fiban's business angel training "comparison of finnish and us angel activity" by...
TRANSCRIPT
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2015AnnualReport
Presentsthe
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TableofContents
2015Highlights,p.3NationalTrends,p.5ActiveAngelGroups,p.9NationalTrends,p.12SectorTrends,p.20AbouttheHaloReport,p.23
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2015Highlights
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•Pre-moneyvaluationofseeddealsreaches$4.6M,53%increasefrom2014
•Valuationgrowthandlargerroundsizeshighlyrelated,butpercentageownershipafterangelroundsremainsrelativelystable
•NewEnglandhasdoubledshareofdealsanddollarsnationwideinthepastyear
•Mostangelgroupsinvestclosetohome–75%to80%ofinvestmentstakeplaceinwithintheregionoftheinvestors–California,NewYork,andMid-Atlanticangelsmostlikelytoinvestout-of-region
AngelGroupUpdate:HaloReportAnnual2015HIGHLIGHTS
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NationalTrends
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$500k $500k $510k
$850k
$833k $829k $835k
$1 164k
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
$0,0
$0,2
$0,4
$0,6
$0,8
$1,0
$1,2
$1,4
2012 2013 2014 2015
MedianRoundSize MeanRoundSize MeanOwnershipPercentage
MedianandMeanRoundSizes– AngelsOnly2015ShowsRoundSizesIncreasing,MeanOwnershipofAngelroundisRelativelyStable20-25%
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MedianandMeanRoundSizes– AngelCo-InvestmentsRoundSizesTrendingUpWhenAngelGroupsCo-InvestWithNon-Angels
$1,21M
$1,45M $1,50M$1,60M
$1,70M$1,83M $1,91M $2,00M
$0,0
$0,5
$1,0
$1,5
$2,0
$2,5
2012 2013 2014 2015
MillionsUSD
MedianRoundSize MeanRoundSize
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MedianSeedStagePre-MoneyValuationMedianValuationUp53%From2014,HighestValuationinHALOHistory
$0.22M
$23.5M
MEDIAN :
$4.6M
3rd Quartile:
$7.5M
1st Quartile:
$3.1M
$13.5M
3rd Quartile:
$4.4M
$3.0MMEDIAN :
1st Quartile:
$2.0M
$0.30M
2014 2015
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ActiveAngelGroups
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MostActiveAngelGroups2015– TotalDeals
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AngelGroupUpdate:HaloReport2015
MostActiveAngelGroupsTotalDeals2015(descendingorder)1. KeiretsuForum1
2. TechCoastAngels2
3. CentralTexasAngelNetwork4. HoustonAngelNetwork5. AllianceofAngels&NewYorkAngels(tied)6. WisconsinInvestmentPartners7. HydeParkAngels&MaineAngels(tied)8. DesertAngels,LaunchpadVentureGroup&SandHillAngels(tied)
1 Twenty-twochapters;2 Fivechapters
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NationalTrends
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2015ShareofAngelGroupDeals byRegion
California
20.9%
Northwest
8.7%
Southwest
7.9%
GreatPlains
4.3%
GreatLakes
10.3%
Southeast
12.2%
Mid-Atlantic
4.1%
NewEngland
11.9%
Texas
10.3%
NewYork
9.5%
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2015ShareofAngelGroupDeals byRegion
7,2% 8,0% 6,9% 10,3% 8,0% 9,2% 7,8% 7,9% 8,9% 11,8% 11,6% 12,2% 12,4%
10,6% 6,7%
8,7% 9,2%
11,6% 13,2%
9,5% 8,6%
6,3% 6,3%
11,9%5,5% 5,6% 5,8%
4,1% 5,2% 5,1% 6,0%
4,3% 11,5% 11,4% 11,4%
10,3%
23,6% 20,5% 24,2% 20,9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015
California
GreatLakes
GreatPlains
Mid-Atlantic
NewEngland
NewYork
Northwest
Southeast
Southwest
Texas
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Northwest
9.8%
Southwest
9.9%
GreatPlains
3.9%
GreatLakes
12.2%
Southeast
12.8%
Mid-Atlantic
4.2%
NewEngland
15.0%
Texas
6.9%
NewYork
7.5%
California
17.9%
2015ShareofAngelGroupDollars byRegion
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2015ShareofAngelGroupDollars byRegion
10,7% 10,5% 5,7% 6,9%
6,3% 8,1% 5,8% 9,9%
12,5% 15,3% 14,1% 12,7%
13,5% 12,8%
9,8% 9,8%
6,4% 10,4%
10,6% 7,5%
11,8% 7,3%
7,3% 15,0%
4,4% 4,2%
5,0% 4,2% 3,4%
5,8%
6,5% 3,9%
12,7% 8,1% 17,9% 12,2%
18,5% 17,5% 17,2% 17,9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015
California
GreatLakes
GreatPlains
Mid-Atlantic
NewEngland
NewYork
Northwest
Southeast
Southwest
Texas
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Northwest
In:78.8%Out:22.2%
2015PercentageofDealsinRegionvs.OutofRegionbyAngelGroupHQRegion
California
In:65.8%Out:34.2%
Southwest
In:76.1%Out:23.9%
Texas
In:75.9%Out:24.1%
Southeast
In:79.1%Out:20.9%
GreatLakes
In:83.7%Out:16.3% NewYork
In:58.5%Out:41.5%
