Description
Business angels are an important source of finance for smaller businesses.
TECHNICAL
PAGE 57
RELEVANT TO ACCA QUALIFICATION PAPERS F9 AND P4
BUSINESS ANGEL INVESTMENTS
Business angels are normally interested in businesses with high-growth
potential and with owners who are committed to realising this potential.
This means that ‘lifestyle’ businesses, where owners are not focused on
maximising returns, are unlikely to be of interest. In pursuit of high returns,
business angels are normally prepared to take high risks. They will usually
take an equity stake in a business but may also advance loans as part of a
total financing package. In some cases, they may even offer a loan as an
alternative to an equity stake, although this is less common.
Business angels are usually prepared to invest somewhere between
£10,000 and £250,000 in a business, but larger sums may be made
available through a business angels syndicate. A UK study undertaken in
2000–2001 found that the majority of investments made by business angels
were below £50,000 (see reference 1). Most equity investments are for a
minority stake in a business but where a syndicate of business angels is
providing significant amounts of finance, a majority stake may be taken.
Business angels help to plug the ‘equity gap’ that many small businesses
experience, which falls between the equity that the owners are able to raise
themselves and the minimum level of equity investment that private equity
firms are normally prepared to consider. Business angels tend to invest
in early-stage businesses but may also invest in more mature businesses,
such as those seeking finance for expansion, management buyouts, or
business turnarounds.
While business angels are recognised as a significant source of finance
for small, unquoted businesses, the exact scale of their investments is difficult
to determine. This is because they are under no obligation to disclose how
much they have invested. It has been estimated, however, that in the UK, the
investment made by business angels in start-up businesses is eight times that
made by private equity firms (see reference 2).
PROFILE OF A BUSINESS ANGEL
Business angels tend to be wealthy individuals who have already been
successful in business. The majority are entrepreneurs who have sold their
businesses, while the remainder are often former senior executives of major
organisations, or business professionals such as accountants, lawyers, or
management consultants.
Business angels invest with the primary motive of making a financial
return, but non-financial motives also play an important part. Research
suggests, for example, that business angels often enjoy being involved in
growing a business and may also harbour altruistic motives, such as wishing
to help budding entrepreneurs or wanting to make a contribution to the local
economy (see reference 3).
Business angels often seek an active role within the business, which is
usually welcomed, as the skills, knowledge, and experience that business
angels possess can often be put to good use. Involvement typically includes
providing advice and moral support, providing business contacts, and helping
strategic decision making. This active involvement may not simply be for the
satisfaction of helping a business to grow. By having a greater understanding
of what is going on, and by exerting some influence over decision making,
business angels may be better placed to increase their financial rewards
and/or reduce their level of investment risk.
Research suggests that business angels tend to invest in businesses
within their own locality. This may be because active involvement may only
be feasible if the business is within easy reach. Unsurprisingly, business
angels also tend to invest in business sectors in which they have personal
experience. One study, for example, revealed that around a third of business
angels invest solely in business sectors in which they have had prior work
experience. Around two-thirds of business angels, however, have made at
least one investment in a business sector with which they were unfamiliar
(see reference 3).
USING AN ANGEL
Business angels are an informal source of finance and are not encumbered
by bureaucracy. They can be flexible and decisions can often be made fairly
quickly, particularly if investment is made in a business sector with which
they are familiar. Although they will expect returns from their investment to
match the risks involved, they may be prepared to accept a slightly lower
return than would a private equity firm, in exchange for the opportunity to
become involved in helping the business grow.
Business angels are an important source of finance for smaller businesses. This article looks at
the role that business angels play in providing finance, the way in which they approach making an
investment, and the financial and non-financial returns that may be expected.
BEING AN ANGEL
STUDYING PAPERS F9 AND P4?
PERFORMANCE OBJECTIVES 15 AND 16 ARE LINKED
TECHNICAL
PAGE 58
STUDENT ACCOUNTANT
MARCH 2009
Business angels vary considerably in the extent to which they wish to
become involved in the activities of a business. At one extreme, they may
simply want to become ‘sleeping’ partners, while at the other, they may
want to become as involved as the business owner. It seems that the
majority of angels do seek a ‘hands-on’ approach but do not seek a total
commitment. A survey of 48 business angels in Wales found that 63%
intended to take an active role in any business in which they invested, and
intended to spend a mean of 4.85 days per month with each business (see
reference 4).
