The Matchmakers
In association with Business & Innovation Centres (BIC) |
Entrepreneurs and Investors get matched by new Business Angels.
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Patrick Munden,
Director,
South East BIC |
Matchmaking is a very old Irish tradition, with the matchmaker smoothing
the way to connubial bliss between bride and groom. Now matchmaking is
back in a different and brand new guise marrying entrepreneurs to investors.
The modern matchmakers are Lar Burke from Dublin Business Innovation Centre
(BIC), Gert O'Rourke and Gerry Mackey from WESTBIC Aidan Shine from
South East BIC and Mark O'Sullivan from Cork BIC.
The Business Angel Partnership is a national two-year pilot programme
managed regionally by the Business Innovation Centres (BICs) and supported
by Enterprise Ireland and InterTrade Ireland. Dublin BIC supports Dublin
City, County and the Leinster regions. WESTBIC supports the Border, Midland
and Western regions of Ireland. Cork BIC supports the Cork and Kerry regions.
South East BIC supports the South Eastern regions of Ireland. Its aim
is to establish a register of potential investors, or Business Angels,
and a pipeline of start-up and growing companies that require capital
and, in some cases, the knowledge and expertise that an investor can also
bring.
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| L-R Gerry Mackey Business Angel
Partnership, Gert O'Rourke WESTBIC, Seamus Bree Regional Director
Enterprise Ireland, at a recent meeting of business angel investors,
companies and advisors in the BMW region |
According to Gerry Mackey of WESTBIC, "the Business Angel Partnership
will be an essential part of the entrepreneurial business network. There
are significant gaps in the start-up and seed capital phases of new business
development, business angel financing is one of the solutions to close
these gaps."
New Concept
While there is nothing new in entrepreneurs and investors getting together,
the arrival of the Business Angel Partnership has formalised the process
and brought it into sharp focus. "The Business Angel Partnership
matches private investors with prescreened investment opportunities in
start-up, early-stage and developing businesses. As such, the Partnership
can be of enormous benefit to investors, to companies, and to professional
advisors such as accountants and solicitors," comments Lar Burke,
manager of the Business Angel Partnership in Dublin.
"Registered investors get access to ambitious companies that have
been thoroughly screened and have a sound business plan. These companies
have strong growth potential and are looking for private equity finance
and other expertise. The investor has full control of the process and
his or her potential involvement is completely confidential," says
Burke. No details about the investor are released without prior agreement.
Finding A Potential Investor
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Registered companies have an opportunity to state their criteria for
a potential investor. When the investor's and the company's
criteria are similar the basis for a good deal are greatly enhanced. Much
of the worrying and uncertainty for professional advisors has also been
removed from the investment process due to the professionalism now applied
through the Partnership.
Peter O'Connell, Managing Director of Gaelstorm Software Solutions,
speaking at a recent meeting of BMW region business angels stated, "this
year Gaelstorm™ was delighted to win the opportunity to partner with
the ROI Institute™ who is the internationally recognised leader in
the measurement of Business Impact of performance and learning. The Business
Angel Partnership provides a new dimension to sourcing seed funding previously
unavailable in the West of Ireland. It brings a wealth of advice and experience
to bear which can really focus your company to develop a solid and robust
business plan. All of this comes with a refreshing lack of bureaucracy
and at little or no cost to the client company."
Creating awareness of the new investment and source of capital opportunities
is a priority. In this it has been greatly assisted by the Business Innovation
Centres Nationally as well as the close involvement of Enterprise Ireland
and InterTradeIreland who are all represented on the Business Angel Partnership
monitoring committee.
Characteristics
According to Burke "companies in the Partnership pipeline are predominantly
start-ups or in the early stages of their development with a substantial
technology component. "It is our intention to broaden the range of
investment opportunities to match the criteria expressed by individual
investors," says Burke. "At present, companies registered with
us are typically seeking investment in the €100,000 to €500,000
range."
Registered investors must have a minimum of €25,000 to invest though
10% have indicated that they are willing to put up to €500,000 into
the right project. Investing in syndicates is becoming increasingly popular
in the international Business Angel movement.
National Reach
Angel investing in the past has tended to be localised with, ‘Angels,'
investing in local businesses. The interesting aspect to the Business
Angel Partnership is its National reach. According to Gert O'Rourke
from WESTBIC, "investors now have the opportunity to look at investments
throughout the Country, they may indicate a particular sector that they
have interest in and will be informed of companies registering with the
Partnership who are operating in that particular sector."
If you have money to invest and are willing to share your managerial
skills, specialist knowledge and networks with ambitious early stage companies
with strong growth potential, then registering with business angels in
your area is the right course of action for you.
Ambitious companies seeking Business Angel investment capital or advisors
to either party should call the Matchmakers.
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DUBLIN
Matchmaker: Lar Burke
Address: Business Angel Partnership, Unit 30, Guinness Enterprise
Centre, Taylor's Lane, Dublin 8.
T: (01) 4100 818
E: lar@businessangels.ie
/ info@businessangels.ie
W: www.businessangels.ie
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SOUTH EAST
Matchmaker: Aidan Shine
Address: Business Angel Partnership, South East Business
& Innovation Centre Ltd, Unit 1b, Industrial Park, Cork Rd.
Waterford.
T: (051) 356300
E: ashine@sebic.ie
/ irelandse@businessangels.ie
W: www.businessangels.ie
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BMW
Matchmaker: Gert O'Rourke / Gerry Mackey
Address: Business Angel Partnership, WESTBIC, Galway Technology
Centre, Mervue Business Park, Galway.
T: (091) 730850
E: gmackey@westbic.ie
/ bmw@businessangels.ie
W: www.businessangels.ie
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CORK / KERRY
Matchmaker: Mark O'Sullivan
Address: Business Angel Partnership, CORKBIC, NSC, Mahon
Campus, Cork.
T: (021) 2307005
E: mosullivan@corkbic.com
/ irelandsw@businessangels.ie
W: www.businessangels.ie
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