.lincscot.co.uk
Type of network                             Regional Association - Scotland
Date of creation                            1994
Employees                                   7
Legal status                                Private, Non-Profit.
Hosting organisation                        Independent
Formal partner organisations                Scottish Enterprise and Scottish Executive (Government)
                                            European Regional Development Fund
                                            Various Private Sector
Commercial/for profit organisation          No

Funding sources

                                                                       ERDF
                                      21%
                                                                       National funds
                                                           36%
                                                                       Fees from BA
                                                                       and co-investors
                                  18%
                                                                       Fees from
                                                                       entrepreneurs
                                         13%          12%
                                                                       Syndicate
                                                                       contributions




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                         1996 1997 1998 1999 2000 2001                      2002          2003   2004   2005
Number of projects       141 163 127 121 152 113                            131           129    127    138
submitted
Number of Angels         152    245     357      423     447      486        4731         4712   4473   465*
Number of women
investors
Number of members
recruited during the
year
Number of women
recruited during the
year
Number of deals made     18     20       22      21       29      37         39       34      37       38
Average amount of        n/a    n/a      n/a     n/a      n/a     n/a     225.200€ 174,305€ 247,486€ 215,554€
deals

It is no longer meaningful to give figures on recruitment as the majority of active angels are
members of syndicates and not individually members of LINC. The gender breakdown is
unknown.

Matching services of the network (Of reducing significance due to visibility of an increasing number of
angel syndicates and the change of market positioning from LINC Scotland).
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions

N.B. Whilst these activities continue as an awareness raising exercise for the merits of business
angel investment, SMEs are applicants - not clients.

Sectors of investment


                                                                     ICT
                                16%      3%
                                                                     Biotech
                                                        38%
                                                                     Energy
                            11%
                                                                     Health related
                               5%
                                                                     Manufacturing
                                        27%
                                                                     Environmental




1
  314 Individuals and 159 in syndicates
2
  288 Individuals and 183 in syndicates
3
  230 Individuals and 217 in syndicates
*188 Individuals and 277 in syndicates



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BAN specialisation
n/a

Fees
o Fees charged to entrepreneurs: 250-2000 € and sometimes equity participation
o Fees charged to business angels: 100-500€

Co-investment scheme
www.Scotent.co.uk/equity

N deals                                                                           55 (in 2005)
N deals involving angels                                                              39**

** This is greater than the number of deals shown in the LINC operational statistics above because
some of the angel partners of the Scottish Co-Investment Fund are not members of LINC.

Other investment vehicle for angels
n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years
No accurate information

How do angels exit their investments?
Information Incomplete


Success story

   Name of           Sector of            Date of              Amount       Number of      Date Multiple of
   company            activity          investment            invested        angels         of  return for
                                                                 (€)         involved       exit investors (i.e.
                                                                                                 times return on
                                                                                                 money)
   Optos plc     Optical Health       17 angel             Total            30+ in 2       Feb   30 – 50+
                 Instrumentation      rounds               (angels          syndicates     2006 depending upon
www.optos.com                         between 1992         only)                                 which round(s)
                                      and 2004             £14.5M                                participated in.




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                                       TURKEY - BANatolia
                                                                                              2006         M
Contact person                                          Alp ASLAN, LLB, MBA, LLM
Contact details                                         Bilkent Cyberpark B-103
                                                        06800 Bilkent Ankara
                                                        T: +90 312 2650 154
                                                        F: +90 312 2650 154
                                                        E: alp@anatolia.org
                                                        W: www.banatolia.org
Date of creation                                        April 1996
Number of employees                                     7
Type of network                                         National
Legal status                                            Private, not-for-profit
Hosting organisation                                    - Bilkent University Technopolis Management –
                                                        Bilkent Cyberpark
                                                        - Middle East Technical University Technopolis M. –
                                                        ODTU Teknopark
                                                        - Ataturk University Technopolis Management –
                                                        Atateknokent
                                                        - Hacettepe University Technopolis Management –
                                                        Hacettepe Teknokent
                                                        - Capital City Industrialists and Businessmen
                                                        Association – BASIAD
                                                        - Turkish Industrialists and Businessmen Foundation
                                                        - TUSIAV
Formal Partner organisation                             Bilisim Teknolojileri ve Danismanlik San. Ve Tic. Ltd.
                                                        Sti.
                                                        (Information Technologies Ltd.)
Commercial/for profit network                           No