However, the degree of involvement must suit both parties, and so must
be agreed before the investment is made. Failure to agree on an appropriate
post-investment role for the business angel is one of the most common
‘deal-killers’ (see reference 4).
THE INVESTMENT PROCESS
It was mentioned earlier that business angels can make decisions quickly.
This does not mean, however, that finance is always made available to a
business overnight. It has been suggested that four to six months may be
needed between the initial introduction and the provision of finance (see
reference 5). Various stages must normally be completed before the business
angel is satisfied that the investment is worthwhile.
Following the initial introduction between the business owners and
business angel, the business plan and financial forecasts will normally be
reviewed. This will involve close scrutiny of the validity of key assumptions
and of the quality of the information used. This is then likely to be followed
by a series of meetings to help the business angel gain a deeper insight into
the business and to deal with any concerns and issues that may arise. During
these meetings, the business angel will also be assessing the quality of the
management team as, ultimately, the success of the investment will rest on
their energy and skills.
Assuming the business angel is satisfied with the information gained
from the meetings, negotiations over the terms of the investment will then be
undertaken. This can be the trickiest part of the process, as agreement has
to be reached over key issues such as the value of the business, the precise
equity stake to be offered to the business angel, and the price to be paid. The
research evidence suggests that failure to reach
agreement with the
owners over a suitable
price, and over the
post-investment role to
be played by a business
angel, are the two most
common deal-killers.
One study has shown
that business angels
may make four offers
for every one offer that
is finally accepted (see
reference 6).
If a price can be
agreed between the
parties, due diligence
will then be carried
out. This will involve an
investigation of all material
information relating to
the financial, technical,
and legal aspects of
the business.
FINANCIAL RETURNS
Table 1 shows the results of
one study that examined the
internal rates of return (IRR) from 128 investments made by business angels
in the UK (see reference 7).
TABLE 1: RATE OF RETURN FOR BUSINESS ANGEL INVESTMENTS
Internal rate of return Percentage of investments
More than 100% 10%
50% to 99% 13%
25% to 49% 13%
0% to 24% 24%
Negative 40%
We can see in Table 1 that while some investments make very high returns,
by far the largest proportion produces a negative IRR.
A large study of 539 business angels in the US found that the average
IRR from investments was 27%. However, there was a wide range of
performance, with 52% of all investments returning less than the initial
capital invested. The study found that three factors had a positive effect on
investment returns. These were:
the time spent on due diligence
the business angel’s expertise in the business sector
the participation of the business angel in the investee business.
The study also found that where a business angel made follow-on
investments, there was a greater likelihood of lower returns. This is consistent
with additional investments being made to help a struggling business survive
(see reference 8).
These results raise some important points. First, business angels tend
to make relatively few investments and so they are unlikely to hold the
well-diversified portfolio of investments required to reduce risk. Such high
failure rates can therefore be a real problem for the business angel and can
hinder future investment flows. Some business angels, however, seek to
reduce their exposure to risk by becoming a member of a syndicate.
TECHNICAL
PAGE 59
screening investment proposals and advising owners of small businesses
on how to present their proposals to interested angels.
The British Business Angels Association (BBAA) is the trade association for UK
business angel networks. In addition to being a major source of information
about the business angel industry, it can help direct small businesses to their
local network.
The development of business angel networks has led to a more
efficient market for business angel finance. Greater visibility and greater
information flow has made the search for investment opportunities easier.
Various studies, however, have shown that these networks are not highly
regarded by business angels as a source of investment opportunities. They
have been criticised for the quality of the deals offered, the quality of staff
employed, and for poor matching of business angels’ interests to investment
opportunities. It is interesting to note that the Welsh study mentioned earlier
found that business associates and friends were business angels’ main
sources of suitable investment opportunities (see reference 4).
CONCLUSION
Business angels play an important role in filling the ‘equity gap’ that
many small businesses experience. Although a business angel’s primary
motivation is to make a financial return, the evidence shows that their
investment performance is far from encouraging. While a few investments
may make exciting financial returns, most seem destined to fail. Such
a high failure rate can create difficulties for business angels as they are
unlikely to be well-diversified against risk. However, participating in a
syndicate can help.
The development of business angel networks has helped to improve the
efficiency of the market for this type of finance, but improvements in the
services offered are needed before business angels regard these networks
as a primary source of investment opportunities. It seems that business
angels regard business associates and friends as the best sources of
investment opportunities.
