Beruflich Dokumente
Kultur Dokumente
Sources of
of Funds:
Funds:
Equity
Equity and
and Debt
Debt
Equity Capital
Personal Savings
Angels
10
Angels
Key: finding them!
Angels almost always invest their money
locally and can be found through
networks.
The typical angel accepts 30% of the
proposals presented to him and has
invested an average of $131,000 in 3.5
businesses.
What do angels look for?
11
12
13
14
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-
$20.0
$15.0
$10.0
$5.0
$Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
$25.0
Number of Deals
1995
1996
1997
Billions of $
1998
1999
2000
Number of Deals
15
16
Going Public
17
Number of IPOs
1000
800
600
400
200
0
$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$0.0
Number
$ Raised (Billions)
18
19
20
21
Simplified Registrations
and Exemptions Get a lawyer
22
Simplified Registrations
and Exemptions
(continued)
23
Debt Financing
24
Commercial banks
25
Commercial Banks
...the heart of the financial market for small
businesses!
26
27
Asset-Based Borrowing
Discounting accounts
Accounts
Receivable
receivable
Inventory financing
28
29
(continued)
30
(concluded)
31
32
33
34
35