EUROPEAN BUSINESS ANGEL NETWORK EUROPEAN ... - Idepa
EUROPEAN BUSINESS ANGEL NETWORK EUROPEAN ... - Idepa
EUROPEAN BUSINESS ANGEL NETWORK EUROPEAN ... - Idepa
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1. Background<br />
<strong>EUROPEAN</strong> <strong>BUSINESS</strong> <strong>ANGEL</strong> <strong>NETWORK</strong> - Directory of Network 2005<br />
GREECE<br />
2005<br />
The early stage funding market in Greece is underdeveloped. Only during the last years the<br />
Government launched some initiatives to support the creation and development of SMEs.<br />
Programs like “Support and Creation of Scientific and Technological Parks and Incubators",<br />
“Support and Creation of Innovative SMEs for the exploitation of RTD results (Spin- offs)" and<br />
funds like the “Fund for High Technology Business Ventures” and the “Guarantee Fund Facility<br />
Scheme for SMEs” aimed at leveraging the entrepreneurship in Greece. The results of these<br />
programs are not yet visible leaving SMEs highly dependent on bank loans and overdrafts for<br />
early stage financing.<br />
Angel investment in the country is occasional but yet considerable. Although there are no<br />
favourable policies for angel investment in Greece, business angels are investing, preferably<br />
in traditional sectors (like tourism and retail). There is a strong need to raise the awareness<br />
about the benefits of angel investment and to inform potential angels and entrepreneurs about<br />
the advantages of Business Angel Networks. Public administration and local government have<br />
a critical role to play in order to promote informal investing.<br />
2. Statistics<br />
2003 2004<br />
Number of BANs 1 1<br />
Number of Business Angels 7 13<br />
Number of deals 1 1<br />
Number of accredited projects 4 12<br />
Number of commercial BANs 0 0<br />
Number of non-commercial BANs 0 0<br />
Number of national BANs 1 1<br />
Number of regional BANs 0 0<br />
National association 0 0<br />
3. BAN legal status<br />
“Mentoring” is a privately held company (SA) offering business development services to startup<br />
and early stage companies.<br />
4. National association<br />
Not existing<br />
5. Lobbying<br />
“Mentoring” is actively networking with academic and research institutions, players of the<br />
formal venture capital market (incubators, VCs), Banks etc.<br />
6. Dissemination of the BAN concept<br />
“Mentoring” has had several articles in business magazines and financial newspapers to raise<br />
the awareness of angel investment in Greece. It has also participated in a series of seminars<br />
for new entrepreneurs, organized in Greece and Cyprus by i-Ven (GR) OneLondon (UK) and<br />
Barcelona Activa (E) under the Ready4growth initiative. Furthermore, “Mentoring” will<br />
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