REFERENCES
1 Mason C M, Report on Business Angel Investment Activity 2000–2001,
quoted in Hurcombe R, Davies L, Marriot N, Business Angels in Wales:
Putting Some Boundaries on Our Ignorance – www.bbaa.org.uk –
pp10–11, 2005.
2 Mason C M, Harrison R T, The Size of the Informal Venture Capital
Market in the United Kingdom, Small Business Economics, 15,
pp137–148, 2000.
3 Macht S, The Post-Investment Period of Business Angels: Impact and
Involvement, pp 14-15 – www.eban.org – July 2007.
4 Hurcombe R, Davies L, Marriot N, Business Angels in Wales: Putting Some
Boundaries on Our Ignorance, pp15–16 – www.bbaa.org.uk – 2005.
5 A Guide to Investing as a Business Angel, Envestors LLP – www.bbaa.
org.uk – 2005.
6 Mason C M, and Harrison R T, 2002, quoted in Carriere S, Best Practice
in Angel Groups and Angel Syndication – www.eban.org – p17,
January 2006.
7 Mason C M, Harrison R T, Is it Worth it? The Rates of Return from
Informal Venture Capital Investments, Journal of Business Venturing,
May 2002.
8 Wiltbank R, Boeker W, Returns to Angel Investors in Groups – www.
eban.org – November 2007.
9 Mason C M, Harrison R T, quoted in A Guide to Investing as a Business
Angel, Envestors LLP, p14 – www.bbaa.org.uk
10 Mason C M, Harrison RT, Barriers to Investment in the Informal Venture
Capital Sector, Entrepreneurship and Regional Development 14,
pp 271–287.
Peter Atrill is a freelance academic and writer
Second, it is not clear whether the high failure rates mentioned in the
studies are due to the high-risk nature of the investments or to
the poor investment skills of business angels. The fact that business angels
have enjoyed successful business careers does not necessarily mean
that they have the skills required to become successful investors. Many
might benefit by being mentored by more experienced business angels,
or by attending formal training programmes. However, there are few such
opportunities available.
FINDING AN EXIT ROUTE
Before making the initial investment, a business angel should consider
possible exit routes. Unless there is a clear way out at the end of the
investment period, usually three to five years, the proposal may be rejected
even though it is expected to be profitable. Table 2 shows the results of
research carried out by Mason and Harrison (see reference 9) into the ways in
which business angels exit from their investments.
TABLE 2: BUSINESS ANGEL EXIT ROUTES
Exit route Percentage of exits
Write investment off as a loss 40%
Trade sale to another business 26%
Sell to other shareholders,
including management buyouts 16%
Sell to a third party 10%
Float on the stock markets
(AIM, OFEX, LSE/Official list) 8%
Leaving aside the large percentage of investments that simply have to be
written off, we can see that a trade sale to another business is easily the most
popular exit route.
ANGEL SYNDICATES
As mentioned earlier, business angels may decide to become part of a
syndicate in order to diversify risk. Other advantages, however, can spring
from the pooling of expertise and capital. These include:
access to a larger number of investment opportunities and/or larger-scale
investment opportunities
an increased capacity to provide follow-up funding where
necessary
an ability to add greater value to an investee business
better scrutiny and monitoring of investments
shared search and transaction costs
access to knowledge and expertise of others within the syndicate.
Various studies have shown that business angels are generally enthusiastic
about syndication. There are, however, potential disadvantages, such as the
greater complexity of deal structures, the potential for disputes within the
syndicate, and the need to comply with group decisions.
BUSINESS ANGEL NETWORKS
Finding suitable investment opportunities can be a problem. Research
evidence suggests that a lack of investment opportunities is often an
important constraint on a business angel’s ability to invest (see reference
10). It has been pointed out that business angels are not always very visible,
and owners of small businesses may find them hard to find. There are,
however, an increasing number of networks available to help match business
angels with small businesses seeking finance. These networks offer various
services, including:
publishing investor bulletins and organising meetings to promote the
investment opportunities available
registering the investment interests of business angels and matching them
with emerging opportunities
EXAM PAPER RESOURCES
WWW.ACCAGLOBAL.COM/STUDENTS/STUDY_EXAMS/QUALIFICATIONS
doc_649484716.pdf
Business angels are an important source of finance for smaller businesses.
