What is hot in angel investing?

Clearly not the managers!

State of the nationIndustry is maturing & has seen steady growth in the past 3 years

State of the nationIndustry is maturing & has seen steady growth in the past 3 years

• Data– Capital invested steady : $19 to $22m– Deals spiked in 2007 at 45 [AVG 25]

• Credit crunch– Significant drop off - Q3/Q4 2008– Deal volumes down year on year >100%– It is all about follow-on right now

• However - Q1 + Q2 2009 strong

State of the nationIndustry is maturing & has seen steady growth in the past 3 years

• Syndication: 37 out of 100 investments– 2006 36%– 2007 26%– 2008 58%

• VCs– 15% since 2006

• Government involvement– Fund matching– Industry Infrastructure – Passive Fund– Tax incentives not in place

State of the nationIndustry is maturing & has seen steady growth in the past 3 years

Variety of models key

State of the nationThe industry has got some issues

• Follow on funding for the companies in the pipe • New deals drying up• VC model challenging• International syndication is 5 years out, if ever• Syndication is accelerating• Passive matching angel fund• Formalisation is a big trend, but lots of flexibility in models• Specialisation – NZDX, Pacific Channel, Life Science Angels

Network alliance• Entrepreneurs & Angels are getting better• Government is a great partner

New deals are still being done

The wall of money is coming

A good trend

Do we have a problem

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