Funding sources:




                                                                         Sponsors


                                          100%




                                        1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Number of Business Angels                1    1    1    1    1    1    1     3    3    5
Number of projects                       1    2    5    6    4    8    7    12   21   19
Number of women investors                                                              2
Number of members recruited during                                                     2
the year
Number of women recruited during                                                                            7
the year
Number of deals made                      1       1          2     4        2       1    4     5     11     7
Average amount of the deal (000.-€)       15      23         68   125       57      27   35    72    115   170




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Matching services of the network:
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Targeted publicity
   • Visits to entreprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other: Clients yielded from various different business’ clientele and social networks.

Sectors of investment



                                  17%
                                                                      ICT
                                                           35%
                                                                      Biotech


                                                                      Manufacturing


                                  48%



BAN specialisation
Focused on investing in technology and innovation oriented firms yielded from science and technology
parks and industrial zones.

Fees
o No fees charged to entrepreneurs
o No fees charged to business angels

Co-investment scheme
Website for more information: www.banatolia.org

N deals                                                   7
N deals involving angels                                  7

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
140




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How do angels exit their investments?

N exits   MBO     Trade Sale      Flotation/IPO            Other             Bankruptcy             Other (please specify)
                                                         investors
  16        3         2                   -                  3                     -                8 (Case specific exits)


Information on investments

  Name of         Sector of activity            Date of        Amount Number of Date Multiple of return
  company                                     investment      invested   angels  of exit for investors (i.e.
                                                                 (€)    involved         times return on
                                                                                         money)
CD Medya        ICT Company                   2001            -        1         2006 -
Yazilim Ltd     www.corpus.Com.tr
Onbir41         Architecture and              2005            -            2                 2006      -
Design          design office
Group
EDA          Engineering Design               2004            -            2                 -         -
Tasarım Ltd .and ICT company
             www.eda-ltd.com.tr
Atateknokent Technology Incubator             2006            300.000 1                      -         -
A.S.




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                                         Go Beyond                                                2006
Contact person                                                     BAUMANN Brigitte
Contact details                                                    Legal entity
                                                                   167, Merchant Str.
                                                                   Valletta VLT 03-Malta
                                                                   Operations
                                                                   Brandschenkestrasse 72
                                                                   CH-8002 Zürich-Switzerland
                                                                   T: +41 797777457
                                                                   F: +33 170247675
                                                                   E: brigitte.baumann@go-beyond.biz
                                                                   W: www.go-beyond.biz
Type of Network                                                    Private
Date of creation                                                   2005
Legal Status of BAN                                                Private Company

Funding Sources



                                                  0%
                                                                                Sponsors
                                                                                Equity

                                                 100%




                                                                                                2005
Number of projects submitted                                                                     n/a
Number of Angels                                                                                 n/a
Number of deals made                                                                             n/a
Average amount of the deal                                                                       n/a


Matching services of the network
   • Go Beyond Angel Investor Programme provides a way to give business angels an experience of
       all aspects of Angel Investing. Go Beyond provides these programmes in major European cities.
   • Experts: Investors with a proven record in angel investing; finance and sectoral leaders from all
       over Europe, top speakers on angel investment or early stage company development;
   • Networks: access to investment opportunities and business community in various European
       cities, connection to local Business Angels Networks and incubators, links with leading
       technology universities and business schools;
   • Partners: such as Angel News (www.angelnews.eu) the leading European commercial news
       service for angels and early stage companies;
   • Tools: access to technological platform that facilitates exchange of experience and syndication.
   • Go Beyond operates from France, Malta, Switzerland and the United Kingdom.