TECHNICAL
PAGE 57
RELEVANT TO ACCA QUALIFICATION PAPERS F9 AND P4
BUSINESS ANGEL INVESTMENTS
Business angels are normally interested in businesses with high-growth
potential and with owners who are committed to realising this potential.
This means that ‘lifestyle’ businesses, where owners are not focused on
maximising returns, are unlikely to be of interest. In pursuit of high returns,
business angels are normally prepared to take high risks. They will usually
take an equity stake in a business but may also advance loans as part of a
total financing package. In some cases, they may even offer a loan as an
alternative to an equity stake, although this is less common.
Business angels are usually prepared to invest somewhere between
£10,000 and £250,000 in a business, but larger sums may be made
available through a business angels syndicate. A UK study undertaken in
2000–2001 found that the majority of investments made by business angels
were below £50,000 (see reference 1). Most equity investments are for a
minority stake in a business but where a syndicate of business angels is
providing significant amounts of finance, a majority stake may be taken.
Business angels help to plug the ‘equity gap’ that many small businesses
experience, which falls between the equity that the owners are able to raise
themselves and the minimum level of equity investment that private equity
firms are normally prepared to consider. Business angels tend to invest
in early-stage businesses but may also invest in more mature businesses,
such as those seeking finance for expansion, management buyouts, or
business turnarounds.
While business angels are recognised as a significant source of finance
for small, unquoted businesses, the exact scale of their investments is difficult
to determine. This is because they are under no obligation to disclose how
much they have invested. It has been estimated, however, that in the UK, the
investment made by business angels in start-up businesses is eight times that
made by private equity firms (see reference 2).
PROFILE OF A BUSINESS ANGEL
Business angels tend to be wealthy individuals who have already been
successful in business. The majority are entrepreneurs who have sold their
businesses, while the remainder are often former senior executives of major
organisations, or business professionals such as accountants, lawyers, or
management consultants.
Business angels invest with the primary motive of making a financial
return, but non-financial motives also play an important part. Research
suggests, for example, that business angels often enjoy being involved in
growing a business and may also harbour altruistic motives, such as wishing
to help budding entrepreneurs or wanting to make a contribution to the local
economy (see reference 3).
Business angels often seek an active role within the business, which is
usually welcomed, as the skills, knowledge, and experience that business
angels possess can often be put to good use. Involvement typically includes
providing advice and moral support, providing business contacts, and helping
strategic decision making. This active involvement may not simply be for the
satisfaction of helping a business to grow. By having a greater understanding
of what is going on, and by exerting some influence over decision making,
business angels may be better placed to increase their financial rewards
and/or reduce their level of investment risk.
Research suggests that business angels tend to invest in businesses
within their own locality. This may be because active involvement may only
be feasible if the business is within easy reach. Unsurprisingly, business
angels also tend to invest in business sectors in which they have personal
experience. One study, for example, revealed that around a third of business
angels invest solely in business sectors in which they have had prior work
experience. Around two-thirds of business angels, however, have made at
least one investment in a business sector with which they were unfamiliar
(see reference 3).
USING AN ANGEL
Business angels are an informal source of finance and are not encumbered
by bureaucracy. They can be flexible and decisions can often be made fairly
quickly, particularly if investment is made in a business sector with which
they are familiar. Although they will expect returns from their investment to
match the risks involved, they may be prepared to accept a slightly lower
return than would a private equity firm, in exchange for the opportunity to
become involved in helping the business grow.
Business angels are an important source of finance for smaller businesses. This article looks at
the role that business angels play in providing finance, the way in which they approach making an
investment, and the financial and non-financial returns that may be expected.
BEING AN ANGEL
STUDYING PAPERS F9 AND P4?
PERFORMANCE OBJECTIVES 15 AND 16 ARE LINKED
TECHNICAL
PAGE 58
STUDENT ACCOUNTANT
MARCH 2009
Business angels vary considerably in the extent to which they wish to
become involved in the activities of a business. At one extreme, they may
simply want to become ‘sleeping’ partners, while at the other, they may
want to become as involved as the business owner. It seems that the
majority of angels do seek a ‘hands-on’ approach but do not seek a total
commitment. A survey of 48 business angels in Wales found that 63%
intended to take an active role in any business in which they invested, and
intended to spend a mean of 4.85 days per month with each business (see
reference 4).
