"A person who invests their own wealth and time into start up businesses"
Business Angels Funding Exceptional Start Ups
Picking the right business angels can have a massively positive impact on your company and therefore we urge you to visit the Envestors website, if you are either of the following:
i. An entrepreneur with a fantastic young company which needs funding ; or
ii. A business angel who wishes to join likeminded individuals investing in the most appealing of early stage ventures.
What Do Business Angels Contribute?
Not all business angels are hobbyists, some are career entrepreneurs, with a proven track record of running, growing and successfully exiting start ups. Of these business angels, some have grown million pound businesses, while others, such as our founder, have grown billion pound businesses. Both are important at different stages of your business.
It can be very valuable to have a business angel who has successfully operated in your sector. They can use their network and contacts to open doors, and could make a big difference to your company. In an ideal world one of the business angels backing you will have experience in your industry.
It can be valuable to have an angel that complements your skills; perhaps you need help in sales, marketing or accounting, with a suitably qualified business angel potentially being the ideal candidate to fill any gap. When starting a business, time can be lost on routine parts of your business. Using a business angel can short cut years of learning, enabling you to quickly put into operation processes that are tried and tested.
It is important that the business angels you deal with have sufficient funds. Make sure you check first, as their continued support and finance will be essential for the growth of your business. In most cases entrepreneurs need at least one more round of funding in order to help facilitate faster growth of the company.
What Do Business Angels Look For?
There are two elements to any business; the people and the idea. Business angels want both to pass muster. Below we explain what they look for.
If you are going to make a successful business then it's you as a person that will make it work. Business angels have often been involved with a number of businesses and have a good appreciation of what you need to do to become successful.
Business angels are looking for individuals who are determined, but who are also willing to take on advice and listen. A hard work ethic is one thing all business angels insist upon. If you are not willing to work until 10pm every night then don't waste your time searching for funding.
Although anyone can start a business, those who have a good understanding of running a business are far more likely to flourish as they have made many mistakes, and learnt a lot already. Prove you can run a business before approaching business angels by showing you have been involved with a business before.
Business angels will expect you to have exceptional knowledge of the sector your business is in. Ideally you will have operated in the industry for years.
A Great Business Concept
Business angels love businesses that use a new technology which is scalable. They like businesses that have the potential for massive growth. If you want to open one shop then don't bother looking for funding. Business angels like new concepts such as unmanned drones and 3D printers. They like businesses that solve genuine problems by providing a solution that is scalable.