{"id":44099,"date":"2017-08-01T10:19:53","date_gmt":"2017-08-01T08:19:53","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/venture-capital-quo-vadis-how-can-you-get-involved-as-a-business-angel\/"},"modified":"2017-08-01T10:19:53","modified_gmt":"2017-08-01T08:19:53","slug":"venture-capital-quo-vadis-how-can-you-be-a-business-angel","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/venture-capital-quo-vadis-how-can-you-be-a-business-angel\/","title":{"rendered":"Venture Capital \u2014 Quo Vadis? How can you get involved as a business angel?"},"content":{"rendered":"<p><strong>Prof. Dr. Chris\u00adtoph von Einem<\/strong> \u2014 Attor\u00adney at Law and Part\u00adner at ARQIS Attor\u00adneys at Law, Munich and Lectu\u00adrer for Entre\u00adpre\u00adneur\u00adship &amp; Law, TU Munich<\/p>\n<p> <strong> Andrea Schlote<\/strong> \u2014 Lawyer at ARQIS Attor\u00adneys at Law, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>Origi\u00adnally, the term venture capi\u00adtal was used to cover ever\u00ady\u00adthing that included private equity and venture capi\u00adtal in the USA. Today, venture capi\u00adtal (VC) in Germany is unders\u00adtood to mean the finan\u00adcing of young, non-listed, tech\u00adno\u00adlogy-orien\u00adted compa\u00adnies in the early and growth stages through off-market equity capital.&nbsp;<\/strong><\/p>\n<p><strong>Where does early-stage tech\u00adno\u00adlogy finan\u00adcing stand in Germany today?<\/strong><\/p>\n<p>Although it has been possi\u00adble to observe a signi\u00adfi\u00adcant increase in start-up acti\u00advity for some years now follo\u00adwing the disil\u00adlu\u00adsionment of 2001\u20132005, start-up teams are often still uncer\u00adtain when it comes to the ques\u00adtion of suffi\u00adci\u00adent finan\u00adcing opti\u00adons. And indeed, funding from High-Tech Gr\u00fcn\u00adder\u00adfonds and Bayern\u00adka\u00adpi\u00adtal alone is not enough to promote inno\u00adva\u00adtion across the&nbsp;board.<\/p>\n<p>VC funds today typi\u00adcally need to invest at least EUR 2\u20135 million per target given their fund sizes, so all invest\u00adments with sizes between EUR 0.5\u20131 million need to be faci\u00adli\u00adta\u00adted by busi\u00adness angels in coope\u00adra\u00adtion with govern\u00adment co-investors.<\/p>\n<p>In addi\u00adtion to capi\u00adtal, busi\u00adness angels also bring their perso\u00adnal know-how. Unlike VC funds, they are inde\u00adpen\u00addent of speci\u00adfic invest\u00adment rules. They often invest either toge\u00adther with other busi\u00adness angels or in addi\u00adtion to public inves\u00adtors (co-invest\u00adments). Public support for busi\u00adness angels through the instru\u00adment of the venture capi\u00adtal invest\u00adment grant, as well as broa\u00adder support for active busi\u00adness angels through the Euro\u00adpean Angels Fund, which is, after all, also fed by German taxpay\u00aders\u2019 money, is very helpful here. Busi\u00adness angels and VC funds (\u201cinves\u00adtors\u201d) gene\u00adrally provide capi\u00adtal for an unli\u00admi\u00adted period of time and invest with a long-term invest\u00adment hori\u00adzon, and always only with freely available and unle\u00adver\u00ada\u00adged capi\u00adtal. The aim of an invest\u00adment is always to achieve the highest possi\u00adble enter\u00adprise value and thus for the inves\u00adtors to make a profit on&nbsp;exit.<\/p>\n<p><strong>What charac\u00adte\u00adristics does a startup need to have in order to qualify for funding?<\/strong><\/p>\n","protected":false},"featured_media":40985,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2516,2552,2575],"product_tag":[1538,1899,2106,2108,2111,2114,2115,2117,2119,2121,2123,2125,2127,2129],"class_list":{"0":"post-44099","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-prof-dr-christoph-von-einem-en","8":"product_cat-fyb-2016-en","9":"product_cat-andrea-schlote-en","10":"product_tag-venture-capital-en","11":"product_tag-christoph-en","12":"product_tag-from-one","13":"product_tag-andrea-en","14":"product_tag-chimneys","15":"product_tag-vc-en","16":"product_tag-early-and-growth-phase","17":"product_tag-foundation-activity","18":"product_tag-financing-options","19":"product_tag-innovations","20":"product_tag-co-investors","21":"product_tag-company-value","22":"product_tag-venture-capital-en-3","23":"product_tag-investment-grant","24":"pa_sprache-english-3","25":"pa_sprache-german","27":"first","28":"outofstock","29":"taxable","30":"shipping-taxable","31":"purchasable","32":"product-type-variable"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Venture Capital - Quo Vadis? How can you get involved as a business angel? - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/venture-capital-quo-vadis-how-can-you-be-a-business-angel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venture Capital - Quo Vadis? How can you get involved as a business angel? - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Originally, the term venture capital was used to cover everything that included private equity and venture capital in the USA. Today, venture capital (VC) in Germany is understood to mean the financing of young, non-listed, technology-oriented companies in the early and growth stages through off-market equity capital.  Where does early-stage technology financing stand in Germany today? Although it has been possible to observe a significant increase in start-up activity for some years now following the disillusionment of 2001-2005, start-up teams are often still uncertain when it comes to the question of sufficient financing options. And indeed, funding from High-Tech Gr\u00fcnderfonds and Bayernkapital alone is not enough to promote innovation across the board. VC funds today typically need to invest at least EUR 2-5 million per target given their fund sizes, so all investments with sizes between EUR 0.5-1 million need to be facilitated by business angels in cooperation with government co-investors. In addition to capital, business angels also bring their personal know-how. Unlike VC funds, they are independent of specific investment rules. They often invest either together with other business angels or in addition to public investors (co-investments). Public support for business angels through the instrument of the venture capital investment grant, as well as broader support for active business angels through the European Angels Fund, which is, after all, also fed by German taxpayers&#039; money, is very helpful here. Business angels and VC funds (&quot;investors&quot;) generally provide capital for an unlimited period of time and invest with a long-term investment horizon, and always only with freely available and unleveraged capital. The aim of an investment is always to achieve the highest possible enterprise value and thus for the investors to make a profit on exit. 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