However, the degree of involvement must suit both parties, and so must
be agreed before the investment is made. Failure to agree on an appropriate
post-investment role for the business angel is one of the most common
‘deal-killers’ (see reference 4).
THE INVESTMENT PROCESS
It was mentioned earlier that business angels can make decisions quickly.
This does not mean, however, that finance is always made available to a
business overnight. It has been suggested that four to six months may be
needed between the initial introduction and the provision of finance (see
reference 5). Various stages must normally be completed before the business
angel is satisfied that the investment is worthwhile.
Following the initial introduction between the business owners and
business angel, the business plan and financial forecasts will normally be
reviewed. This will involve close scrutiny of the validity of key assumptions
and of the quality of the information used. This is then likely to be followed
by a series of meetings to help the business angel gain a deeper insight into
the business and to deal with any concerns and issues that may arise. During
these meetings, the business angel will also be assessing the quality of the
management team as, ultimately, the success of the investment will rest on
their energy and skills.
Assuming the business angel is satisfied with the information gained
from the meetings, negotiations over the terms of the investment will then be
undertaken. This can be the trickiest part of the process, as agreement has
to be reached over key issues such as the value of the business, the precise
equity stake to be offered to the business angel, and the price to be paid. The
research evidence suggests that failure to reach
agreement with the
owners over a suitable
price, and over the
post-investment role to
be played by a business
angel, are the two most
common deal-killers.
One study has shown
that business angels
may make four offers
for every one offer that
is finally accepted (see
reference 6).
If a price can be
agreed between the
parties, due diligence
will then be carried
out. This will involve an
investigation of all material
information relating to
the financial, technical,
and legal aspects of
the business.
FINANCIAL RETURNS
Table 1 shows the results of
one study that examined the
internal rates of return (IRR) from 128 investments made by business angels
in the UK (see reference 7).
TABLE 1: RATE OF RETURN FOR BUSINESS ANGEL INVESTMENTS
Internal rate of return Percentage of investments
More than 100% 10%
50% to 99% 13%
25% to 49% 13%
0% to 24% 24%
Negative 40%
We can see in Table 1 that while some investments make very high returns,
by far the largest proportion produces a negative IRR.
A large study of 539 business angels in the US found that the average
IRR from investments was 27%. However, there was a wide range of
performance, with 52% of all investments returning less than the initial
capital invested. The study found that three factors had a positive effect on
investment returns. These were:
the time spent on due diligence
the business angel’s expertise in the business sector
the participation of the business angel in the investee business.
The study also found that where a business angel made follow-on
investments, there was a greater likelihood of lower returns. This is consistent
with additional investments being made to help a struggling business survive
(see reference 8).
These results raise some important points. First, business angels tend
to make relatively few investments and so they are unlikely to hold the
well-diversified portfolio of investments required to reduce risk. Such high
failure rates can therefore be a real problem for the business angel and can
hinder future investment flows. Some business angels, however, seek to
reduce their exposure to risk by becoming a member of a syndicate.
TECHNICAL
PAGE 59
screening investment proposals and advising owners of small businesses
on how to present their proposals to interested angels.
The British Business Angels Association (BBAA) is the trade association for UK
business angel networks. In addition to being a major source of information
about the business angel industry, it can help direct small businesses to their
local network.
The development of business angel networks has led to a more
efficient market for business angel finance. Greater visibility and greater
information flow has made the search for investment opportunities easier.
Various studies, however, have shown that these networks are not highly
regarded by business angels as a source of investment opportunities. They
have been criticised for the quality of the deals offered, the quality of staff
employed, and for poor matching of business angels’ interests to investment
opportunities. It is interesting to note that the Welsh study mentioned earlier
found that business associates and friends were business angels’ main
sources of suitable investment opportunities (see reference 4).
CONCLUSION
Business angels play an important role in filling the ‘equity gap’ that
many small businesses experience. Although a business angel’s primary
motivation is to make a financial return, the evidence shows that their
investment performance is far from encouraging. While a few investments
may make exciting financial returns, most seem destined to fail. Such
a high failure rate can create difficulties for business angels as they are
unlikely to be well-diversified against risk. However, participating in a
syndicate can help.
The development of business angel networks has helped to improve the
efficiency of the market for this type of finance, but improvements in the
services offered are needed before business angels regard these networks
as a primary source of investment opportunities. It seems that business
angels regard business associates and friends as the best sources of
investment opportunities.