NewEngland
In:88.8%Out:11.3%
Mid-Atlantic
In:62.2%Out:37.8%
GreatPlains
In:76.0%Out:24.0%
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2015PercentageofInvestmentsinRegionvs.OutofRegionbyAngelGroupRegionApproximately3outofevery4investmentsbyangelsarewithintheirregion
0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% 80,0% 90,0%
100,0% Percen
tageofTotalInvestmen
ts
Region
Inregion Outofregion
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
100%
2013 2014 2015
PercentageofInvestmentsMadeIn-RegionbyAngelGroupRegion,2013-2015California,Mid-Atlantic,andNewYorkangelsinvestmostfrequentlyoutsideofregion
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SectorTrends
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YearlyShareofAngelGroupDealsbySectorSoftwareandHealthcarecomprise48%ofinvestmentsin2015
21,8% 24,3% 22,1% 25,5%
2,6% 2,2% 1,6% 1,9% 3,4% 2,2% 3,6% 2,4% 6,6% 6,7% 6,9% 7,3% 3,2% 5,5% 3,8% 2,4% 5,7% 5,8% 4,9% 3,8%
15,2% 12,0% 11,4% 14,1%
11,8% 9,4% 9,2% 8,7%
29,6% 31,8% 36,5% 33,9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015
Software
CommercialServices
Healthcare
Media
ConsumerGoods&Recreation
Pharma&Biotech
ITHardware
Energy
Other
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YearlyShareofAngelGroupDollarsbySectorHealthcareinvestmentcontinuestorise,Pharma&Biotechdeclines
23,6% 21,8% 19,0% 22,6%
3,3% 3,9% 1,9%
3,0% 5,3% 2,8%
5,0% 2,6%
10,0% 9,0% 12,0% 6,3%
2,8% 4,0% 3,0%
2,4%
3,9% 5,7% 4,8% 3,9%
16,9% 13,1% 15,9% 22,9%
11,7%10,3% 7,6% 6,4%
22,4% 29,4% 30,8% 30,0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015
Software
CommercialServices
Healthcare
Media
ConsumerGoods&Recreation
Pharma&Biotech
ITHardware
Energy
Other
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AbouttheHaloReport™
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SupporttheAmericanAngelCampaign!
Asproudsupportersofangelinvestorresearch,theAngelResourceInstituteencouragesallangelinvestorstoparticipatein TheAmericanAngel campaign,aground-breaking,comprehensivestudythatwillbenchmarkthemixofangelinvestorsacrossAmericabyage,sex,ethnicityandpinpointanycommonalitiessuchasthepaththatgotthemthereortrendssuchashowtheydiscoverandfundearly-stagecompanies.Thecampaignisapartnershipbetweenthe AngelCapitalAssociation and WhartonEntrepreneurship. Angelinvestorswhoareinterestedinparticipatinginthestudymaysignuptodothesurvey atwww.TheAmericanAngel.org.
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UnderstandingtheData:SpecialRoundTypesandIndustrySectors
TheHALOReport™providesanalysisandtrendsonUSangelandangelgroupactivity.
Angelsandangelgroupsinvestalone,together,andwithmanyothertypesofinvestors.UnlessotherwisenotedtheHALOReport™dataincludesallroundsthathaveatleastoneangelgroupparticipatingandmayincludeothertypesofinvestorsinthoserounds.
Afewchartsreportonan“AngelRound,”aspecialclassificationofinvestmentwhenangelgroupsinvestaloneoronlywithotherangelsandangelgroups.
Unlessotherwisenoted,valuesoflessthan1%intheindustrysectorsareincluded,butarenotlabeleddirectly.
HALO Report™ Industry Sectors
CommercialServicesConsumerGoods&RecreationEnergy
HealthcareITHardwareMedia
Pharma&BiotechSoftwareOther
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KatieHamburg,[email protected]
TheAngelResourceInstitute(ARI)isa501(c)(3)charitableorganizationdevotedtoeducation,mentoringandresearchinthefieldofangelinvesting,housedatWillametteUniversity.ARIwasfoundedbytheEwingMarionKauffmanFoundation,andisasisterorganizationoftheAngelCapitalAssociation,theprofessionalassociationofangelgroupsinNorthAmerica.
TheprogramsofARIincludeeducationalworkshopsandseminars,researchprojectsandreports,andinformationaboutangelinvestingforthegeneralpublic.Moreinformationisavailableat:www.angelresourceinstitute.org
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WillametteUniversityMBA
WillametteUniversityMBAisaleaderinearlystageinvestmentresearchandentrepreneurship.InadditiontobeingthehomeoftheAngelResourceInstitute,Willamettelaunchedtheworld’sfirststudentrunangelinvestmentfundin2008.Willamettefacultyandresearcherspublishedtheworld’slargestandmostcitedstudyonangelinvestorreturns,ReturnstoAngelInvestorsinGroups(2007),andoneofthemostwidelyusedtextbooksonentrepreneurship,EffectualEntrepreneurship(2011).TheyalsoperformdataanalysisfortheHALOReport.
HALOReport™ContactAngelResourceInstituteatWillametteUniversity