Fees:
o Training modules and courses: EUR 500
o Business Angel fee: EUR 500
o Entrepreneur: EUR 50

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

Success story: n/a



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                                            ICON ANGELS                                         2006
Contact person                                                Ozan Isinak
Contact details                                               T: +1 323.541.5010 (Los Angeles, USA)
Type of network                                               Global – based in both Europe and North
                                                              America
                                                              www.iconangels.com
Date of creation                                              June 2006
Employees                                                     8
Legal status                                                  -
Hosting organisation                                          -
Formal partner organisations                                  -
Commercial/for profit network                                 n/a

Funding sources


                                   25%

                                                                     Fees from BA



                                                                     Fees from
                                                                     entrepreneurs
                                                             75%




                                                                                                        2006
Number of projects submitted
Number of Angels
Number of women investors
Number of members recruited during the year
Number of women recruited during the year
Number of deals made
Average amount of the deal (€)

Matching services of the network
   • Newsletter or information bulletin
   • Database of contacts
   • Meetings
   • Investment Clubs
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies
   • Other: Individual and exclusive project based

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Visits to enterprises
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions
   • Other: Networking, referrals, word-of-mouth




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Sector of investment

                                                                        ICT
                                   20%                20%
                                                                        Biotech

                                                                        Energy
                              10%
                                                                        Retail and
                                                           20%          services
                                                                        Health related
                                   20%              10%
                                                                        Entertainment


BAN specialisation

Icon Angels is an international angel investment platform based in Istanbul, Turkey and Los Angeles,
USA. The company helps flow deals and opportunities to investors more effectively than traditional
channels (organizations) through an intimate network of international Angel Investors and companies.
The process and methodologies at Icon Angels is designed specifically to facilitate the due diligence
exercise and help angel investors increase their exposure to international deals while reducing potential
risks and costs. Accredited and invitation-only membership requirements for Icon Angels allow like-
minded and serious investors the ability to collaborate in due diligence activities and individually invest
in early-stage companies. Generally, members will invest between $50k to upwards of $10MM+ in
prospective companies. Every Icon Angels member is an entrepreneur and therefore they naturally
understand how businesses grow and succeed in a global marketplace through building networks,
relationships and opportunities.

Fees
Fees are charged to business angels and entrepreneurs.

Co-investment scheme
www.iconangels.com

N deals                                                    2
N deals involving angels                                   2

Other investment vehicle for angels
n/a

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
n/a

How do angels exit their investments?
n/a

Success story n/a




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                               PRIVATE CAPITAL - RUSSIA                                                 2006
Contact person                                                Knyaginin Dmytry
Contact details                                               T: +7 495 710-45-45
                                                              E: info@private-capital.ru
                                                              W: www.private-capital.ru
Type of network                                               National
Date of creation                                              15.12.2003
Employees                                                     3
Legal status                                                  Non-commercial partnership
Hosting organisation                                          -
Formal partner organisations                                  -
Commercial/for profit network                                 No

Funding sources




                                                                   Fees from
                                                                   entrepreneurs



                                            100%




                                                                               2003       2004   2005    2006
Number of projects submitted                                                               20     30      40
Number of Angels                                                                  3        25     55      90
Number of women investors                                                                         1       2
Number of members recruited during the year                                               22      30      35
Number of women recruited during the year                                                         1       1
Number of deals made                                                                              2       4
Average amount of the deal (€)                                                                   350     200

Matching services of the network
   • Newsletter or information bulletin
   • Meetings
   • Investment forums and fairs
   • Internet
   • Specific service for business angels investing in high-technologies

How are clients acquired?
   • Event and information fairs
   • Newsletter
   • Targeted publicity
   • Articles in the regional or national press
   • Cooperation agreements with local banking, financial or fiduciary institutions




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Sectors of investment




                             33%                                     ICT

                                                                     Manufacturing

                                                        67%




BAN specialisation
None

Fees
o Fees charged to entrepreneurs: success fee 4-5%
o No fees charged to business angels

Co-investment scheme
None

Other investment vehicle for angels
None

Estimate of the number of jobs created as a result of the network activity over the last 3 years:
85

How do angels exit their investments? n/a

Success story n/a




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