Northern Ireland needs more business angels to bring forward ‘Smart Money’ to help build successful businesses, according to halo, the NI Business Angel Network.
This will be the key message delivered at a business angel awareness raising and recruitment event to be held on 21st October at the Northern Ireland Science Park (NISP), the body which operates the ‘halo network’ here. The event is being sponsored by Invest Northern Ireland.
As part of a UK wide awareness raising campaign led by the British Business Angels Association (BBAA), the UK trade body representing angel and early stage investing, potential business angels and their key advisors will be invited to hear more about the importance of angel investing, as well as the potential returns and tax breaks they can expect from participating in angel activities.
The BBAA is working alongside the NISP halo network with support from Invest NI to deliver an awareness event and a series of workshops to recruit and build capacity of new angels in Northern Ireland. A key focus will be to engage the support of local business organisations, finance and wealth managers as well as professional advisors and intermediaries who can identify individuals with the right profile to become angel investors.
Speaking at the launch of the initiative, Alan Watts, halo Director said; “Business angels bring forward “smart money”, offering not only finance, but important skills and experience to build successful businesses. While the existing halo network is going from strength to strength here, already boasting over 80 members with a fighting fund of over £18million, we believe there is significant scope for more business angel investors in Northern Ireland to come forward. Together angels are critical to providing early stage risk capital to SMEs in the current downturn and to invest in the successful innovators of tomorrow. We are concerned that there may be a lack of awareness about the angel concept as well as the potential benefits of participation. Working with the BBAA our awareness and recruitment event, sponsored by Invest NI, is designed to inform and educate key audiences about angel investing. “
Inviting Northern Ireland angels and their advisors to come along to the October awareness event, Chairman of the BBAA Anthony Clarke said; “The BBAA has noted a 40-50% increase in demand from businesses for angel equity, due to the lack of accessible loan finance and early stage venture capital. At the same time we know there are many people in Northern Ireland with both wealth and industry knowledge to become effective angel investors. Recent research, undertaken by NESTA has shown that angel investing, whilst it carries risk, can also generate very attractive returns and should be promoted as a real Asset Class. The attractive tax breaks for angel investors also help to mitigate the risks. With this in mind we want to mobilise and support more Northern Ireland individuals to leverage their financial and business capacity to make smart investments which in turn will help build successful companies.”
Business angel and halo network member, Alan Campbell, formerly of Campbell Freight, has already seen the benfits of participation and would encourage more angels to come forward. Speaking at the launch event he said;
“Business Angels have a key role to play to help bring forward good business ideas in Northern Ireland and I would encourage anyone with the right profile and commitment to consider it as an investment option. Through the network we get early exposure to some of the most exciting business propositions being developed here. Following a professional assessment process, angel investors can access these exciting opportunities and potentially enjoy some healthy returns as well as avail of significant tax benefts such as those offered by the Enterprise Investment Scheme. At the same time while we invest our money angels also invest time and experience to help bring these ideas to commercial reality – presenting a win win situation for everyone involved.”
The awareness event will be held at the Innovation Centre at the Northern Ireland Science Park on Wednesday 21st October at 8am and anyone who is interested in securing a place at the event should contact Roisin Clancy on 02890 737920 or roisin.clancy@nisp.co.uk
ENDS
For further information, please contact:
Kieran Donnelly/Geoff McGimpsey
Morrow Communications
Tel: 028 90 393837 or 07769702275
Notes to Editor:
About halo
Halo - www.nisp.co.uk/Entrepreneur-Halo.aspx - is designed to provide the missing link between private investors (Business Angels) and entrepreneurs by assisting in matching the two together, based on a careful and confidential selection process. halo is an initiative funded by Invest NI and IntertradeIreland. The halo initiative can bring investment and business acumen to companies across Northern Ireland with growth potential.