REFERENCES
1 Mason C M, Report on Business Angel Investment Activity 2000–2001,
quoted in Hurcombe R, Davies L, Marriot N, Business Angels in Wales:
Putting Some Boundaries on Our Ignorance – www.bbaa.org.uk –
pp10–11, 2005.
2 Mason C M, Harrison R T, The Size of the Informal Venture Capital
Market in the United Kingdom, Small Business Economics, 15,
pp137–148, 2000.
3 Macht S, The Post-Investment Period of Business Angels: Impact and
Involvement, pp 14-15 – www.eban.org – July 2007.
4 Hurcombe R, Davies L, Marriot N, Business Angels in Wales: Putting Some
Boundaries on Our Ignorance, pp15–16 – www.bbaa.org.uk – 2005.
5 A Guide to Investing as a Business Angel, Envestors LLP – www.bbaa.
org.uk – 2005.
6 Mason C M, and Harrison R T, 2002, quoted in Carriere S, Best Practice
in Angel Groups and Angel Syndication – www.eban.org – p17,
January 2006.
7 Mason C M, Harrison R T, Is it Worth it? The Rates of Return from
Informal Venture Capital Investments, Journal of Business Venturing,
May 2002.
8 Wiltbank R, Boeker W, Returns to Angel Investors in Groups – www.
eban.org – November 2007.
9 Mason C M, Harrison R T, quoted in A Guide to Investing as a Business
Angel, Envestors LLP, p14 – www.bbaa.org.uk
10 Mason C M, Harrison RT, Barriers to Investment in the Informal Venture
Capital Sector, Entrepreneurship and Regional Development 14,
pp 271–287.
Peter Atrill is a freelance academic and writer
Second, it is not clear whether the high failure rates mentioned in the
studies are due to the high-risk nature of the investments or to
the poor investment skills of business angels. The fact that business angels
have enjoyed successful business careers does not necessarily mean
that they have the skills required to become successful investors. Many
might benefit by being mentored by more experienced business angels,
or by attending formal training programmes. However, there are few such
opportunities available.
FINDING AN EXIT ROUTE
Before making the initial investment, a business angel should consider
possible exit routes. Unless there is a clear way out at the end of the
investment period, usually three to five years, the proposal may be rejected
even though it is expected to be profitable. Table 2 shows the results of
research carried out by Mason and Harrison (see reference 9) into the ways in
which business angels exit from their investments.
TABLE 2: BUSINESS ANGEL EXIT ROUTES
Exit route Percentage of exits
Write investment off as a loss 40%
Trade sale to another business 26%
Sell to other shareholders,
including management buyouts 16%
Sell to a third party 10%
Float on the stock markets
(AIM, OFEX, LSE/Official list) 8%
Leaving aside the large percentage of investments that simply have to be
written off, we can see that a trade sale to another business is easily the most
popular exit route.
ANGEL SYNDICATES
As mentioned earlier, business angels may decide to become part of a
syndicate in order to diversify risk. Other advantages, however, can spring
from the pooling of expertise and capital. These include:
access to a larger number of investment opportunities and/or larger-scale
investment opportunities
an increased capacity to provide follow-up funding where
necessary
an ability to add greater value to an investee business
better scrutiny and monitoring of investments
shared search and transaction costs
access to knowledge and expertise of others within the syndicate.
Various studies have shown that business angels are generally enthusiastic
about syndication. There are, however, potential disadvantages, such as the
greater complexity of deal structures, the potential for disputes within the
syndicate, and the need to comply with group decisions.
BUSINESS ANGEL NETWORKS
Finding suitable investment opportunities can be a problem. Research
evidence suggests that a lack of investment opportunities is often an
important constraint on a business angel’s ability to invest (see reference
10). It has been pointed out that business angels are not always very visible,
and owners of small businesses may find them hard to find. There are,
however, an increasing number of networks available to help match business
angels with small businesses seeking finance. These networks offer various
services, including:
publishing investor bulletins and organising meetings to promote the
investment opportunities available
registering the investment interests of business angels and matching them
with emerging opportunities
EXAM PAPER RESOURCES
WWW.ACCAGLOBAL.COM/STUDENTS/STUDY_EXAMS/QUALIFICATIONS
doc_649484716.pdf